Real-time, automated credit card reconciliations

Fyle is a modern, AI-powered credit card expense management software built to streamline expense tracking and reconciliations. Fyle offers a better ROI with 24/7 customer support, a unique pricing model based only on 'active users,' no lock-in contracts, and an experience designed to automate every step of expense management.

Fyle revolutionizes credit card expense management with real-time card feeds directly from all major business credit card networks. This means the moment an employee swipes their card, the transaction data is already in Fyle.

Here's how it works:

• Instant receipt reminders: As soon as a card is swiped, Fyle sends an instant text notification to the employee, prompting them for the receipt.
• Text-a-receipt: Employees can simply reply to the text with a picture of the receipt. Fyle's AI then creates the expense and automatically matches it to the correct transaction, reducing receipt processing time by 90% and completing reconciliation in under 2 minutes!
• Real-time visibility: Accountants no longer have to wait for statements. They can see all card spending on a central dashboard as it happens, allowing for immediate oversight and control.
• Automated compliance: The system automatically checks every expense for policy violations before it can be submitted, ensuring continuous compliance.

Keeping a meticulous record of all business credit card expenses is crucial for accurate bookkeeping, tax deductions, and budget management. Traditionally, this is a multi-step manual process:

• Collect every receipt: The first step is to diligently save every single physical and digital receipt for purchases made on company cards. This often involves asking employees to keep envelopes of paper receipts or upload photos to a shared drive.
• Maintain a detailed spreadsheet: You need to create a central log, typically in a spreadsheet, with columns for the transaction date, vendor, expense category (e.g., travel, software), amount, and the employee who made the purchase.
• Perform manual reconciliation: At the end of each billing cycle, you must wait for the official credit card statement. Then, you have to painstakingly match each line item on the statement against your spreadsheet log and the collected receipts, which can take hours or even days.
• Chase missing information: Inevitably, receipts go missing or details are incomplete. This requires you to spend additional time following up with employees to fill in the gaps before you can close your books for the month.

While this manual process provides a record, it is incredibly time-consuming and prone to human error.

The most modern and efficient method is to use a platform that directly integrates with credit card networks. For instance, Fyle directly connects with all business credit card networks to receive transaction data in real-time, completely automating the entire reconciliation process.

Business credit card management is the complete process of overseeing the company’s credit cards. This includes issuing cards, setting spending policies, tracking every transaction, collecting receipts, and finally, reconciling card statements with submitted expenses for accounting. The goal is to ensure policy compliance and simplify the accounting cycle.

A credit card expense management software is a specialized tool designed to automate the tracking, reporting, and reconciliation of corporate card spending. It replaces manual processes like collecting paper receipts and using spreadsheets with a single, centralized platform.

Key capabilities of such software typically include:

• Receiving transaction data directly from credit card providers, in real-time.
• Automating receipt collection and matching them to the correct card transactions.
• Enforcing company spend policies by automatically checking expenses for violations.
• Detecting and flagging potential duplicate submissions to prevent fraud.
• Streamlining the entire approval and reconciliation workflow.
• Integrating with accounting software to sync data and close the books faster.

Fyle automates credit card reconciliation in a process that takes minutes, not days. Other tools rely on slow bank feeds or manual statement uploads, but Fyle’s real-time feeds make reconciliation instant.

• Instant data capture: When a card is swiped, the transaction data appears in Fyle in real-time.
• Automated receipt matching: Employees submit receipts via text, email, or Slack, and Fyle’s AI instantly matches them to the correct transactions.
• Continuous reconciliation: Fyle reconciles transactions with receipts in seconds. What previously took finance teams days can now be completed in less than two minutes.
• One-click accounting sync: All reconciled expense data, including receipts and coding, is exported to your accounting software (like NetSuite, QuickBooks, Sage Intacct, or Xero) as bills, journal entries, or credit card charges with a single click.

Yes, absolutely. Fyle lets you keep your existing credit cards and banking relationships by connecting directly with all major credit card networks. You get all the benefits of real-time data and automated reconciliation without switching to a new card provider.