Integration

How to Reconcile Credit Cards in QuickBooks Online

September 23, 2024
|
6
Min Read

It’s essential for a bookkeeper, accountant, or business owner who is managing their own finances to understand how to use accounting tools such as QuickBooks Online (QBO). 

This article is a step-by-step guide on how to reconcile credit cards in QuickBooks online so that you can ensure your credit card statements match the activity inside the platform. It also explores why an expense management software that integrates with QBO is essential for businesses today.

What is Quickbooks Credit Card Reconciliation?

QuickBooks credit card reconciliation is the process of matching the transactions in your QuickBooks credit card account to the transactions in your credit card statement. This ensures that your QuickBooks records are accurate and up-to-date.

The process helps you identify any discrepancies that may have occurred and ensures that your financial records are accurate and up-to-date.

How to Reconcile Credit Cards in Quickbooks Online?

Reconciling card expenses in QuickBooks Online is a straightforward process that allows you to cross-verify your financial records and ensure accurate financial reporting. Here are the steps you’ll need to follow:

Step 1: Access the Reconcile Window

Log in to your QBO account, go to the "Transactions" tab on the left menu, and select "Reconcile." 

Note: Quickbooks has two users views. If you’re seeing a different navigation menu on your left side, it means you are on Business View. Click on the gear icon on the top right of your Quickbooks dashboard and see if the button on the lower right-hand says Switch to Account View. 

If yes, it means you are in Business View. Click on the Switch to Accountant View to change the appearance of your navigation menu on your left. You will see the same menu as the screenshot above in a few seconds. 

On clicking on the “Reconcile” tab, you will see the following screen. 

Step 2: Add details about the account you want to reconcile 

Before you start the reconciliation process, you need to:

  • Pick an account from the drop-down menu that you want to reconcile (mandatory).
    • Account: This is the credit card account you want to reconcile.
  • Add additional information such as: 
    • Beginning Balance: This is the ending balance from your previous reconciliation. QBO should populate this automatically.
    • Statement ending balance: This is the ending balance from your credit card statement. (mandatory)
    • Statement ending date: This is the ending date from your statement. (mandatory)
  • Add service charges or interest earned, if needed. (not mandatory)
    • To add these:
    • You need to add the date, service charge, and associated expense account 
    • You need to add the date, interest earned, and associated income account 
  • Once you have added all these details, you can hit the “Start reconciling” button.

Before reconciling your credit card, ensure the opening balance in QBO matches the opening balance on your statement.

Step 3: Reconcile credit card transactions 

  • Once you click “Start reconciling”, the next screen appears with all the uncleared transactions. 
  • Carefully compare each transaction listed in QBO with those on your statement. If the transaction matches, check it off in QBO. 
  • The goal is to get the difference (shown at the top of the page) to zero out by matching all transactions.
  • Once you've matched all transactions and the difference is zero, click "Finish now." 
  • If you need more time, click "Save for later," and QBO will save your progress. 
  • If you want to exist without saving the changes you have made you can click on “Close without saving.

This is the screen you will see once you have reconciled your credit card charges and clicked “Finish now.” 

How Fyle Can Help

Fyle enhances the credit card reconciliation process in QuickBooks Online by streamlining the workflow and ensuring that data is accurately captured and synced. Here's how Fyle can assist with credit card reconciliations:

1. Automatic Sync of Credit Card Expenses

Fyle seamlessly exports credit card expenses directly to QuickBooks Online, including out-of-pocket expenses and real-time transaction data from credit cards. This automatic process ensures that all expenses are correctly categorized and captured without manual intervention, which is crucial for accurate reconciliation.

2. Employee Expense Coding and Receipt Submission

Employees can easily submit receipts through multiple platforms, including text, Gmail, Outlook, Slack, and the Fyle mobile app. These receipts are automatically coded into expenses. Instead of a central admin manually handling credit card transactions, employees can take responsibility for coding their expenses, significantly speeding up the reconciliation process.

3. Automatic Receipt Matching

Fyle helps automatically match receipts to credit card transactions in real-time. Once receipts are captured and expenses are coded, they are automatically reconciled with credit card charges in QuickBooks Online. This matching process eliminates the need for manual reconciliation of receipts and ensures that every transaction is backed by appropriate documentation.

4. Fast Approval and Compliance

Fyle enables automated approval workflows, allowing managers to approve expenses directly through email, Slack, or the mobile app. These workflows ensure that expense reports meet compliance requirements before they are exported to QuickBooks Online, reducing errors and the need for adjustments during reconciliation.

5. Scheduled Exports

Fyle enables you to schedule exports of expense data to QuickBooks Online at regular intervals. This ensures that the data is continuously updated, allowing QuickBooks to stay in sync with credit card transactions and reducing delays during reconciliations.

6. Detailed Export Logs

With detailed logs of expense exports and receipt matching, Fyle provides full visibility into what has been synced and any potential errors. This detailed reporting simplifies troubleshooting and ensures that reconciliations in QuickBooks Online are accurate and timely.

7. Accurate Mapping and Matching

Fyle enables accurate mapping of credit card transactions to the correct accounts in QuickBooks, ensuring that all expenses are properly categorized. This accuracy ensures smooth reconciliation when comparing QuickBooks Online data with credit card statements.

8. Multi-Currency Reconciliation

Fyle's multi-currency support ensures that foreign credit card transactions are reconciled correctly by using QuickBooks Online's exchange rates. This is particularly useful for businesses that deal with multiple currencies, ensuring that reconciliations are accurate.

With these features, Fyle significantly reduces the time and effort involved in credit card reconciliations in QuickBooks Online by automating receipt capture, coding, approval, and reconciliation, leading to more accurate and efficient processes.

Benefits of QuickBooks Credit Card Reconciliation

  • Accurate financial records: Regular reconciliation ensures that your financial records are up-to-date and accurate. 
  • Error identification: It helps identify discrepancies, such as duplicate or missing charges. 
  • Fraud detection: Regular reconciliation can help spot fraudulent activity by comparing credit card statements with your QBO records. 
  • Tax preparation: Accurate records simplify tax filing and ensure that all deductions are captured. 

How Do I Process Quickbooks Credit Card Reconciliation?

To process credit card reconciliation, simply follow the steps outlined above. Ensure you have the necessary account details and your credit card statetement on hand to compare with Quickbooks. 

What Should I Do If There Are Missing Credit Card Transactions In Quickbooks?

If you discover missing transactions in Quickbooks, follow these steps:

  1. Check the import settings: Ensure that your bank or credit card feed is set up correctly in Quickbooks. 
  2. Manually add transactions: If some transactions are missing, you can manually add them to your credit card account in Quickbooks. 
  3. Re-import transactions: In some cases, it might be necessary to disconnect and reconnect your credit card account to re-import the missing data. 

