Once you've approved the use of corporate credit cards for your employees, you might start to feel like you let a genie out of the bottle. Corporate credit cards can fulfill your wish to simplify purchasing and eliminate the need for reimbursing employees for each travel and expense purchase. But as a greater number of transactions pass through corporate cards, financial managers often lose control and visibility; especially when the transactions are not integrated with your Enterprise Resource Planning (ERP) solution.
In some cases, financial managers don't know what employees have purchased until at least 60-90 days (or more) down the road when the expense report is finally submitted for approval. We've heard about accounting teams that are backlogged and forced to pay a credit card bill by a deadline that comes before they're able to review and code the purchases for entry into the financial system. The problem with excessively long lengths of time between the credit card purchase and when the accounting department reconciles the credit cards and enters the transactions into your financial system is that month-end and quarter-ends could be closing and budgets could be busted without anyone the wiser.
This is why we made sure Ariett Travel and Expense Reporting apps integrate expense reporting with your ERP Solution. Not only that, they can take purchase data from one or multiple credit cards daily while employees use iPhones or iPads to report. Between simplifying expense reporting and speeding up reconciliation, you get closer to real-time visibility with spending and can take quick action when budgets might be exceeded.
Reconciling credit cards is another time-consuming effort that can take hours or days to complete and can complicate month-end closings. The Credit Card/P-Card Integration allows accounting teams to run a report for credit card transactions that have been processed in an expense report against those that have not. You can find out which transactions are missing and notify employees to fill in those blanks.
Don't let corporate credit card ease of use lead to backlogged accounting teams.. Ariett apps provide greater control and visibility into travel and expense spending, reducing redundant data entry and improving productivity for employees.
Contact Ariett for more information about controlling the credit card genie with the right travel and expense reporting solutions.
By Ariett, a Travel and Expense Solution Provider out of Massachusetts