Product Features

Automated Credit Card Reconciliation: How AI makes manual reconciliation a thing of the past

May 11, 2021
|
5 min
Min Read
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In this Article

TL; DR

  • Corporate credit cards are important, but reconciliation can be a nightmare. Fyle’s automated reconciliation system was built to help you address this.
  • Import your credit card data into Fyle through direct feeds or a universal statement parser. Your employees can report card expenses from the platforms they use everyday. And Fyle’s auto-match merges the two, without any manual intervention.
  • The Finance team can view, manage and assign multiple cards from a single portal, enabling accountability.


If you have a credit card system in place, you already know how painful reconciliation can be. Necessary, but painful. Especially if it’s being done through Excel and a Google Drive folder. You’d need to manually match every credit card transaction with the employee’s receipt. If any one side is unmatched, it brings in a plethora of compliance and accounting issues. And the finance team has to run after employees, trying to make sure every transaction is accounted for.

The best way to address these issues is through automation, and that’s where Fyle comes in. Since card management can be done in myriad ways by different organizations, Fyle has ensured every use case is covered. Whether you have one card for multiple employees, or need real-time data tracking, or prefer expenses to be auto-created; we’re flexible.  


Importing your card transaction data

Fyle makes it seamless to import your card spend data into the platform. You can do this one of two ways:

Real-time tracking of card transactions

When you have multiple card providers, it can be hard to keep track of every bank’s data. Direct bank feeds automate the entire process, so that all your card data gets imported into Fyle, without any manual effort. (We integrate directly with providers like American Express, VISA, Mastercard, etc). You’ll also have complete visibility into the transactions and can manage all your cards from a single portal.

Import any card statement with the universal statement parser

If direct feeds are not an option, or you prefer uploading your bank statements into Fyle regularly, you can do it through our universal statement parser. Mapping the statement fields to the columns in Fyle is also extremely simple. Once it’s imported into the platform, it can be viewed, managed, and assigned to particular employees.


How your employees can report expenses

The easier the expense reporting process, the more likely your employees will follow it. That’s why we’ve brought Fyle into the platforms an employee uses everyday. Fyle’s mobile app, Gmail & Outlook 365 plugins, Slack integration, and webapp ensure that users don’t have to shuffle between multiple tools while submitting an expense. It’s always a one-click experience.

In every case, the ML-based automated data extraction system auto-populates the expense form, so the employee spends minimal time and effort on it. It just needs to be marked as a card expense, verified, and submitted. Moreover, if any expense rules or policies are violated, they are automatically detected, and the expenses are flagged.


Automated Credit Card Reconciliation with Fyle

Fyle’s auto-match reconciles your card transaction with the relevant expense, automatically. This means you can skip the mind-numbing manual process. The system accommodates a reasonable difference in amount and date while auto-matching. This accounts for any additional amount that may not be in the card transaction, for instance the tip given at a restaurant.

Auto-match works both ways, irrespective of whether the expense comes first or the transaction.

  1. If the expense is reported prior to the card statement

Assume the employees have already filed their expenses. As soon as a card statement is uploaded and assigned to the employee, Fyle checks for an already existing expense of the same value & date, and automatically merges the two. Auto-match occurs even if your expenses have been reported, or approved.

  1. If card transactions are imported before expense entries

In some cases, especially if a direct feed is set up, the card spend details will come into Fyle first. As the employee creates an expense, the system will automatically match it with its corresponding bank transaction, in real-time.

To make things easier, Fyle also auto-creates expenses from card transactions. Every time a transaction comes into Fyle, the system will create an auto-filled expense on behalf of the employee. The employee only needs to review it, add a receipt, and report it. This essentially makes reconciliation a whole lot easier, without the risk of duplicate expenses or any mismatches.  


View and track all your card expenses in one place

For finance teams, ensuring they have a bird's eye view on all their cards is a mammoth task. Fyle enables you to see all the credit card expenses incurred by employees across all states. You can also see if it has already been matched with a card transaction or not. Your direct feed also gives you a similar detailed view of all transactions, who they have been assigned to, and whether or not they have been reconciled. The goal is to give you a 360 degree view, so you always have the complete picture.


You can maintain accountability

In a lot of companies, a single card can get passed around quite a bit. In such a case, it becomes difficult to hold anyone accountable if there’s a missing receipt or an unmatched transaction. On Fyle, once your organization’s card data is imported, you can assign cards to employees, making them liable for the reconciliation process. You can also assign specific transactions within a card to different employees, when each card has multiple users.  


Dealing with personal expenses

Sometimes employees use the corporate card for personal expenses. This amount needs to be collected from the employees, or deducted from their paycheck. Fyle enables a user to mark a card transaction as ‘personal’ - so that it doesn't get included in the balance that needs to be reconciled.


Making card reconciliation efficient

Automating credit card reconciliation can unburden the finance team to a large extent. We understand the need for a platform that’s not just fast, but efficient. Fyle comes equipped with features like automated reminders, duplicate detection, and card transaction reversals to make the reconciliation process seamless. Schedule a demo with us today to see how corporate card management works on Fyle!