Conclusion

QuickBooks Online is a powerful tool for managing business finances. Knowing how to reconcile card expenses ensures that your financial records are accurate and up to date. However, manually managing these reconciliations can be time-consuming and prone to errors.

By integrating Fyle with QuickBooks Online, businesses can automate this process, significantly reducing manual effort while ensuring accuracy and compliance. Fyle’s seamless sync of credit card expenses, automatic receipt matching, and scheduled exports allow businesses to stay on top of their financials in real-time, empowering them to focus on growth rather than administrative tasks.

Visit Fyle’s QuickBooks Integration page to learn more about how it can transform your expense management and make reconciliations easier than ever.

Product update

Fyle Continues To Help Customers Grow With Innovations In Expense Management

August 1, 2024
|
4
Min Read

As of August 1, 2024, we’re updating our pricing structure to support our commitment to continuous innovation and providing a seamless, AI-enhanced expense management platform that helps you save time and effort and focus on your business’ success.

In addition to these changes, we want to ensure you’re aware of all the updates we’ve made to our product - from new features that make expense tracking easier than ever to enhancements in user experience. 

Learn all about our new updates 

Co-pilot for spenders to simplify expense tracking 

Our newly-launched Conversational AI is built to ensure expense management becomes even easier for you. Your employees and cardholders can now submit receipts via text messages, saving hours of manual effort, and the unnecessary hoarding of receipts. For you, this means no more incessant follow ups with employees. 

How Fyle lets you submit receipts via text message.

Data like amount, date, merchant, category, cost centers etc is automatically extracted from receipts and auto-filled, ensuring quick, accurate coding. Our AI also asks users for additional information like projects and other details you consider mandatory. All they have to do is text us the information and be done with it.

Fyle will match receipts with card transactions that automatically flow into Fyle in real-time (learn more below), and save hours of manual reconciliation effort. 

Factoid about how Fyle enables customers to submit receipts via text messages

Real-time credit card integrations 

Managing your business credit cards and ensuring all transactions are reconciled before tax time is hard. It generally involves hours of downloading multiple bank statements, collecting receipts, manually matching them, and verifying data. 

Fyle’s direct integrations with Visa, Mastercard, and American Express, coupled with our ability to easily collect and automatically match receipts via text, solve just this. Fyle is the only expense management software today that enables businesses to get a real-time view of how and where employees spend from their company cards.

How Fyle's real time feeds give you instant transaction notifications on credit card spending.

Right from our first-of-its-kind real-time integration with Visa in July 2022 and Mastercard in April 2023, to our direct integration with American Express in April 2024, we’re committed to giving you a seamless software experience on any credit card program you already use. 

American Express virtual Cards

Fyle joined American Express’ list of partners that allow Business and Corporate Cardholders to issue unlimited, on-demand virtual Cards, linked to your existing card program. Establish specific controls for each on-demand virtual Card payment, including spending limits, and expiration dates, to ensure compliance. Customers can take advantage of the American Express billing cycle to utilize cash on hand for their business until their Card payment is due.

How Fyle lets you create Amex virtual cards on demand
Enrollment required and fees may apply.

Automate tasks and workflows with Fyle 

Scheduled expense report submission to put the process on auto-pilot

Nobody wants to deal with expense reports - they’re tedious, time-consuming and just a hassle. That’s why we help you automate the entire process. Once your employees have submitted their expenses via Text Messages, Gmail, Outlook, Slack, or our Mobile App, we’ll create an expense report and submit it. You can schedule this process on a weekly, monthly, or on a custom basis, and we’ll take care of the rest. 

Expense rules for more accurate coding

One of the major challenges with expense management is getting employees to fill in important data to accurately code the expense. With Fyle, not only does our AI-based engine automatically extract information from the receipt, but also auto-fills other details with features like merchant-based expense rules

With these rules, expense fields like Category, Project, Purpose etc, can be automatically filled in based on the Merchant that has been identified from the card transaction or receipt, reducing the dependence on employees, eliminating human errors, and the need for repetition. For example, you could create a rule that says, If the Merchant name contains ‘Uber’, then set Category to ‘Taxi’. 

How merchant-based expense rules ensure more accurate expense coding

Enhanced project expense tracking 

We've introduced a powerful feature - Dependent Fields, that allows users to control values in one field based on another. For example, you can track Project-dependent fields like Cost Codes and Cost Types easily. 

If you’re a construction firm or a service-based company that works on a project basis, you can now track every detail related to a project expense, and simplify accounting.  

Here's how it works: if an employee selects Project A, only the Cost Centers associated with Project A appear. This means employees no longer need to remember which Cost Centers align with each project. 

Easy mileage tracking with commute deduction

While reimbursing employees for business-related travel, you need to adhere to IRS guidelines and deduct the regular commute distance, a task prone to errors and time-consuming manual calculations. Fyle's Commute Deduction feature aims to be the antidote to these challenges, providing a seamless and automated solution.

How Fyle's commute deduction enables easy business mileage tracking.

Users can enter their home and work locations, and choose to deduct commute for one-way or two-way travel every time they add a mileage expense. Employers can rest assured that reimbursements align precisely with business-related mileage, preventing overpayment due to personal commute distances. This not only enhances tax compliance but also contributes to significant cost savings for organizations.

An integrated platform that fits into your workflow 

New integrations with QuickBooks Desktop, TravelPerk, MS Dynamics and more!
We’ve introduced new accounting integrations with QuickBooks Desktop (one of our most requested!), Sage 300 Construction & Real Estate (Beta), Microsoft Dynamics 365 Business Central, and TravelPerk! Eliminate the time spent on manual data entry and verification, and automate expense sync. 

QuickBooks Desktop 

We launched an IIF-file based integration with QuickBooks Desktop to help you automatically sync expense data between the two platforms. This has become one of the fastest growing integrations! Export reimbursable and credit card expenses as Bills, Journal Entries, Credit Card Purchases, and map data like Categories, Employees, Vendors, Projects to make sure expenses are coded accurately. 

Sage 300 CRE (Beta)

For construction and real estate firms using Sage 300 CRE, our direct integration is now available in beta. From easy expense export, to mapping of dimensions like GL Codes, Employees, Projects, Job Codes, Cost Codes, Cost Types and more, the integration simplifies construction accounting. 

TravelPerk

For customers who use TravelPerk to make and manage travel bookings, we released a direct, bi-directional integration with TravelPerk. For any bookings made on the TravelPerk platform, expenses are created automatically on Fyle, with the receipt and other details automatically filled in. Add and map payment profiles, streamline credit card reconciliation for cards used for bookings, and more. 

