Managing card expenses through Expenses
Using electronic statements from your company Credit Card provider, you can utilise the Expenses online Credit Card feature. Initially, the statement file is uploaded into Expenses and the cards are matched to the relevant employee.
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.
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.