Reconciling credit card expenses have always been time-consuming and manual. Employees wait till the end of the month for the statements, save all the physical receipts and then reconcile them manually.
As for the Finance team, they had to ensure accuracy and efficiency throughout the entire reconciliation process. Any errors or double entries missed can cost the company money and time. This poses the question - how can Fyle help both the employees and the Finance team overcome the difficulties of manual corporate card reconciliation?
Fyle’s automatic card expense creation workflow
Using an automated, intelligent system like Fyle can save the company and its employees a lot of time and money. We improved the workflow to empower you to spend less time on manual and mundane tasks like the card reconciliation process and ensure that you are always compliant and audit-ready.
Auto expense creation
Suppose the credit card statement is already available in Fyle. When you create the expense by filling in the expense amount and date of spending, Fyle automatically matches the expense data to the existing card transaction instantly.
If there is no card statement available and you do not want to wait till they arrive, you can simply create an expense, choose the payment mode as “Paid via Corporate Card,” and submit the expense. When the card statement comes in, Fyle will match them automatically, so you don’t have to.
The credit expenses
There can be situations where you might get a refund or reversal to the corporate card. Fyle handles that as well. All you need to do is create a negative expense against it and follow the same procedure. Fyle will match the negative expense to the credit transaction. This saves the Finance team much confusion and also helps maintain compliance.
Ease of use is important
At Fyle we value your time. Our objective is to make manual expense management obsolete and make your workflow more efficient. While credit cards are very easy to use, reconciling them is tiresome, laborious, and time-consuming. We handle the reconciliation process completely, so you don’t have to anymore. If you’d like to see Fyle in action, please feel free to schedule a demo with us and learn why it’s time for you to switch.