Make Card Reconciliation Easier for Your SMB’s “Honorary Accountants"

Anyone who leads a small business knows that it can feel like a constant collision of big aspirations and limited resources. To make the most of what you’ve got, one person is often asked to take on a handful of different roles.

For instance, when hiring a finance department is out of the question, “accountant” is a job that can fall to an employee who knows just enough about bookkeeping to get by. Which may work if an SMB’s spending is easy to track. However, when multiple employees use multiple cards for many different purchases, verifying transactions can get messy. And when discrepancies emerge, these individuals are forced to add scavenger hunter, financial detective, and paper-receipt wrangler to their growing list of job titles.

Credit card reconciliation is the process of matching your business’s monthly credit card transactions to receipts. While many organizations have processes to achieve this that get the job done, “good enough” doesn’t necessarily translate to good. And like most things in life, there’s always room for improvement when it comes to back-office financial processes.

Concur Expense and Concur Invoice can help your small business automate the entire credit card reconciliation process from start to finish. With these solutions, transaction data can be imported from almost any source, and then automatically compared against card statements, receipts, and other internal data. And through this:

• Dramatically speed up the reconciliation process
• Eliminate the burden of manually matching transactions to receipts
• Spot errors, discrepancies, and oversights immediately
• Identify unusual transactions and possible fraud

Moving to a digital solution also allows your business to operate with easy access to accurate and up-to-date financial data. With this increased visibility, your team can stay ahead of spending, track cash flow, and make better decisions as you plan for the future.

Card reconciliation is a task that every company must do. There’s really no getting around that. And as a company grows, visibility into spending becomes even more challenging and more important. With the right tools, your business can simplify the reconciliation process, track and control spending, and make life easier for the honorary accountants on your team.

To learn more about managing expenses for your business, check out our SMB page.