Expenses made on corporate cards come with unstructured data, which leads to poor spend visibility and control. Especially if you’re an organization that employs a multi-card system, manual tracking can be tedious. Fyle enables you to automatically consolidate all card transactions and expense data under a single roof. As a result, you have complete visibility into card spend, and enhanced control for multi-card orgs. Better data, more transparency, and compliant accounts.
Manage multiple cards from a single place
When you import card transactions into Fyle, they’re listed in one place. Even if you use multiple card providers, all transactions across these cards show on the same screen. This means you don’t have to login to various bank accounts to access your information.
Your card transactions can be imported into Fyle one of two ways:
- Direct bank Feeds - This is a direct integration with your bank. Through this, your card transactions are automatically added to Fyle as they happen. Fyle auto-updates the card feed regularly, so you don’t miss out on any new corporate card expenses.
- Universal Statement Parser - If direct feeds cannot be set up, you can export your bank statements regularly and upload them into Fyle. The transactions are formatted and mapped to the columns in Fyle. This makes tracking a breeze.
Assigning cards to employees: why accountability matters
After importing all your cards into Fyle, you can assign them to employees, who then ensure all transactions are matched. The employee can reconcile every transaction with an expense. Or if it’s a personal transaction, they can indicate that too. There’s complete transparency in ownership, so you’re not left guessing who is responsible for each card and expense.
Credit card reconciliation & tracking
As soon as you assign the cards, the employees can view those transactions in their accounts. They can then account for each one appropriately:
- They can create expenses for the card transactions assigned to them. Or, Fyle can auto-create expenses on their behalf. All they have to do is attach the receipt and submit it.
- If they’ve already created an expense before the card statement came in, Fyle will wait for the statement, and auto-match the expense to the transaction when the data is available.
As a Financial controller or an accounting head, it becomes crucial to be aware of the reconciliation status of each corporate card. With Fyle, you get real-time visibility into each transaction’s status - whether it’s been reconciled or not, whether it’s marked as personal, or whether the expense violate policies.
Automated reminders to ensure reconciliation
If employees default on reconciliation, accounting can be affected. And manually running after them to remind them is time-consuming. Fyle’s Automated Reminders help solve this problem. You can set up reminders for employees to match their corporate card transactions to their respective expenses.
The reminders can be scheduled to go weekly or monthly to users, based on the requirement. You can also choose the specific day/date and time for the reminder, and add a custom message. Fyle sends these reminders as emails.
Additional control: policies for expenses made on the corporate card
Expense policies help ensure compliance and keep fraud at bay. In Fyle, you can create policies to trigger only on corporate card expenses. You define the policy condition such that it applies only if the payment mode is filled as ‘Paid via Corporate Card’.
For instance, you can make it mandatory for a credit card expense to be matched to a card transaction.
Or, if your organization rules don’t allow employees to use corporate cards for certain types of expenses, say mileage, you can block the ‘Paid via Corporate Card’ option for those expense types.
Corporate card management made easy with Fyle
At Fyle, we understand the caveats that come with corporate card usage - multi-card management, real-time spend tracking, and ensuring accurate reconciliation. We’ve built the platform to ensure you have 360-degree control over corporate cards. See how Fyle’s expense management platform can help; schedule a demo with the team today.