Tools for Expense Management for MosquesNonprofit
Like other religious and non-profit organizations, mosques need to spend money. They have buildings to maintain, programs to put on, and charitable efforts to support. There is a key difference when it comes to expense management for mosques, namely the prohibition against paying or receiving interest.
The growing Muslim market
Since 1994, National Geographic reports that the number of mosques in the U.S. has increased from 962 to more than 2,100 as of May 2018. There are now an estimated 3.45 million Muslims living in the U.S., and the numbers continue to grow. Meanwhile, Muslim people and Muslim organizations, like mosques, avoid paying interest, so financial institutions need to adapt to meet this market.
Debit cards are one alternative for expense management for mosques. They allow people to pay for what they need and may be part of a complete spend management system. This allows mosques to streamline their spending and make transactions more transparent. It may also improve budgeting and expense control.
Using debit cards for expense management for mosques
Debit cards for mosques can remove many of the accounting headaches that your mosque might otherwise face. The employees can use the cards to buy things that are needed without having to wait for approvals. The cards also can electronically communicate with and send data to your bookkeeping software so the transaction information uploads automatically.
The employees can use debit cards to buy items instead of requiring employees to purchase items for the mosque out of their own pockets. This can help to end reimbursements and petty cash systems.
Debit cards can come with preset limits for daily purchases. When the administrator notices that it is time to reorder ink for the printer, the ink can be reordered with the card. The administrator can avoid waiting for a purchase request to be approved so that the mosque can continue its important work.
Bento for Business cards have controls
The best debit cards for mosques should give your mosque substantial controls over how the money is spent. The cards should let you choose when employees can use the cards to make purchases for the mosque and how much they can spend. The best cards also should let you restrict where the cards can be used and the expense categories for which they will work.
Bento for Business Visa debit cards have all of these features. They also allow you to view the purchases that have been made on each card and the balances that remain. The cards are reloadable so that you can refill them whenever you want. You can also turn cards off remotely with a click of your mouse or a tap on your screen if an employee quits or a volunteer loses a card.
Bento for Business is one of the leading solutions for mosque debit cards. The company was established by finance professionals who wanted to offer debit cards that give you robust expense management controls. Mosques can choose packages according to how many cards that they want, and Bento offers a free 60-day trial so that mosques can see how the cards might work for them. To learn more about the benefits, call 866.220.8455.