The corporate card is hardly immune from credit card fraud. In fact, fraud nearly doubled at
It’s not surprising that verifying expense reports through
But even if the credit card reconciliation process runs smoothly and the corporate card is fraud-free, it’s a repetitive, low-impact task. Reconciliation is vital from matching expenses to submitting the final approval. Some of the benefits include:
- Fraud reduction
- Data entry validation
- Bank statement verification
- Enhanced tax reporting
- Theft control
For finance teams, the focus on reviewing every minute credit card charge by hand is a waste of resources. Time spent on manual reconciliation reduces resources meant for purposeful work and high-level finance strategy.
But the problem doesn’t lie with reconciliation. Instead, the main challenge AP professionals face is ditching manual and legacy processes.
The problem with manual credit card reconciliation
Even with an ERP, manual credit card reconciliation is hardly time-effective. The last thing an AP professional enjoys is glaring at a computer screen for hours while attempting to match up a lengthy credit card statement with an employee’s expense report and receipts. Printing the statements out doesn’t fare much better, as papers easily go missing and clutter the work area.
Unclear statements can make this process even more exhausting. But that’s nothing compared to the frustration that comes with doing all that work to find a conflicting credit card charge.
Without proper oversight of corporate credit cards, fraud, even if unintentional, can continue unhindered. Manual processes make complete visibility impossible, further making it easier for an employee or third-party vendor to fudge the numbers.
Automated reconciliation provides a solution.
Automated reconciliation with Gorilla Expense
Gorilla Expense makes credit card reconciliation a cinch. There’s no need to log into the company bank account and compare statements within an ERP or paper expense reports. All of this is done automatically.
Here’s how it works:
- Our integration will sync data from the linked credit account regularly.
- From the dashboard, click on “Expenses Pending”
- Review the credit card transactions.
- Users can add receipts to specific transaction details, then approve and submit the report.
Users can sort expenses by start date, end date, expense date, or post date.
But what if there’s a gap between the expense date and the post date? Not a problem. Our system understands the regular 1-3 day gap that can occur during the settlement process.
Gorilla Expense also helps AP professionals in spotting potential inconsistencies or policy violations. If a credit card transaction has violated the expense or receipt policy, the transaction will be flagged for manual review.
How our reconciliation process works
The automation workflow is actually fairly simple. Our reconciliation integration syncs with the to pull credit card transaction details as well as the ERP for expense report data. We can pull from American Express, Visa, and Mastercard data. Users receive an e-mail when data is auto-imported, so they know immediately when there are new expenses pending. Once a transaction is approved, it can be pushed to the ERP.
ERPs we support are:
But our solution isn’t just plug-and-play. We specialize in configuring our software to unique customer requirements to ensure that an automation solution seamlessly merges with a user’s specific workflow.
Get started today
It’s clear that automation is a game-changer for AP teams. The immense time and cost savings can free up resources for overworked AP professionals eager for more meaningful work. At the same time, the enhanced analytics and cost savings from the automated credit card reconciliation process provides insights to all stakeholders, increasing the likelihood of buy-in for other automation accounting projects.
Ready to do away with duplicates, achieve 100% visibility, and reconcile 1000s of credit card transactions in minutes?