Maximize the value you get from Fyle

At Fyle, we’re constantly working to make a better platform that helps businesses like you put expense management on auto-pilot. As a reflection of our commitment to deliver a best-in-class experience, we’re increasing our prices starting August 1st, 2024. We look forward to continuing to build new and exciting features, incorporate customer feedback, and enhancing our offering to help you grow. 

SEE ALL IN PRODUCT UPDATES  

Travel Expense Management

Travel expense management

What is a Travel Expense Report?

July 30, 2024
|
7
Min Read

Have you ever returned from a business trip with a mountain of receipts and a sinking feeling of dread about the travel expense reports you’d have to submit?

Well, you’re not alone. Sadly, a travel expense report (T&E report) is the key to ensuring your reimbursements arrive on time. We’ll tell you how you can make the process easier and even let you in on a little secret–that you’d never have to spend another second on it ever again. 

How? Read on to find out. 

What is a Travel Expense Report?

Think of a T&E report as a detailed log of your business travel expenses. It documents everything you spent on your trip–from flights, hotels, meals and miscellaneous expenses–for reimbursement by your employer. 

It also serves as a record-keeping tool for the company, ensuring there’s proper visibility into spend and compliance with company policies.

Contents of a Travel and Expense Report 

A typical T&E report includes the following sections:

  • Employee Information: Your name and department.
  • Trip Details: Destination, travel dates, and the purpose of your trip.
  • Expense Categories: This is where you’ll breakdown your spending into clear categories:some text
    • Transportation: Airfare, train tickets, mileage (if using a personal vehicle)
    • Accommodation: Hotel stays, Airbnb rentals.
    • Meals: You can either use a per diem rate (a pre-set daily allowance) or itemize each meal with receipts. 
    • Other Expenses: This includes any miscellaneous business-related expenses like local transportation, laundry charges, or business phone calls. 
  • Receipt Attachment: Receipts are crucial for verifying your expenses. Staple or scan them and attach them to your report.

Also Read:

Why are T&E Reports Important? 

Travel expense reports are more than a documentation hurdle–they’re really the cornerstone of financial discipline, transparency, and compliance within your organisation. Here’s why they matter:

  • Budgeting and Cost Control: Travel expense reports clearly show your company’s travel expenditures. This empowers finance teams to track spending, manage costs effectively, and forecast future travel budgets more accurately. 
  • Policy Compliance and Streamlined Reimbursements: Detailed expense reports ensure employees adhere to company travel guidelines. This reduces errors and facilitates timely, accurate employee reimbursements, keeping employees happy and productive. 
  • Tax Compliance and Audit Trails: Itemized expense reports act as vital audit trails. They support tax deductions and ensure compliance with regulations, saving your company money in the long run. 

Also Read:

5 Ways You Can Simplify Travel Expense Reporting

Conquering travel expense reports doesn’t have to be a battle. Here are some tips you can use:

  • Collect and Organize Receipts Diligently: Don’t let receipts disappear in the abyss of your bag or shoebox. 
  • Categorise Expenses Accurately: This makes tracking and reporting easier. 
  • Submit Expense Reports Promptly: The sooner you submit, the sooner you get reimbursed. 
  • Utilize Online or Mobile Apps: These can streamline the data entry process. 

Or use the ultimate choice, a travel expense report software. You can automate the entire process to save yourself (and your company) time and money. 

Templates can be a helpful starting point, but let's delve deeper and explore just how they’d stand up against a travel expense report software.

Travel Expense Report Template vs Travel Expense Report Software 

The age-old question: Should I use a free travel expense report template or pay for travel expense report software? But did you know that a free expense report template might be costing you more than you realise?

Travel Expense Report Template

Travel expense report templates are free and readily available online, making them a seemingly attractive option. They’re simple and the perfect choice for an organization's most basic needs. However, they can be time-consuming (manual data entry), prone to errors, and cumbersome for frequent travelers.  

Did you know? The average expense report takes a massive 20 minutes to process. 

But this is just the tip of the iceberg. Here’s a breakdown of the true time cost when travel expense reports are processed manually: 

  • Employee: 5 minutes to fill and file (fiddling with receipts and data entry)
  • Manager: 5 minutes to review and approve (chasing down missing receipts or seeking clarifications in the process)
  • Finance team: 10 minutes to review, reimburse and reconcile (while correcting errors and chasing for approvals)
How much expense reports cost a company?

The Math Doesn’t Lie. That’s a total of 20 minutes per claim on average. But wait, there’s more! According to the Global Business Travel Association, a shocking 19% of all expense reports contain errors. And correcting each one takes an additional 18 minutes! Suddenly, that 20-minute claim balloons to a 38-minute ordeal. 

Do you feel the time drain? It’s not just you. Imagine the productivity lost for both employees and your finance team. This inefficiency translates to real costs. GBTA found the average expense report costs a staggering $58 to process (and it’s likely that the number is even higher today.)

Let’s crunch these numbers together:

Imagine a company processing an average of 30 expense reports per month. Without errors, that's roughly $21,600 spent annually on the reporting process.  

However, factor in those error corrections, and the annual cost jumps to nearly $33,120. That's over $11,500 wasted on fixing mistakes!  

And it's important to remember this is just an example for a medium-sized company. For larger organizations with higher volumes of reports, the potential cost drain can be even more significant.

While templates seem like a free option, they’re costing you in hidden ways. Consider this: wouldn’t your time and money be spent focusing on core business functions?

Travel Expense Report Software

Now, why is this the superior alternative? Because it can automate the entire process for you at just $11:99 a month. But what does this really mean?

  • Automated Receipt Capture: Tools like Fyle let you submit receipts via text message. Employees can text receipts for reimbursable or credit card expenses on the go.  
  • Real-Time Credit Card Feeds: Tools like Fyle integrate with all major credit card networks like Visa, Mastercard and American Express to give you instant text message notifications of all credit card spending. 
  • Automated Compliance: Travel expense report softwares perform policy checks in real-time to ensure policy violations are caught even before expense reports are submitted. 

A travel expense report software doesn't just save time, it saves money.  Imagine the cumulative effect of automating receipt collection, eliminating errors, streamlining approvals, and boosting employee productivity.

In Conclusion 

Travel expense reports don’t have to be a source of stress. By understanding the purpose, components, and available tools, you can easily navigate the process. 

While free templates can help you get started, exploring a travel expense report software is a no-brainer for growing organizations looking for better efficiency and cost savings. 

Schedule a demo today to see how Fyle can help your travel expense reporting process!

FAQs

How to Save Money on Travel Expenses?

