Managing card expenses through Expenses
Expenses allows for Purchase/Corporate & Fuel cards to be reconciled via the desktop as well as on Expenses Mobile. Expenses provides the ability to upload an electronic card statement and the system will allocate transactions spend from the statement to the relevant claimants. The claimant can apportion the purchase and corporate credit card items and match to an item already created in the claim or create a new item within the claim. Upon submission, Expenses can be set to force a claimant to submit cash claim only, purchase and/or corporate card claim only or both cash and purchase/corporate card claims together. Expenses allows you to restrict cash claims being submitted until corporate card statements have been reconciled.
The system then directs the corresponding statement to the correct employee by recognising their credit card number. Statement items are then presented in the claimants current expenses screen. There are two ways in which these items can be reconciled:
- The claimant can enter their expenses as and when they occur along with any out of pocket and mileage items; when the statement arrives they simply match the respective items to the items that appear on the statement until the statement is cleared.
- The claimant can wait for the statement to come in and select each item to add any additional information that is required until the statement is clear.
The claimant reconciles the expense against the statement entry, providing the details required by the company/system, ensuring compliance for Governmental Reporting, and providing evidence to substantiate a legitimate business expense.
Expenses will allow the claimants to keep their credit card and cash items separately or together by using an on screen filter to view them separately.
Corporate cards on Expenses Mobile
The corporate card reconciliation feature in Expenses is mirrored in Expenses Mobile. Expense items can be added at the tap of a button and snap of a receipt on your phone and then assigned to each item once the corporate card statement has been generated.
Alternatively, claimants can wait until their statement is generated and then simply attach receipts to each line item and submit.
Business travel the biggest culprit
It is not only direct reductions in spend that can be managed through an automated system; there is also the issue of VAT reclamation. All credit card items are run through the same criteria as all other entered claims, this means that they are correctly allocated to the cost code and VAT rate. In some cases this increases the amount of VAT reclaimed by as much as 30%. All credit card and expense data is then available for reporting by the powerful reporting module of Expenses.