Why Automation is Your Key to More Efficient Bookkeeping
As a large company, reconciling credit cards is one of the necessary evils, since it can be a slow, manual, and error-prone process for your accounts payable team. Luckily, there are better solutions out there that can help your team reconcile your company credit cards fast — including automation.
Traditional Company Credit Card Reconciliation Doesn’t Work
While the process of credit card reconciliation should be straight-forward, it rarely is. Each transaction must have a receipt and be approved before it can be logged in your accounting system and the statement paid. To accomplish this often requires your accounts payable team to become detectives to track down employees to ask about specific line items or transactions, uncover the reason for the purchase so it can be accounted for properly, secure receipts, and get the right level of approval.
Of course there are factors that complicate the process even further:
- Shared company cards – In many companies, credit cards are shared among employees and departments. If receipts are missing or payments are incorrect, it can be hard to know who is responsible for the charge.
- Paper receipts – Relying on physical receipts can be a major headache. While they are essential to keep, they often get lost or aren’t submitted on time.
- Unclear dates – Since credit card statements are rarely issued at the end of the month, it can push the reconciliation process back and forces your accounts payable team to wait to close out their books each month.
How to Reconcile Your Company Credit Card Quickly
The easiest way to reconcile your company credit card is by taking it from a manual process to an automated one. AP automation software, like PaperTrl, will provide a fast, effective way for your team to manage credit cards and minimize errors.
Automated accounts payable software is intentionally designed to eliminate errors, minimize stress on your accounts payable team, and give your entire company visibility where it matters most.
With AP automation software, you can upload your credit card statements so cardholders can upload their receipts directly into the system. Each transaction can then be coded and routed to the appropriate approver to validate the spend.
Other beneficial features of AP software include:
- The ability to present statements to each cardholder separately to view and validate expenses
- The ability to capture receipts electronically from any location
- The ability to distribute costs across cost centers
- Automated uploads of statements into an accounting system to update the ledger
By delivering real-time, 24/7 access, visibility and control, you can create standardized reconciliation workflows that incorporate your business rules and help support your accounts payable team.
Automate Company Credit Card Reconciliation with PaperTrl
From procure to pay, PaperTrl automates the AP process, helping businesses of all sizes simplify and streamline review and approvals, reduce processing time and associated costs, and minimize the potential for human error.
PaperTrl is a fully integrated, cloud-based AP automation software solution that helps organizations simplify and streamline the AP process from purchasing to payments. Learn more about PaperTrl and contact us for a free demo.