Smart spending habits go hand-in-hand with efficient reporting. Here are some things you can do:

  • Compare Travel Options: Look for deals on flights and hotels. 
  • Plan Your Meals: Avoid unnecessary dining expenses by packing snacks or researching budget-friendly options. 
  • Explore Alternative Transporation: Consider public transportation or ridesharing apps. 
  • Leverage T&E Software: Gain insights into your spending habits to identify areas for cost reduction. 

Also Read:

What Are Acceptable Business Travel Expenses?

This can vary depending on your company’s specific travel policy, so it’s always best to check their guidelines first. Generally, acceptable expenses fall under these categories:

  • Transportation: Flights, taxis, mileage, and parking fees. 
  • Accommodation: Hotel stays, Airbnb rentals, and incidental charges (reasonable room service or laundry).
  • Meals: Per diem rates (a pre-set daily allowance) or itemized receipts for meals considered work-related (business lunches or client dinners).
  • Other Expenses: Miscellaneous business-related costs like local transportation, laundry charges, business phone calls, or visa applications.
Pro tip: When in doubt, err on the side of caution and save all receipts. You can always clarify with your finance team later.

Also Read:

How Long Do I Have To Submit A Travel Expense Report?

This varies by company, but it’s typically within 30 days of your trip’s completion. Some companies might offer shorter deadlines (like 15 days) of een allow for extensions under specific circumstances. Check with your company’s travel policy or finance department for their specific timeframe. 

What Happens If I Lose A Receipt?

Inform your manager or finance team as soon as possible. Depending on the company policy, they might require an explanation or ask for alternative documentation (like credit card statements) to verify the expense.

Travel expense management

Corporate Travel Management: Everything You Need to Know

July 9, 2024
|
7
Min Read

Imagine this: you have a business trip coming up to New York City, the most expensive U.S. city for business travelers, with a daily average cost of $541. 

But instead of planning the trip, you’re drowning in a sea of flight options, hotel comparisons and car rental quotes. 

Enter corporate travel management, your ticket to an easy–boarding pass?

What is Corporate Travel Management?

Corporate travel management (CTM) is your one-stop shop for all things business travel. It’s a program that helps companies streamline the entire travel process, from booking flights and hotels to managing expenses and ensuring employee safety. 

Statistics around business travel spending in the U.S

Who Is A Corporate Travel Manager?

A corporate travel manager is the mastermind behind your smooth travel experience. They’re experts who design and manage your company’s travel program. They negotiate deals with airlines and hotels (remember, business travelers are highly valuable to airlines!), handle bookings, and provide support to traveling employees. 

Do I Need A Corporate Travel Management Program?

Absolutely! Here’s why:

Save Time and Money

CTM programs negotiate corporate rates and track expenses, saving you big bucks. Did you know that while business travelers only make up 12% of airline passengers, they account for 75% of an airline's revenue on some flights?

Corporate travel management programs help you tap into those corporate discounts. 

Simplify Travel for Employees

No more endless searches! Employees can book flights, hotels, and car rentals through a user-friendly online platform or app.

Imagine the time saved compared to the pre-internet days, when business travelers took 405 million long-distance trips a year in the U.S., mostly by car for destinations under 250 miles!

Source: U.S. Department of Transportation, Bureau of Transportation Statistics, 2001

Peace of Mind for Employees

Corporate travel management programs prioritise employee safety with features like travel alerts and emergency assistance. 

How Much Does Corporate Travel Management Cost?

Corporate travel management programs typically charge a small fee based on transaction volume or a retainer model. But guess what? The savings they generate often outweigh the cost. 

Let’s break it down with an example:

Scenario: Imagine your company takes 100 business trips per year, costing an average of $2,000 per trip (including flights, hotels, and car rentals). This translates to a total annual travel spend of $200,000 ($2,000/trip * 100 trips).

CTM fee: A CTM program might charge a fee of 2% per transaction. So, for your 100 trips, the CTM fee would be $4,000 ($2,000/trip * 100 trips * 2%).

Savings potential: Here's where CTM programs shine. Through negotiating corporate rates and optimizing travel spend, a CTM program could potentially save your company 10% on travel costs. In this example, that translates to $20,000 in annual savings ($200,000 * 10%).

The math: Even after factoring in the CTM fee, you come out ahead:

  • Total Travel Spend: $200,000
  • CTM Fee: -$4,000
  • Savings from CTM: $20,000
  • Net Savings: $16,000 ($20,000 - $4,000)

Can Employees Still Book Their Own Travel With Corporate Travel Management?

Yes, but with a safety net!  Most programs allow employees to book within the company's travel policy through the CTM platform. This ensures they get the best rates while adhering to company guidelines.

Source: Bureau of Transporation Statistics

Some Things to Know About Corporate Travel Management Programs

Cost Savings & Budgeting

CTM programs negotiate corporate rates with travel suppliers and track expenses to optimize your budget. Think of it as having a travel connoisseur in your corner!

Duty of Care & Risk Management

Business travel can come with risks, especially for international travel which saw a massive decline during COVID (78.8% drop in U.S. business tourist arrivals from overseas in 2020). 

An excellent corporate travel management program provides features like real-time traveler tracking, emergency response services, and travel advice to keep your employees safe. Imagine your employees getting stranded due to some outbreak in the future–a CTM program can help locate them and arrange assistance. 

Compliance & Reporting

CTM programs help ensure employees follow your travel policy and provide clear reports on travel spend, allowing you to identify cost-saving opportunities.

Also Read:

Benefits of a Good Corporate Travel Management Program

For Travelers

  • Simplified booking: No more travel booking headaches! Book everything in one place with user-friendly tools.

  • Savings & deals: Get access to exclusive corporate rates and travel discounts. Remember, business travelers are more likely to buy last-minute tickets, and CTM programs can help you snag those deals.

  • 24/7 support: Need help changing a flight or have a question during your trip? Your CTM program is just a call or click away.

  • Enhanced safety: Travel with peace of mind knowing your company prioritizes your safety with features like travel alerts and emergency assistance.

For Businesses

  • Cost savings & control: CTM programs help you negotiate better rates and track travel expenses, leading to significant cost savings. Imagine the savings if you can avoid expensive last-minute flights that business travelers are more likely to book (remember, 74% of US business trips are under 250 miles and can often be made by car).

  • Data & insights: Get clear reports to understand your travel spend and identify areas for cost optimization. Did you know that airlines receive nearly 60% of their revenue from passengers? With CTM data, you can see how much of that is business travel and optimize your spending accordingly.

  • Duty of care: Ensure your employees' safety with features like travel alerts and emergency assistance.

