Although corporate card programs make corporate spend better and easy, they still leave a number of hassles for cardholders and administrators when you consider expense reporting. Companies that tied up with corporate card programs can now review, approve and pay corporate card expenses in a just a click away. However, the following are some risks associated with corporate credit card programs.
Manual Corporate Card Reconciliation
Even with expense tracking software, administrators can be stuck performing manual reconciliations between corporate card statements and employee expense reports. On the flip side, traditional software can track the corporate card transactions, but cannot provide access to credit statements within the system. Your expense solution should be able to integrate corporate card statements directly into the applications. In this way, administrators can benefit from streamlined reconciliation process that speeds up the approval and payment processes.
Lack of Visibility and Transparency
Besides simplifying the process of corporate card statement reconciliation, statement integrations improve visibility and transparency over the processes. As corporate card statements are accessible within the system, administrators can just review and track transactions against expense reports. This facilitates quick view of transactions, faster submission and reduces possible delays & inaccuracies associated with manual processes.
Late fees on corporate cards can impact corporate card rating and personal credit scores. It happens mostly when administrators delay approval process prior making card payments. By accessing card statement through expense software, delayed corporate card payments can be a thing of past. Not only statements can be approved easily, but payments can be done easily within the system.
With increased visibility, and improved corporate card reconciliation & payment processes, expense tracking software turns to be a boon for corporate cardholders and administrators. Give a try and enjoy the benefits it gives.