The New Era of Corporate Expense Management
Tags: management
Published: 2023-05-15 13:54:01


![Image description](https://dev-to-uploads.s3.amazonaws.com/uploads/articles/p1vwuwsdrsu4mwreazq5.jpg)
<p><span style="font-weight: 400;">In an era where technology drives growth and efficiency, businesses are constantly seeking innovative solutions to streamline their operations and stay competitive. One area that demands attention is corporate expense management, which plays a critical role in optimizing a company's financial performance. Some FinTech companies have emerged as robust solution, providing cutting-edge financial management tools customized for businesses</span></p>
<h2><strong>Why Does Corporate Expense Management Matter?</strong></h2>
<p><span style="font-weight: 400;">Corporate expense management's relevancy in the modern market is backed by scientific data, as according to </span><a rel="nofollow" href="https://www.mckinsey.com/~/media/mckinsey/industries/financial%20services/our%20insights/the%202022%20mckinsey%20global%20payments%20report/the-2022-mckinsey-global-payments-report.pdf"><span style="font-weight: 400;">a report by McKinsey</span></a><span style="font-weight: 400;">, the global digital payment transaction value is projected to reach $6.6 trillion in 2023, with a compound annual growth rate (CAGR) of 12.7% from 2020 to 2023. As the demand for digital payment solutions grows, Wallester Business can help businesses adapt and streamline their financial management processes.</span></p>
<p><span style="font-weight: 400;">Furthermore, </span><a rel="nofollow" href="https://www.mastercard.us/content/dam/public/mastercardcom/na/us/en/large-enterprises/other/aite-group-key-trends-driving-fraud-transformation-in-2021-and-beyond.pdf"><span style="font-weight: 400;">a 2021 study by Aite Group</span></a><span style="font-weight: 400;"> indicates that card-not-present (CNP) fraud losses will reach $7.2 billion in the United States alone by 2025. Wallester Business's innovative features, such as real-time transaction approvals or declines and secure virtual cards, address this issue by helping businesses reduce fraud risks and protect their financial assets.</span></p>
<p><span style="font-weight: 400;">Lastly, </span><a rel="nofollow" href="https://www2.deloitte.com/content/dam/Deloitte/cl/Documents/financial-services/cl-2020-Investment-outlook.pdf"><span style="font-weight: 400;">a 2020 survey by Deloitte</span></a><span style="font-weight: 400;"> reveals that 85% of organizations are investing in integrated financial management tools. Wallester Business aligns with this trend by offering seamless REST API integration and integrated accounting capabilities, making it a highly relevant solution for businesses looking to enhance their financial management systems in today's competitive market.</span></p>
<h2><strong>What is Wallester Business?</strong></h2>
<p><a href="https://business.wallester.com/"><span style="font-weight: 400;">Wallester Business</span></a><span style="font-weight: 400;"> is a cutting-edge corporate expense management solution that offers all businesses an innovative approach to financial management. The solution is powered by the revolutionary in-house built platform of Wallester, an Estonian fintech company, led by two co-founders, Sergei Astafjev and Dmitri Logvinenko.</span></p>

![Image description](https://dev-to-uploads.s3.amazonaws.com/uploads/articles/p7gij6gatllwpklzu55s.jpg)
<p><strong><em>Wallester's CEO Sergei Astafjev and COO Dmitri Logvinenko on their visit to Visa's HQ in Stockholm</em></strong></p>
<p><span style="font-weight: 400;">In today's rapidly evolving market, digital solutions are becoming increasingly relevant and vital for businesses to stay competitive. Wallester Business offers any company within European Economic Area, United Kingdom or Switzerland the possibility to streamline their financial management by issuing an unlimited amount of physical and virtual corporate cards that can be dedicated to a specific employee, department, or type of expense. Accompanied by integrated accounting capabilities and other experience-enhancing features, available within the companion mobile app and web portal of the offering, Wallester Business is one of the most competitive corporate expense management solutions on the current market.</span></p>
<h2><strong>Pros of the Wallester Business:</strong></h2>
<p><span style="font-weight: 400;">Having established the foundation for the capabilities and relevancy of the Wallester Business offering, let&rsquo;s discuss the key advantages of the set solution.</span></p>
<h3><strong>Innovative Approach to Corporate Finance:</strong></h3>
<p><span style="font-weight: 400;">Wallester Business revolutionizes corporate finance management by moving away from outdated banking systems. It offers a wide range of modern features, such as the aforementioned integrated accounting capabilities, real-time transaction approvals or declines, PIN code reminders, digital invoice storage, and much more. These innovative tools streamline financial operations and help businesses stay ahead in the competitive market.</span></p>
<h3><strong>Unlimited Physical and Virtual Corporate Cards at an Affordable Price:</strong></h3>