  • Happy employees: A smooth travel experience keeps employees happy and productive. Imagine your employees returning from a business trip to San Francisco (the most expensive US city for food!) feeling refreshed and ready to work, thanks to a seamless travel experience facilitated by CTM.

Steps for Efficient Corporate Travel Management

Now that you're armed with this knowledge, you can implement a CTM program and transform your business travel experience. Here are some next steps:

  • Research: Identify your company's travel needs and budget. Consider factors like the number of business trips per year, typical destinations, and employee travel habits (car vs. air travel).

  • Choose a CTM provider: Look for a reputable Travel Management Company (TMC) with expertise in your industry. A good TMC will understand your company's unique needs and be able to offer customized solutions.

  • Develop a travel policy: Outline your expectations and guidelines for business travel. This should include things like preferred airlines and hotels, expense limits, and approval processes.

  • Train your employees: Educate your team on the new CTM program and how to use it effectively. This will help ensure a smooth transition and maximize the benefits of the program.

  • Implement Technology: Choose user-friendly online booking tools and most importantly, a travel expense management software. Make sure the technology integrates seamlessly with your existing systems.

Also Read:

Travel and Expense Management Software: The Backbone of Your CTM Program

A travel expense management software is the unsung hero of your CTM program. It goes beyond simply tracking receipts–it's a powerful tool that helps you develop, implement, and enforce your travel policy. Here's how:

  • Streamlined expense reporting: Say goodbye to piles of paper receipts and manual data entry. Employees can use a travel expense management tool to capture and submit receipts via text message. AI instantly extracts relevant information to create an expense report automatically.  This saves time for everyone involved and reduces the risk of errors.

  • Policy automation: Imagine pre-populating expense limits and category restrictions based on your travel policy. A travel expense management software allows you to set up rules that automatically flag out-of-policy expenses, ensuring compliance from the start.

  • Faster reimbursements: Employees get reimbursed quicker with streamlined expense reporting. This improves employee satisfaction and reduces administrative burdens for finance teams.

  • Data & analytics: With robust reporting features, you can gain valuable insights into your travel spending. See which categories are driving costs the most, identify areas for optimization, and make data-driven decisions to improve your travel program.

In Conclusion 

Corporate Travel Management programs are fantastic, but they're like a luxury car without an engine. They save you money, streamline processes, and prioritize employee safety, but for peak performance, you need a travel and expense management software.

That’s where Fyle comes in. Fyle automates receipt collection, expense report submission, expense reimbursements, enforces travel policies and provides valuable spending insights. 

The result? Streamlined processes, optimized costs, and happy employees.

Ready to take your CTM program to the next level? See Fyle in action! Sign up for a demo today and experience the future of business travel.

Travel expense management

The Best Business Travel Management Tools

July 4, 2024
|
8
Min Read

Juggling business trips can be a nightmare–from booking flights and hotels to managing receipts and keeping track of expenses. But fear not; a whole arsenal of business travel management software exists to streamline this process and make your life easier. 

Let’s explore some of the top contenders to help you choose the perfect fit for your company’s needs. 

Corporate Travel Booking Tools

A business travel booking tool goes beyond simply finding flights and hotels. They offer a one-stop shop for booking, managing, and tracking all aspects of your business travel. 

1. TravelPerk

Imagine managing every aspect of your business travel in a single, user-friendly platform. That’s the magic of TravelPerk! This all-in-one business travel management solution streamlines your booking process to ensure that everything from flights, trains, and hotels is brought under one dashboard and ensures compliance with your company’s travel policy.

Their handy mobile app keeps you organized and in control, providing real-time flight updates, paperless confirmations of all your bookings, and easy access to your entire itinerary.

TravelPerk also understands that flexibility is key in the business world. That’s why their FlexiPerk feature allows you to cancel trips easily and get 80% of your money back–no questions asked!

Pricing

TravelPerk offers a free "Starter" plan with five monthly bookings, perfect for small businesses or trying out the platform. Paid memberships provide more features and increased booking limits. Here's a quick breakdown:

  • Premium: $99/month + 3% booking fee
  • Pro: $299/month + 3% booking fee
  • Enterprise: Custom pricing for high-volume businesses

Did you know TravelPerk integrates directly with Fyle, a travel expense management software? This means:

  • Automated expense creation:  Book your trip through TravelPerk and watch as Fyle automatically creates a corresponding expense report–no more manual data entry!
  • Effortless expense reconciliation: Fyle integrates with major credit card networks (Visa, Mastercard, American Express) to automatically sync and reconcile your expenses.  Reconciliation on autopilot? Yes, please!
  • Smart expense categorization:  Map payment profiles and booking types to ensure expenses are categorized correctly in Fyle.
  • Cancellation tracking made easy:  Fyle automatically tracks and records cancellations and refunds made through TravelPerk, saving you the hassle of managing them manually.

2. Airbnb for Work

Airbnb for Work goes beyond traditional hotels, offering a curated selection of unique spaces around the world that cater specifically to business travelers. This platform provides a win-win for both employers and employees. Companies can leverage Airbnb for Work’s suite of tools to streamline booking, manage travel spend, and ensure compliance with company policies. 

Employees can access various accommodation options, from modern apartments to charming boutique hotels, all designed to foster productivity and comfort during business trips. 

Pricing

  • Typically based on the stay, similar to booking through the regular Airbnb platform.

3. TravelBank

TravelBank joins the ranks of business travel management superstars, offering a comprehensive platform to streamline your corporate travel experience. Similar to TravelPerk, TravelBank is a one-stop shop for booking flights, hotels, and ground transportation for your employees. It goes beyond booking though, offering features to manage expenses, enforce travel policy compliance, and prioritize traveler safety–all within a user-friendly platform.

TravelBank boasts seamless integration with various business tools, including Slack, meaning you can book trips or submit expense reports directly from your preferred communication platform. This level of convenience translates to real time-saving benefits.

TravelBank empowers businesses with features like cost-saving tools, streamlined processes for booking and expense management, and clear visibility into travel spend for informed budgeting. 

With its feature-rich platform and focus on saving you time, money, and stress, TravelBank is a strong contender worth considering for your business travel management needs.

Pricing

  • Travel: $25 User/month
  • Expense: $10 User/month
  • Custom Pricing: Contact

4. Egencia

Egencia is a seasoned veteran in the world of business travel management. They offer a comprehensive suite of tools designed to elevate your corporate travel experience far beyond just booking flights, hotels, and ground transportation. 

Egencia boasts features like itinerary management, robust reporting for informed decision-making, and duty-of-care services that prioritize traveler safety with features like 24/7 customer support and real-time travel alerts.

Egencia's extensive industry experience and global network of travel providers make it a trusted choice for businesses of all sizes. They understand the importance of traveler well-being and offer features that keep your team informed, supported, and on track throughout their journeys.

