The use of a debit or credit card over cash is commonplace in today’s world. Instead of walking around with a full wallet, many people prefer using a card to take care of all of their monetary transactions. In fact, that’s how most people working for companies keep track of and pay for their expenses this way; whether it be for travel, entertainment, or lodging.
However, by reviewing and filling out expense report documentation manually, you as a business owner are at risk of fraud. A dishonest employee can take advantage of a manual-based system, fudging certain expenses or completely omitting others.
Use Automated Expense Report Software For Credit Card Integration
Luckily, with the advent of automated expense report software, the use of a credit card is easier than ever before. Credit card implementation allows for business owners to implement their credit card information into the software. By doing so, the software can keep track of all the expense made with such credit card. That way, an employee can never lie about a place they have gone, or an expense they accrued while out on business. This can help out business owners dramatically when accounting for travel expense budgets within the company.
Here’s how it works. Corporate credit card transactions are automatically captured in automated expense report software, allowing you to dive deeper into individual expenses. Simply select the appropriate transaction and the software will autofill the information in your expense item. All transactions are received in the system after the posting date; providing you with the description, vendor and reference where you need them. MCC Codes can also be used to auto-suggest expense categories. On top of this, you can also import your personal credit card data, as well as claim expenses based on your statement information.
Expense report software has made the life of a business owner a little simpler. Being able to track all of your corporate credit card activity can provide you with a clearer window into what your travel budget actually is. These expenses add up, so if your employees are being dishonest, it can have dramatic effects on the financial stability of the company. Check out automated expense report software today.