Center Introduces a New Era of Expense Management
Integrated corporate card program and AI-powered expense software transform expense management with real-time transaction data
Feb 18, 2020, 12:00 ET
BELLEVUE, Wash., Feb. 18, 2020 /PRNewswire/ -- Center, a technology company that helps businesses optimize spend, today launched CenterCard® Visa® Business Debit corporate card and Center® Expense software. Together, CenterCard and Center Expense provide a complete, integrated solution for managing the entire spend and expense process quickly, accurately, and cost-effectively. Built on real-time transactional data, these products represent a significant departure from the old expense reporting model, starting with the elimination of the expense report itself.
"Twenty years ago, the first generation of expense management software digitized the traditional paper-based expense report," said Naveen Singh, CEO and co-founder of Center. "Center today introduces a new approach built on real-time, transaction-level data. Center Expense eliminates expense reports entirely and gives the entire company--from accounting to the C-suite--full visibility into company spend as it happens so they can make decisions based on up-to-the-minute information."
Card Spend Growing, But Unmanaged
While the expense reporting model hasn't changed significantly until now, the way businesses pay for goods and services has, thanks to the rise of decentralized purchasing and today's online, subscription-based economy.
Most companies rely on a combination of corporate cards, purchasing or p-cards, and other business credit cards for company spending. But too often, these transactions aren't fully captured in the expense reporting process, resulting in the need for manual reconciliation and coding to the general ledger.
"Processing expense reports and reconciling corporate card statements creates an incredible amount of work every month for accounting and finance teams," said Singh. "One of our goals in designing a new approach to managing expenses was to drastically reduce the time required to complete routine operational tasks."
Key Features
CenterCard
With CenterCard, businesses empower their employees to make purchasing decisions on behalf of the company, guided by flexible and customizable controls.
- CenterCard® Visa® Business Debit can be used for company purchases everywhere that accepts Visa debit. Employees no longer need to use personal cards, file expense reports, or wait for reimbursement.
- The CenterCard mobile app captures transaction details automatically. With the app, spenders can also snap photos of receipts, lock and unlock their cards, and track card balance.
- Flexible card administration and controls make it easy to set individual card limits, lock infrequently used cards, add cardholders, and more.
Center Expense
Center Expense streamlines the process of expense tracking and gives visibility into spend as it happens--no more waiting for month-end reports--so budget owners, finance and accounting, and managers have the information they need, when they need it, to make decisions and manage their budgets.
- The Expense Hub is a dynamic, consolidated feed of all company expenses as they happen. Customizable policy flags and filtered views in Expense Hub speed the audit and review process before month-end close.
- The Insights dashboard shows big-picture trends at a glance. Users can drill-down for more detail any time they wish and easily view accurate, up-to-the-minute spend data by cost center, merchant, expense type, spender and more.
"With Center, we can manage our company spend in a way that lets us see trends at a macro level, budget better, and get visibility into what is happening on a daily, weekly, or monthly basis across the company," said Rahim Shakoor, Controller at Docker, a Center customer since 2017. "Center's technology has helped us automate processing, which saves time, but more importantly, it's allowed our finance team to bring more value to the business through insights and optimization."
Center Expense and CenterCard are now available to the public. For more information on Center or to request a demo, visit getcenter.com.
About Center
Center ID Corp., doing business as Center, focuses on helping growing companies fully optimize business spending. Together, Center Expense and CenterCard offer a complete solution for managing company expenses. Center was founded in 2014 and is based in Bellevue, Washington. For more information, please visit getcenter.com.
The CenterCard® Visa® Business Debit Card is issued by Central Bank of Kansas City, Member FDIC, pursuant to a license from Visa U.S.A. Inc., and can be used everywhere Visa debit cards are accepted. Certain fees, terms and conditions are associated with the approval, maintenance, and use of the Card. You should consult your Cardholder Agreement and the Fee Schedule. If you have any questions regarding the Card or such fees, terms, and conditions, you can contact us toll free at 1-870-455-8522.
SOURCE Center