Their focus on experience, expertise, and traveler well-being makes them a compelling choice for managing your corporate travel program with confidence.

Pricing

  • Pricing made available on request

Tools for Travel Expense Management

Travel expense reports can be a nightmare for both employees and finance teams. Travel expense management tools streamline the process, ensuring accurate record-keeping, policy compliance, and efficient expense reimbursements. These tools can handle a mix of corporate and business credit cards, cash advances and facilitate compliance with tax regulations. Here are some of our top contenders:

5. Fyle

Fyle emerges as a champion in the travel expense management category. This user-friendly platform automates the entire process, transforming tedious data entry and receipt sorting into a breeze.  

Fyle accepts receipts through various methods, such as text message, email, or its mobile app. Its intelligent data extraction then automatically creates expense reports, minimizing manual work and saving valuable time for both employees and finance teams.

Designed for seamless integration, Fyle connects with popular accounting software, allowing for effortless expense categorization and streamlined reporting.  This eliminates the need for manual data transfer and ensures all your financial data is consistently organized.

Fyle also offers an additional perk: an integration with TravelPerk. This powerful combo allows you to manage both the booking process and all related expenses within a single, unified system.  

Fyle effectively streamlines the entire travel expense experience, keeping your team focused on core business activities and free from the burden of manual expense reporting.

Pricing

  • Standard: $6.99 per active user*/month
  • Business: $11.99 per active user*/month
  • Enterprise: Custom pricing

6. ShoeBoxed 

If you're looking for something that isn't feature-packed like Fyle but can do simple tasks like receipt management, Shoeboxed is a good option. Shoeboxed offers two ways of managing receipts: you can either send them in a prepaid envelope to their processing facility or use its mobile app to scan them. 

By using OCR, they can scan and convert the paper receipt into a digital version that is also searchable. This makes tracking and organizing receipts easier. Shoeboxed also integrates with Wave accounting, Xero, FreshBooks, Intuit, and more.

Pricing

  • Startup: $22 /month
  • Professional: $45 /month
  • Business: $67 /month

Also Read:

Some Additional Business Travel Management Tools

7. TripIt

Tripit is a travel planner app that consolidates bookings into an itinerary. As soon as you book a flight, hotel, or other travel plan, you need to forward all the confirmation emails to their email. Tripit will automatically create an itinerary you can access while on the go.

Tripit Pro also has a seat and fare tracker that can help you choose the best seats and update you about dropping fares after you book.

Pricing

  • The basic app is free while Tripit Pro costs $49/year.

8. Google Travel

Google Travel is an aggregate site that consolidates all elements of trip planning into one platform. You can book flights, find a hotel, or check out vacation rentals without switching between multiple sites and tabs.

Input your destination, add your dates, and let Google search for you. It will help you compare dates, set notifications in case of price drops, and even show when it's on or off-season. 

The best part is that since all your bookings will be made using your Gmail, everything will be automatically added to your Google account and itinerary. 

9. Booking.com for Business

Booking.com for business is a go-to website for all your business travel bookings and management.  You get exclusive business rates, cash in on loyalty points, and 24/7 support from CWT, one of the leading travel management companies. 

It's free to use and has over 3 million listed properties across 150,000 destinations.

10. PackPoint

PackPoint is an easy-to-use app that helps you organize your travel luggage based on the type of visit, the number of days, and the activities planned. 

For example, if you're going on a business trip, you can input the location and the number of days, and PackPoint will automatically create a list of things you need to pack to make your travel less stressful. You can also customize the list and share it with others. 

PackPoint integrates with TripIt and can auto-create packing lists based on travels you booked using TripIt.

Pricing

The app costs $2.99

Also Read:

Conclusion

These tools address businesses' specific challenges with booking travel and managing travel expenses. However, there's no universal solution. Start by identifying the major bottlenecks in your business travel management process and the essential features you need. Once you have this clarity, review the tools available here to determine which best suits your business. Take advantage of demos, weigh the pros and cons, and select the tool to effectively streamline your travel expense management.

Effortless expense management for all business spends. Earned time, saved costs, improved productivity, happy employees - achieve it all with a single software.

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Corporate Card Reconciliation

Corporate card reconciliation

Expense Reconciliation: How Does it Work?

August 20, 2024
|
10
Min Read

Double-checking your expenses doesn’t sound all that difficult, and it isn’t. For the individual, at least. When it comes to large businesses with hundreds or even thousands of people using company assets, keeping your financial accounting straight becomes infinitely more complex.

That’s why we’ve put together a guide to expense reconciliation. How it works, the potential roadblocks, and how to make it that much easier.

What Is Expense Reconciliation?

What Is Expense Reconciliation?

Expense reconciliation is the process of comparing and matching financial records related to business expenses. It involves checking that all the money spent by a business aligns with the recorded expenses in its accounting system. This process helps identify errors, discrepancies, or fraudulent activities.

While expense reconciliation may not be so difficult for small start-ups or self-employed individuals, larger businesses have so much more going on across different branches and departments to the point they might need enterprise collaboration software just to keep track of everything.

There are a lot of important reasons to reconcile your expenses, from conducting end-of-year reports and tax returns to monitoring budget and expenses. It’s essential to prevent things like:

  • Over or underpaying
  • Financial mismanagement
  • Accidental or intentional fraud.

As such, it’s in your best interest to make sure you’re reconciling expenses correctly.

The need to double-check figures is as old as the concept of business itself. As such, companies have been doing manual expense reconciliation for a long time. Some still use paper records, meaning they literally have to go over the books.

These days, however, many organizations use spreadsheets customized with automated functions to record and monitor financial reporting. For example, the figures from things like expense claims or company credit card statements get entered into the database for easy cross-referencing.

This helps streamline things and limit human error compared to the pen-and-paper approach, but there’s still a large amount of manual work involved.

The Different Kinds of Expense Reconciliation

The Different Kinds of Expense Reconciliation

There are a few different kinds of expense reconciliation to keep track of. Most are business-related, covering the various ways companies spend money.

Personal Reconciliation

Personal reconciliation is the only non-business-based entry on this list. An example of personal reconciliation would be checking tax-deductible expenses against your receipts when filing your tax return. Compared to the sheer variety of business expenses, personal financial accounting is much simpler.

Business Expense Reconciliation

Regular business expenses include things universal to most businesses, like payroll and inventory costs. Other needs are industry-specific. For example, the budget to promote a holiday company’s travel packages or safety equipment for construction workers.

Also Read:

Customer Reconciliation

Reconciling customer expenses helps you stay aware of outstanding debts. While that’s more a matter of income than expense, it’s still an important part of broader budgeting concerns. You’ll also need to factor in any refunds to avoid accidentally creating imaginary profit or concealing real earnings.

