Reconciliation
Reconciliation matches expense records with receipts, card transactions, or accounting entries to ensure accuracy and prevent fraud. The platform auto-matches data using smart rules, flagging discrepancies like missing receipts. It supports multi-currency and tax validation for global compliance. Continuous reconciliation minimizes manual effort, with customizable review cycles for formal closings. Exportable reports and audit trails ensure transparency. This streamlines financial processes, reduces errors, and supports compliance, giving finance team’s confidence in accurate expense tracking.
Frequently Asked Questions:
What is reconciliation in expense management?
Reconciliation is the process of matching expense records with supporting documents, card transactions, or accounting entries to ensure accuracy and completeness.
Why is reconciliation important?
It ensures that company expenses are legitimate, policy-compliant, properly recorded, and aligned with actual payments reducing errors and fraud.
How does your platform automate reconciliation?
The platform auto-matches receipts, expense claims, and corporate card transactions using smart rules minimizing manual effort.
Can the system reconcile P-Card and corporate card expenses?
Yes. Our system imports card feeds, auto-maps transactions to submitted expenses, and flags any unmatched or duplicate entries.
How are mismatches or discrepancies handled?
When the system detects a mismatch like a missing receipt or amount variation it flags it for review and notifies the employee or approver.
Does reconciliation support multi-currency and tax validation?
Yes. The platform supports global reconciliation needs, including currency conversion, local tax fields, and compliance with regional accounting standards.
How often should reconciliation be done?
With our platform, reconciliation happens continuously. Finance teams can set monthly, bi-weekly, or custom review cycles for formal closing.
Can reconciliation data be exported or audited?
Absolutely. Reconciliation reports, audit trails, and expense summaries can be exported anytime for accounting, compliance, or audit use.
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