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A new & easier way to manage company credit card expenses

A new & easier way to manage company credit card expenses

Capture credit card transactions from any bank

David Cole

Company credit cards are often seen as the most convenient way to incur travel & entertainment expenses, however it can be a very different story when it comes to the administration of these expenses.

The processes around capturing, approving, reconciling and recording company credit card expenditure can be time-consuming and painful for both cardholder employees and finance teams.

A digital expense management solution, such as Zetadocs Expenses, transforms the process of administering company credit card expenses into one that is quicker and simpler for all involved.

Zetadocs Expenses has recently been enhanced to make it easier to import credit card payment information, so that it is visible to cardholders within the app – who can then justify the expenditure by matching each of their payments to new expenses and submit for approval. 

What’s changed?

There are now two ways in which credit card transactions can be imported into Zetadocs Expenses:

1. Daily feed

By leveraging the Open Banking services offered by TrueLayer, Zetadocs Expenses imports company credit card transactions automatically and securely via a live bank feed every day. This saves time for the finance team since they do not have to upload the monthly card statements, plus cardholders don’t have to wait for the monthly card statement to be uploaded before they can match their payments to new expenses and submit for approval.

The configuration of the bank feed is quick to do and is typically done by someone within the finance team. The configuration steps include granting permissions for credit card transaction information to be shared with Zetadocs Expenses and granting access using your existing online banking login credentials – which are never shared with or stored by Zetadocs Expenses (find out more in our privacy policy).

Once a bank feed has been configured, Zetadocs Expenses will check several times a day for any new card transactions and immediately make them visible to the relevant cardholder.

The Open Banking technology that Zetadocs Expenses is using to provide this service is still very new and is fast developing. Currently, we are only able to offer this feature in the UK for supported banks only. Most major UK banks are supported, but not all, so please check with our support team if you would like to use this feature.

2. Monthly import 

Import credit card statements from any bank in .csv file format – irrespective of the column layout and headings that are included within the file. This can be done by configuring a custom “import file format” for your bank – which involves populating a few configuration settings to tell Zetadocs Expenses where to find the transaction information within the files (e.g. amount, currency & vendor name).

We know that banks can sometimes change the column layout and headings included within the .csv card statements, which can then cause problems with importing the files. If this were to happen now, the resolution is to simply tweak the configuration so that Zetadocs Expenses is able to identify the transaction information within the files.

Most customers can now benefit from using Zetadocs Expenses to manage their company credit card expenses, so long as your bank can provide you with a copy of your card statements in .csv format – which most already do via their online banking service. 

Key benefits

These enhancements have real benefits for both cardholders and finance teams:   

  • No rekeying of payment information from card statements – saving time and the inevitable typos that occur, ensuring expense information is always captured accurately.
  • Full visibility of card payments – which cardholders can quickly match to expenses and submit for approval, ensuring no payments are missed and so no chasing needed by the finance team.
  • Fast reconciliation of credit card statements – since most payments are matched to an approved expense, finance teams can focus on exceptions only (i.e. unmatched payments).   

Want to find out more?  

If you are currently using Zetadocs Expenses, you can find out more in our quick-start guide for Administering Payment Card Expenses. Alternatively, if you would like some assistance to test using your own company credit cards or have any questions then please do not hesitate to contact us.

If you are not yet using Zetadocs Expenses, you can find out more about the solution on our website or Microsoft AppSource. Again, please don’t hesitate to contact us directly or speak to your Dynamics partner if you would like to discuss your requirements further.

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