While corporate credit cards have made business payments easier, they've raked in some time-consuming challenges too. And if you have credit cards in place, you know how difficult it can be to fetch all the transactions, reconcile them and make them audit-ready. Additionally, your card statements need to be formatted to make expense matching easier for your employees. Fyle’s direct bank feed integration and statement parser helps you deal with the manual tracking process.
Direct Bank Feeds
Direct bank feeds enable you to import your card transactions into Fyle with minimal effort. As it’s automated and happens in real-time, it makes credit card reconciliation quicker and easier.
The direct integration enables you to track all your transactions as they happen. We regularly check your bank account for updates and sync the transactions automatically. You can also refresh the feeds yourself.
Which banks are supported?
Fyle currently supports all VISA, Mastercard, and American Express credit cards for direct feeds. Since feeds are set up directly with the bank, Fyle and your bank do most of the work, making it seamless.
Universal Statement Parser
In some cases, direct feeds may not be an option. Then, you can export your bank statement and import that into Fyle through our Universal Statement Parser. You can choose to import statements at any time interval you want. For example, you can upload statements at the end of every month.
Fyle’s Statement Parser and Direct Feeds work the same way, except that the transaction import is automated in direct feeds.
Statement mapping
When you’re uploading a statement, you need to map the details in the statement to the columns in Fyle. The most important fields are the Amount, Merchant, Description, Transaction Date, and Card Number. Statement mapping ensures that data from any bank statement across all formats is extracted in a standard way. And this format makes expense matching painless.
Here’s what a mapping looks like:
To deal with the credit and debit transactions accurately, you can also specify the debit convention.
Once you’ve created a mapping, you can save and select the configuration for your future statement uploads. If you have different configurations for different cards, you can create and save those too. This means you don’t have to start from scratch every time.
What happens to imported transactions?
As the transactions get imported into Fyle’s system, you can view and manage them from one place - the ‘Manage Cards’ section.
In many organizations, different employees use different cards. This can make accountability difficult. In Fyle, you can assign each card to the relevant employee. They can then ensure reconciliation for their cards.
Automated credit card reconciliation
To make reconciliation easier, you can enable ‘auto-match’. Fyle will reconcile your card transaction with the relevant expense automatically. As a result, your employees will not have to spend hours manually matching expenses. The system matches transactions based on the common amount, date, and merchant. It also allows for minor differences.
Auto-match works both ways, irrespective of whether the expense comes first or the transaction:
- If you upload the card transactions first, and then employees report the expenses. Usually, if you have direct feeds set up, transactions flow in real-time.
- If they create expenses first, and you add bank statements at the end of the month.
Set up auto-creation of expenses
To make things easier, Fyle also auto-creates expenses from card transactions. Every time a transaction comes into Fyle, the system will create an auto-filled expense on behalf of the employee. The employee only needs to review it, add a receipt, and report it. As a result, reconciliation becomes more manageable without the risk of duplicate expenses or any mismatches.
Make credit card reconciliation hassle-free
Your time is important. Spending it on tedious tasks like tracking credit card spend and manual reconciliation can be frustrating. Fyle’s expense management software was built with this in mind, to free you of these tasks, while ensuring compliance. Automate your entire reconciliation process; schedule a demo with us today.
