Manage your corporate credit cards more efficiently Save time and make like easier for everyone involved David Cole / Monday, September 28, 2020 The use of corporate credit cards is an easy and convenient way to incur business expenses – for both employees and finance teams. Employees working remotely and incurring a larger number of expenses will typically prefer to avoid paying out of their own pocket and having to wait for reimbursement. Finance teams often appreciate the visibility and control that using corporate credit cards gives them too. However, the use of corporate credit cards has its own administrative challenges. This is especially true when it comes to reconciling the monthly credit card statements. Save time – for both your finance team and staff A comprehensive expense management solution like Zetadocs Expenses can enable you to claw back a substantial amount of the time that is currently spent administering credit card expenses. Below are 4 things to know about how Zetadocs Expenses can help your business to manage corporate credit cards more efficiently: Easy to submit expenses – anywhere using the web or phone apps Zetadocs Expenses makes it easy and convenient for staff to submit expenses – particularly important for corporate cardholders who typically have little incentive to report their expenses on time, given no reimbursement is due. A cardholder can use the Zetadocs Expenses phone app to snap photos of their expense receipts at any time. At the end of each month, the cardholder can then easily create a new expense from a payment included on the statement, or match a payment to an expense that they created earlier – without needing to rekey all the payment information. Once a payment is matched to an expense, the cardholder just needs to add a few extra details to justify the payment. The GIF below demonstrates how simple it is to capture expenses on the go: Rapid reconciliation of statements Cardholders are given visibility of all their card payments within Zetadocs Expenses and justify them by matching each payment to an expense. This means there is typically little for the finance team to do when it comes to the reconciliation stage – since the cardholder has already justified each payment on the statement and matched it to an approved expense. The finance team can quickly spot any exceptions (i.e. unmatched payments) and then either just approve the payment themselves if appropriate (e.g. a credit card usage fee or foreign transaction fee that is expected) or chase the cardholder for justification where needed. We know from our own experience of using Zetadocs Expenses internally how beneficial the solution can be. Our finance team have reduced the time spent on statement reconciliation by 75% each month since moving away from a manual process – made possible because they are now only exception reporting. Designed for Business Central – No rekeying of data Approved expenses are exported automatically to Microsoft Dynamics 365 Business Central with the GL account, tax code, dimensions etc all set for you. Expenses can be exported to Business Central as a purchase invoice (if your cardholders are setup as vendors) or as a journal entry with multiple options for the balancing account. Your finance teams will save time by not having to manually re-key each payment on the statement into Business Central, along with the added benefit of information being recorded more accurately as you strip out the inevitable mistakes that occur with manual data input. Centralized control & visibility The whole expense management process, including corporate credit cards, can be controlled by the finance team with visibility of every stage, ensuring greater accuracy and efficiency. You can set policies for reasonable travel expenses, ensure VAT is fully reclaimed and simplify audits with immediate access to digital receipts and every expense detail. Want to find out more? There are three different editions of Zetadocs Expenses available. Each edition provides an end-to-end expense management solution integrated with Business Central. You can find out more about these editions here. Both the ‘Essentials’ and ‘Plus’ editions will enable you to transform how your business manages its corporate credit card expenses. If you would like to discuss your expense management requirements further or would like a personalized demo of the solution, then please don’t hesitate to contact us directly or speak to your Dynamics partner. Previous Article What’s new in Zetadocs Expenses September 2020 update Next Article Zetadocs Expenses: Which edition is right for you?