How Tomtreyco automated credit card reconciliation with Fyle

Tomtreyco Inc. is a Northeast Ohio-based quick-service restaurant operator running 56 McDonald’s locations with roughly 6,000 employees.

With over 30 corporate credit cards in use, the CFO, Nichole Foltz, along with her finance team, was facing several challenges in the company’s finance operations.

The Challenges

Lost Receipts

Before Fyle, employees could only submit receipts by snapping photos through the Abacus’s (expense management software) mobile app. This one-size-fits-all method often led to receipts being lost or forgotten.

Delayed Reconciliation

Each month, the team repeated the same manual process: emailing and texting employees to chase down unsubmitted expenses.

Once submissions trickled in, the team still had to match every expense against Capital One credit card statements manually; a tedious task that took about 12 hours every month.

Limited Reporting Capabilities

The finance team lacked the ability to track critical information about purchases. They couldn’t categorize or split expenses by location, cost center, or job code on the expense reports. The team had to spend multiple hours manually entering data. Reporting lacked the detail needed for easy analysis and day-to-day decision making.

Lack of Integration with Sage Intact

The team faced difficulties due to the lack of integration between their expense tool and Sage Intacct. Receipts weren’t visible in Sage, and expenses had to be imported as a single Excel journal entry, making it hard to track individual transactions.

Transformation with Fyle

Given the challenges, Tomtreyco Inc. started looking for a solution that would meet their specific requirements:

• Integration with Sage Intacct
• Compatibility with Capital One Visa & Mastercard corporate cards
• Easy receipt submission for employees
• Option to split expenses across multiple locations/cost centers
• Analytics and reporting capabilities

After evaluating multiple options, they chose Fyle.

Frictionless Receipt Submission

With Fyle, employees can choose to submit receipts with a method that works best for them, whether it’s via text message, Gmail, Outlook, Slack, or Fyle’s web/mobile app.

For the finance team, automated reminders ensure that employees stay on track, leading to the timely submission of expense reports!

Effortless Reconciliation

Fyle directly integrates with Visa, enabling transactions to flow into Fyle as soon as a card is swiped. This gives the finance team real-time visibility into employee spending.

Smarter Reporting and Expense Tracking

Instead of waiting for monthly closes to allocate expenses to cost centers or categories, Fyle allows employees to manage this at the time of creating their expense reports.

Seamless Integration with Sage Intact

With a direct, 2-way integration with Fyle and Sage Intacct , the finance team is able to view reimbursable and credit card expenses, along with their receipts, directly Sage Intacct.

This integration ensures accurate and automatic matching of expense data without any manual intervention.

The Outcome

With Fyle in place, Mara and the finance team saw immediate improvements across accuracy, speed, and visibility.