Vendor Reconciliation

Vendor reconciliation means checking your financial statements against those of your suppliers. For example, recreational spaces like theme parks typically have vendors supplying food, drinks, or even small events. The fact that each business has its own record-keeping theoretically means it’s easy to double-check your work.

Bank Reconciliation

Bank statements and account histories are valuable fallbacks if your internal record-keeping fails. Your bank will have full records of all transactions related to your company’s expense accounts in the event you otherwise can’t resolve a discrepancy.

Why Is Expense Reconciliation Important? 

Expense reconciliation is the cornerstone of financial health for any business. It’s more than just a numbers game; it’s a strategic tool that drives informed-decision making. 

Expense Reconciliation as a Financial Health Indicator

By accurately matching expenses to income, you create a clear financial snapshot. This helps you understand your business’s profitability, cash flow, and overall financial performance. 

Preventing Fraud and Errors

Regular reconciliation is your first line of defense against financial irregularities. It helps uncover discrepancies, identify potential fraud, and ensure the accuracy of your financial records. 

Also Read:

Supporting Decision Making

With reliable expense data, you can make informed decisions about budgeting, cost-cutting, and resource allocation. This empowers you to optimize your business operations and maximize profitability. 

Compliance and Auditing

Accurate expense records are essential for meeting tax obligations and passing audits. Reconciliation ensures you have the necessary documentation to support your financial claims. 

Key Components of the Expense Reconciliation Process

Effective expense reconciliation involves the following key steps:

Data Collection

Gather all relevant expense data, including receipts, invoices, credit card statements, and employee expense reports. Ensure the data is complete, accurate, and accessible. 

Data Verification

Review collected data for errors, inconsistencies, or missing information. Verify that all expenses are accurately coded and have supporting documentation.

Reconciliation

Compare expense data to accounting records, bank statements, and other relevant financial information. Identify and resolve any discrepancies. 

Analysis

Analyze the reconciled data to identify trends, patterns, or potential cost-saving opportunities. Use this information to improve financial performance. Fyle makes this quite simple:

You can analyse spend patterns across business credit card and reimbursable expenses, compare it across different time periods so you can make better decisions.

The Common Challenges Of Reconciling Expenses

Although it sounds straight-forward in theory, expense reconciliation in practice involves a lot of potential obstacles and frustrations. While it’s hard to predict everything that could possibly go wrong, here are some of the issues businesses regularly encounter.

Time-Consuming Manual Data Entry

While automated, streamlined software is fast becoming the norm, many businesses still rely on old-fashioned written record-keeping to at least some degree. Unfortunately, that means you have to painstakingly pore through the numbers by eye.

It’s one thing to manually record a single stream of regular expenses you know to expect along the way, like payroll or employee insurance. It’s another thing entirely to track down every one-off expense, like legal expenses, or that outbound sales strategy workshop that not many staff attended.

Even partial automation may not actually save you that much time, as you still end up having to re-record a lot of information in a digitized form.

The Number Of Expense Payers

Again, if all you had to do was check transaction records from a single source, corporate expense reconciliation wouldn’t be nearly such a headache. In medium-to-large businesses, however, there might be any number of people with company credit cards or expense account access in some capacity.

Financial accountants must often spend a lot of time chasing up every last bill and invoice for discretionary expenses to dot the Is and cross the Ts. In situations like these, you’re at the mercy of the quality of your record-keeping system. If it’s paper-based, documentation could be missing or damaged.

Human Error

The other issue with having so many people contribute to the mountain of expense information is that finances might not all be tracked to the same standards. People can easily forget to record payments or to carry the one in their sums. In fact, issues like these are why expense reconciliation is necessary to begin with.

Even if employees provide all the necessary financial information, they might record it in different formats, or in a way that’s unclear. All of this makes manual digitization that much more of a pain.

Data Management And Scalability

With data from so many different sources in so many formats, you need to convert it all into a unified standard. This might mean using specialized software, or simply putting it all into a spreadsheet. Even so, converting large amounts of finance data from one format to another can be as time-consuming as actually studying it.

Conversion aside, you need to be able to store your data too, whether physically or digitally. On top of that, as your business grows, you might reach the limitations of how much data your system can adequately process.

How Fyle Can Help Simplify Expense Reconciliation 

Expense reconciliation is time-consuming and often challenging for businesses, especially if done manually. With Fyle’s expense management software, you can integrate with any business credit card, to simplify the expense reconciliation process.

Here’s how we can help:

FAQs Around Expense Reconciliation

How Can I Improve The Expense Reconciliation Process?

With the leaps and bounds of computer technology over the past couple of decades, you’d be forgiven for wondering why companies haven’t embraced it for financial accounting and expense reconciliation wholeheartedly.

People can often be resistant to change. If something still works, why swap it out for something you’re not used to?

On top of that, there are tangible real-world resource costs associated with any corporate systems migration, such as licensing and installation costs, lost productivity during adjustment, and so on.

Even so, the benefits of a modern expense reconciliation process are too big to ignore. By changing the way your people work, you can free up their time and energy for what really matters.

Digitize

Aside from how slow they are to use, paper records are awfully perishable. So, not only are digitized records more efficient thanks to search bar utilities and keywords, they’re much safer too.

Sure, data loss, theft, and corruption are their own risks. But it’s much easier to have multiple virtual copies of your records stored in their own cyber-secure spaces.

On top of that, digitization is necessary to enable the next step in modernizing your expense reconciliation.

Automate

With virtual financial records, it’s possible to automate both the addition and analysis of financial data. Using a machine learning algorithm, you can check financial records against each other much faster than you would by eye.

We’re already seeing how AI customer service, for example, helps individuals complete or automate transactions and handle their finances. These sorts of algorithms can also help automate record-keeping for things like expense reports and company credit cards too. In theory, this helps to prevent human error and oversights.

Decentralize

As you digitize and automate financial accounting processes, you’ll find it easier to decentralize the burden of responsibility. Rather than your accounting team having to scramble to ensure receipt compliance and accuracy for every spending employee in the business, those staff members get the tools and knowledge necessary to supply their own record-keeping.

What Is The Difference Between Expense Reporting And Expense Reconciliation?

Expense reporting is the process of submitting expense claims for reimbursement, while expense reconciliation involves verifying and matching those expenses to accounting records.

How Often Should I Reconcile My Expenses?

The frequency of expense reconciliation depends on your business size and industry. Many companies reconcile expenses monthly, but some may require more frequent reconciliation for better control.

