Corporate credit card usage is on the rise due to its ease of use. With these cards, employees no longer need to worry about using their own money for business expenses. But with these cards, it becomes all the more critical to effectively track, monitor, and stay on top of things. If ignored, it can rack up extra chores for the entire team. Even worse, it could severely affect your company's bottom-line due to prolonged financial leaks.
In this article, we talk about how Fyle as an expense management software can help your finance team tackle challenges related to credit card management and more. Let's dive in!
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Credit cards as a payment method have their own set of pros, but keeping track of spending can be difficult. Even a simple task can become demanding, taking up time and effort from your finance team and employees. Traditional methods for managing credit cards, bring with them a set of challenges that could pose a threat to the financial productivity of your business. Here’s why:
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Fyle has several features that can help you ease your corporate credit management woes. Our automated solution makes sure all the monotonous routines around expense reporting and corporate card management are taken care of. This spares extra time for your finance team to do more intuitive work and put their skills to better use. This also increases productivity and boosts the morale of your team as well.
Fyle as your credit card management system can help you achieve multiple goals in a short period. Here’s a look at some of them:
Irrespective of whether you’re a small business with few cardholders or a large enterprise with multiple cardholders, Fyle allows you to manage all your corporate credit cards with ease. Once your organization’s card feed is set-up, you can easily assign your company’s credit cards to your employees. Additionally, your finance team can also track and monitor all assigned and unassigned cards. This provides for a wholesome approach to effectively managing business credit card expenses.
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On assigning cards to users, all the expenses incurred will be directly reflected in your Fyle account. The finance team can then view all the payments made using credit cards. They can also see which of the corresponding expenses are yet to be reported. Additionally, the team can filter and view expenses for desired timelines. Lastly, finance folks can also customize and send timely reminders to employees to match their expenses on time.
When multiple employees are assigned to various credit card providers, tracking all the transactions in their bank feed can be a demanding task. Fyle takes care of this problem by syncing all your corporate credit card details with direct bank feeds. By integrating directly with the bank providers, you can expect to get a clean feed in real-time. Additionally, we provide a reliable data flow of all your corporate card expenses. This ensures complete protection over your company’s bottom-line.
Sometimes a merchant may unintentionally charge twice for a purchase made through the corporate’s credit card. While it may not be a significant loss, it is necessary to make a note of for accounting purposes - duplicated charges can cause confusion and imbalanced records.
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At Fyle, we understand finance teams can easily miss transaction reversals, leading to accounting errors. This is why we created our feature that seamlessly matches every expense to its corresponding transactions.
With a better credit card management system in your hand, you can stay prepared for the tax season as well as for audits. Fyle makes sure that your finance team stays ready without rushing or worrying at the last minute. Our expense management software comes loaded with features that can help your finance team tackle the challenges of accounting. Here are few such instances:
Choosing to handle your corporate credit cards in the old-fashioned way brings numerous challenges tied to it. You may have cards from multiple card providers to suit your needs, but tracking its usage through disparate systems becomes a whole other problem. When you do not own a centralized software to track all cards, identifying assigned cards can be confusing as well. Additionally, when it comes to staying audit-ready, tasks such as reconciliation can become taxing on your finance team.
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At Fyle, we understand the challenges that come with managing corporate credit cards for your business. Thus, we have come up with features that will ease the burden on your finance team. This means automating mundane tasks, easy integration, providing direct bank feeds, and matching expenses accurately. With our features available at your disposal, your finance team’s productivity can be optimized and enhanced to help meet business goals.
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Effortless expense management for all business spends. Earned time, saved costs, improved productivity, happy employees - achieve it all with a single software.
Product updateThis Quarter at Fyle - Support for All Mastercard Credit Cards, Simplified Expense Reports, New Accounting Integrations and More.March 31, 2023|4 Min ReadAutomate your corporate card reconciliation process Manage corporate card expenses better with Expense. Make the reconciliation process completely automatic and get a bird's-eye view of employee spending on each card.
Gain visibility into how employees are using their corporate cards. Expense provides a comprehensive dashboard that gives you a spend summary, a list of transactions that need to be expensed or reported, and an overview of all the active, inactive, and unassigned cards.
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Connect corporate cards with Expense using your login credentials. Your feeds will then be automatically imported into Expense for you to review and reconcile. You can configure direct feeds as well.
Map an owner for each corporate card. This will automatically add it to the employee's Corporate Cards section. To make the process easier, employees can also add their corporate cards to Expense themselves.
Gone are the days of manually digitizing receipts, converting them to expenses, and uploading your corporate card statements. With Expense, you can quickly sift through transactions to match and reconcile them with expenses.
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Expense automates the process end to end. Expense autoscans the receipts, fetches your corporate card statements, and lists all the unexpensed transactions for you to review and either reconcile or exclude. What's more, you can also set up the app to automatically generate an expense for corporate card feeds and reconcile it immediately.
Always stay updated about your corporate card reconciliation with an analytic report. Get details about total number of cards, unconfigured cards, total transaction amounts, and unsubmitted transactions.
One of my responsibilities is to oversee the AP function, and expense reporting is by far one of the most tedious aspects. Expense helps alleviate a bit of that headache with their online and mobile app platforms that allow users to upload and submit information electronically. Moreover, Expense has the capability to export their information in far more detailed fashions than other desktop and mobile applications including AMEX and Citi. I also like the approver and reminder functionality the app enables for the management team.
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I believe, the most convenient feature for our employees is the easy-to-use mobile version of the tool. You click a picture of the bill you just spent on, select the relevant expense head and hit submit. Additionally, scanned copies of bills/ receipts, expenses, approvals, comments are now available in one report which forms the basis for any reimbursement claim posted to our accounting software.
In the past, I spent a ton of time chasing down our company credit card users because they often did not provide me with the receipt or even notation of their spending, so when the statement came, I had no idea which budget areas to pay the invoice from. Now, they each have a Expense account to track their spending in, and since getting the receipts into the account is so easy, and they can see their own bank feeds, it is working tickety-boo!
Not just for all business teams, has helped the accounting team as well. Expense related reports are all available at one place. A remarkable thing about the experience, is the constant support they give us, for every little query. has made life easier for us.
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Expense reporting has been so easy after we started using Expense. The efficiency of expense reporting and reimbursement has improved multifold.
Expense is a good tool. It is helping us to manage expense records in a seamless manner. In our line of business where international business travel is routine, Expense has helped us to create a paperless and fully traceable process. It is great value for money and extremely user-friendly!
Managing receipts shouldn't have to be tedious. With features that allow you to autoscan receipts, forward them automatically, import in bulk, or even import from other cloud applications, Expense ensures that no receipt goes untracked. The best part? Receipts are digitally stored
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