Product Features

Automated Credit Card Reconciliation: How AI makes manual reconciliation a thing of the past

May 11, 2021
|
5 min
Min Read

TL; DR

  • Corporate credit cards are important, but reconciliation can be a nightmare. Fyle’s automated reconciliation system was built to help you address this.
  • Import your credit card data into Fyle through direct feeds or a universal statement parser. Your employees can report card expenses from the platforms they use everyday. And Fyle’s auto-match merges the two, without any manual intervention.
  • The Finance team can view, manage and assign multiple cards from a single portal, enabling accountability.


If you have a credit card system in place, you already know how painful reconciliation can be. Necessary, but painful. Especially if it’s being done through Excel and a Google Drive folder. You’d need to manually match every credit card transaction with the employee’s receipt. If any one side is unmatched, it brings in a plethora of compliance and accounting issues. And the finance team has to run after employees, trying to make sure every transaction is accounted for.

The best way to address these issues is through automation, and that’s where Fyle comes in. Since card management can be done in myriad ways by different organizations, Fyle has ensured every use case is covered. Whether you have one card for multiple employees, or need real-time data tracking, or prefer expenses to be auto-created; we’re flexible.  


Importing your card transaction data

Fyle makes it seamless to import your card spend data into the platform. You can do this one of two ways:

Real-time tracking of card transactions

When you have multiple card providers, it can be hard to keep track of every bank’s data. Direct bank feeds automate the entire process, so that all your card data gets imported into Fyle, without any manual effort. (We integrate directly with providers like American Express, VISA, Mastercard, etc). You’ll also have complete visibility into the transactions and can manage all your cards from a single portal.

Import any card statement with the universal statement parser

If direct feeds are not an option, or you prefer uploading your bank statements into Fyle regularly, you can do it through our universal statement parser. Mapping the statement fields to the columns in Fyle is also extremely simple. Once it’s imported into the platform, it can be viewed, managed, and assigned to particular employees.


How your employees can report expenses

The easier the expense reporting process, the more likely your employees will follow it. That’s why we’ve brought Fyle into the platforms an employee uses everyday. Fyle’s mobile app, Gmail & Outlook 365 plugins, Slack integration, and webapp ensure that users don’t have to shuffle between multiple tools while submitting an expense. It’s always a one-click experience.

In every case, the ML-based automated data extraction system auto-populates the expense form, so the employee spends minimal time and effort on it. It just needs to be marked as a card expense, verified, and submitted. Moreover, if any expense rules or policies are violated, they are automatically detected, and the expenses are flagged.


Automated Credit Card Reconciliation with Fyle

Fyle’s auto-match reconciles your card transaction with the relevant expense, automatically. This means you can skip the mind-numbing manual process. The system accommodates a reasonable difference in amount and date while auto-matching. This accounts for any additional amount that may not be in the card transaction, for instance the tip given at a restaurant.

Auto-match works both ways, irrespective of whether the expense comes first or the transaction.

  1. If the expense is reported prior to the card statement

Assume the employees have already filed their expenses. As soon as a card statement is uploaded and assigned to the employee, Fyle checks for an already existing expense of the same value & date, and automatically merges the two. Auto-match occurs even if your expenses have been reported, or approved.

  1. If card transactions are imported before expense entries

In some cases, especially if a direct feed is set up, the card spend details will come into Fyle first. As the employee creates an expense, the system will automatically match it with its corresponding bank transaction, in real-time.

To make things easier, Fyle also auto-creates expenses from card transactions. Every time a transaction comes into Fyle, the system will create an auto-filled expense on behalf of the employee. The employee only needs to review it, add a receipt, and report it. This essentially makes reconciliation a whole lot easier, without the risk of duplicate expenses or any mismatches.  


View and track all your card expenses in one place

For finance teams, ensuring they have a bird's eye view on all their cards is a mammoth task. Fyle enables you to see all the credit card expenses incurred by employees across all states. You can also see if it has already been matched with a card transaction or not. Your direct feed also gives you a similar detailed view of all transactions, who they have been assigned to, and whether or not they have been reconciled. The goal is to give you a 360 degree view, so you always have the complete picture.


You can maintain accountability

In a lot of companies, a single card can get passed around quite a bit. In such a case, it becomes difficult to hold anyone accountable if there’s a missing receipt or an unmatched transaction. On Fyle, once your organization’s card data is imported, you can assign cards to employees, making them liable for the reconciliation process. You can also assign specific transactions within a card to different employees, when each card has multiple users.  


Dealing with personal expenses

Sometimes employees use the corporate card for personal expenses. This amount needs to be collected from the employees, or deducted from their paycheck. Fyle enables a user to mark a card transaction as ‘personal’ - so that it doesn't get included in the balance that needs to be reconciled.


Making card reconciliation efficient

Automating credit card reconciliation can unburden the finance team to a large extent. We understand the need for a platform that’s not just fast, but efficient. Fyle comes equipped with features like automated reminders, duplicate detection, and card transaction reversals to make the reconciliation process seamless. Schedule a demo with us today to see how corporate card management works on Fyle!

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