Common Expense Reconciliation Metrics 

Some metrics to consider while reconciling expenses include:

Reconciliation time

Reconciliation time is the average time it takes to reconcile a specific period’s expenses. 

How to track? 

Calculate the time spent on data collection, verification, matching, and analysis for reach reconciliation period. 

Error rate

The percentage of errors found during the reconciliation process.

How to track? 

Monitor the number of discrepancies found and divide it by the total number of transactions processed.

Average expense amount

The average value of individual expenses.

How to track? 

Calculate the total expenses for a period and divide by the number of transactions.

Expense-to-revenue ratio

The percentage of revenue spent on expenses.

How to track? 

Divide total expenses by total revenue for a specific period.

Corporate card reconciliation

Corporate Credit Card Management: Your Guide to Saving Time, Money, and Sanity

August 13, 2024
|
5
Min Read

While corporate credit cards offer convenience and efficiency for businesses, managing them effectively can be a daunting task. Without proper oversight, corporate cards can lead to uncontrolled spending, fraudulent activities, and administrative headaches.

To help you out, we’ve crafted this guide to delve into the nitty gritty of efficient corporate credit card management, explore some best practices, and provide you with insights on how to choose the right card issuer. 

By the end of this guide, you’ll have a better idea of how you can optimize your company’s spending, enhance financial control, and regain some of that lost sanity.

What is Corporate Credit Card Management?

Corporate credit card management is the systematic process of managing and controlling the use of company-issued credit cards. It involves setting clear spending policies, monitoring card usage, reconciling statements, and ensuring compliance with financial regulations. 

Effective management is crucial for maintaining financial health, optimizing cash flow, and preventing fraud.

Why is Corporate Credit Card Management Important?

Corporate credit card management is essential for several reasons:

  • Cost control: By implementing spending limits and tracking card expenses, businesses can prevent overspending and identify areas for cost reduction
  • Improved cash flow: Timely payments and accurate expense reporting can optimize cash flow and avoid late fees. 
  • Fraud prevention: Regular monitoring of card activity can help detect fraudulent charges and protect the company’s finances. 
  • Enhanced efficiency: Streamlines expense management processes can save time and resources for employees and finance teams.
  • Data-driven decision-making: Analyzing spending patterns can provide valuable insights for budgeting and strategic planning. 

10 Ways to Master Corporate Credit Card Management

Establish Clear Spending Policies

Define what expenses are eligible for corporate cards, set spending limits, and outline approval processes. 

Choose the Right Card Issuer

Select a card issuer that aligns with your business needs, offers robust security features, and provides excellent customer support. Bank-issued cards often excel in these areas due to their established infrastructure and regulatory compliance. 

Implement a Corporate Credit Card Expense Management Software

Utilize a credit card expense management software to automate expense tracking, track company card spending, and generate detailed reports. 

Regularly Review and Update Policies

As your business evolves, revisit spending policies to ensure they remain relevant and effective. 

Provide Comprehensive Employee Training

Educate employees about card usage, expense reporting procedures, and fraud prevention.

Set Up Spending Alerts

Monitor card activity in real time and receive notifications for unusual or suspicious transactions.

Reconcile Statements Promptly

Review and reconcile credit card statements to identify errors, unauthorized charges, and potential discrepancies. 

Conduct Regular Audits

Perform regular audits to assess card usage, and compliance with policies, and identify areas for improvement. 

Leverage Rewards and Benefits

Maximize the value of your corporate card program by taking advantage of rewards and perks offered by the card issuer.

Foster a Culture of Accountability

Emphasize the importance of responsible card usage and encourage employees to report any issues promptly. 

How to Manage Multiple Company Credit Cards?

While managing multiple corporate cards can be complex, here’s one of the easiest things you can do:

Centralize Corporate Credit Card Expense Management

With Fyle you can have all your corporate card transactions in one dashboard. Here’s how:

  • Connect Fyle with your existing corporate credit cards from Visa, Mastercard, or American Express.
  • Employees get real-time notifications of card spending via text message while your dashboard is also updated simultaneously.
  • Employees text their receipts, and Fyle automatically matches them to their corresponding transactions.
  • You eliminate the hassle of managing end-of-month bank statements and manual reconciliations while having your receipts delivered to you! 

Bank-issued vs. Fintech-Based Corporate Credit Cards

While fintech companies have disrupted the financial industry, bank-issued corporate credit cards still offer several advantages:

  • Established trust and reliability: Banks have a long history of providing financial services and are subject to stringent regulations, ensuring customer protection. 
  • Comprehensive support: Bank branches and dedicated customer support teams provide in-person assistance and problem-solving. 
  • Higher credit limits: Banks often offer higher credit limits based on established business relationships.
  • Robust security measures: Banks invest heavily in fraud prevention technologies and data protection. 
  • Seamless integration: Bank-issued corporate cards often integrate smoothly with expense management tools, giving you the same visibility into spending that fintech cards do, without changing your cards. 

FAQs Around Corporate Credit Card Management

How Do I Prevent Unauthorized Charges on a Corporate Credit Card?

Implementing robust security measures is crucial. This includes setting strong passwords, utilizing cardholder verification (CVV) codes, and enabling fraud alerts. 

Regularly monitoring card activity and reporting suspicious transactions promptly can also help prevent unauthorized charges. 

What Should I Do If I Find an Unauthorized Charge on my Corporate Credit Card?

Contact your card issuer immediately to dispute the charge. Gather all necessary documentation, such as receipts and transaction details. Work closely with your company's finance department to resolve the issue promptly.

How Can I Choose the Right Corporate Credit Card for My Business?

Consider factors such as annual fees, rewards programs, interest rates, and customer support when selecting a corporate credit card. Evaluate the card's alignment with your business's spending habits and industry-specific needs. Bank-issued cards often offer a wider range of features and benefits tailored to businesses of all sizes.

How Often Should I Reconcile Corporate Credit Card Statements?

Ideally, corporate credit card statements should be reconciled monthly to ensure accuracy and identify any discrepancies. However, for businesses with high transaction volumes, more frequent reconciliation may be necessary.

But with tools like Fyle, credit card transactions are automatically reconciled as soon as employee submit their receipts via text! 

What are Some Common Corporate Credit Card Fraud Red Flags?

Common red flags include unauthorized charges, unusual purchase amounts, transactions in unfamiliar locations, and discrepancies between receipts and card statements. Be vigilant and report any suspicious activity immediately.

In Conclusion

As your business grows, the number of company-owned cards is likely to increase as well. 

Using an expense management software can simplify corporate credit card management with features like real-time transaction feeds, text-message receipt submission, real-time spend visibility, and policy compliance. 

Schedule a demo today to see how Fyle can simplify corporate credit card management!

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