<p><span style="font-weight: 400;">Wallester Business allows companies to issue an unlimited number of physical corporate cards and up to 300 virtual cards, absolutely free of charge, making it a cost-effective solution compared to traditional banks. This flexibility ensures that businesses can easily provide their employees with the necessary payment tools without incurring additional costs.</span></p>
<h3><strong>Seamless Integration with Cutting-Edge REST API:</strong></h3>
<p><span style="font-weight: 400;">The Wallester Business solution can be easily integrated into one&rsquo;s own existing software through the cutting-edge REST API. This compatibility enables businesses to leverage the power of Wallester Business and customize the platform according to their specific requirements, streamlining workflows and improving overall efficiency.</span></p>
<h3><strong>Customizable White-Label Corporate Cards for Stronger Brand Identity:</strong></h3>
<p><span style="font-weight: 400;">Wallester Business allows companies to create white-label corporate cards with custom designs that reflect their brand identity. This feature not only enhances the professional image of the business but also fosters a sense of pride and unity among employees. By opting for white-labeled cards, businesses can further strengthen their brand identity and stand out from the competition.</span></p>
<h2><strong>Cons of the Wallester Business:</strong></h2>
<p><span style="font-weight: 400;">While Wallester Business offers numerous advantages, it is essential to consider its limitations as well. In this section, we will discuss the key drawbacks of this solution.</span></p>
<h3><strong>Limited Geographical Scope:</strong></h3>
<p><span style="font-weight: 400;">Wallester Business currently only caters to countries within the European Economic Area (EEA), United Kingdom (UK) and Switzerland (CHE). Although businesses outside the three available regions can still be admitted into the program on a case-to-case basis, this limitation restricts the platform&rsquo;s accessibility and might exclude some businesses operating outside the available regions from utilizing its services. Companies with a global presence or those looking to expand internationally should be aware of this constraint.</span></p>
<h3><strong>Single Currency Account:</strong></h3>
<p><span style="font-weight: 400;">As of right now, Wallester Business only supports a single currency account denominated in Euros (EUR). Even though full integration of the United States Dollar (USD) is coming to the platform in the near future, this restriction could pose challenges for businesses that deal with multiple currencies or are based around international transactions.&nbsp;</span></p>
<h3><strong>Lack of SEPA Transfers:</strong></h3>
<p><span style="font-weight: 400;">Presently, the Wallester Business solution does not provide complete banking capabilities, meaning, it doesn&rsquo;t support outgoing SEPA (Single Euro Payments Area) transfers. While reciving SEPA and SEPA Instant trasfers is possible, the absence of the outgoing payments might hinder the convenience of the service for companies that wish to conclude all their financial operations from one unified platform, taking the scope of the solution outside of the card payment capabilities.</span></p>
<h3><strong>No Native Integrations with Third-Party Accounting Software:</strong></h3>
<p><span style="font-weight: 400;">Wallester Business does not offer native integrations into popular third-party accounting software. This lack of integration could be seen as a limitation for those companies that are unwilling to fully migrate to Wallester Business for all their accounting purposes, as they may have an existing workflow that is tied to a specific third-party accounting platform. The integration of the platform with third-party service is still possible, however, it would require API integration, which is not the most approachable solution for some companies.</span></p>
<h2><strong>Is Wallester Business for You?</strong></h2>
<p><span style="font-weight: 400;">Having explored Wallester Business's features, pros, cons, and its relevance in the modern market, the decision to adopt this innovative solution ultimately depends on your business's specific needs and goals.</span></p>
<p><span style="font-weight: 400;">Wallester Business is an ideal choice for companies operating within the European Economic Area, United Kingdom or Switzerland seeking to modernize their financial management systems, streamline operations, and effectively manage employee expenses. With its cost-effective approach, customizable white-label cards, and integration capabilities, Wallester Business offers a comprehensive and competitive corporate expense management solution.</span></p>
<p><span style="font-weight: 400;">However, businesses with a global presence or those that frequently engage in multi-currency transactions should carefully consider the platform's limitations, such as current regional restrictions, single-currency accounts, and the lack of native third-party accounting software integrations.</span></p>
<p><span style="font-weight: 400;">In conclusion, Wallester Business is one of the leading corporate expense management solutions on the modern market for a reason, as it represents a practical solution for all European businesses that are looking to integrate cutting-edge financial management tools into their workflow. </span></p>