Credit Card Transaction Management: How Expense Reporting Software Helps

Business expenses incurred on credit cards are increasingly common. Employees make out-of-pocket personal card charges that they pass on to an employer for reimbursement. Or employees use corporate cards issued by the business to make non-reimbursable charges. 

But keeping accurate records of each charge can be difficult without manually reviewing and approving each charge.

What if there was a better way? A more automated way? 

Your expense reporting software can help with credit card transaction management. Here is just some of the functionality to look for. 

Pro Tip: If you need a comprehensive list of features to look for in expense reporting software, we’ve got you covered. Download our free guide to finding expense reporting software.

Credit Card Transaction Management: Features to Look For

Corporate Card Statement Imports

Your solution should be able to import corporate credit card data by:

✔ Setting up auto import;

✔ Uploading a credit card statement; or

✔ Uploading a credit card bank file with sub-accounts

Look for a central view into issued corporate cards to see unexpensed transactions before month’s end. The ability to distinguish reimbursable and non-reimbursable expenses will help determine employee payment and support clean reporting.

Corporate Card Statement Reconciliation

Rather than manually coding credit card transactions, your software should enable a check-and-confirm management experience that eliminates hours of work on monthly reconciliation. 

Once your company is pulling in credit card transactions, your software should be able to:

  • Auto-categorize expenses that come in
  • Mark expenses as possible duplicates
  • Auto-match receipts with transactions
  • Set up rules for classifying or categorizing transactions

This transforms the laborious multi-day credit card transaction coding experience into a check-and-confirm management experience that takes just minutes out of your cardholders’ day at the end of the statement period.

Card Issuing

Your solution should allow companies to issue virtual and physical cards to their employees that draw from the company funds. This gives your company end-to-end control over employee expenses.

Issued right from within Tallie, administrators can set spending rules for where, when, and how much an employee can spend for approved expenses. The company can then kick off automated expense reconciliation after a card is swiped. Think of it like a debit card that gives you more control with preset rules that’s connected to the software you use for expense management. 

Related: Get our handy evaluation toolkit here to help you find the best solution for your small business. 

Approval Workflows

Want a catch-all, default approval workflow? Or, looking for the option to set up multiple levels of approvals? Your expense reporting software should allow you to do either. 

With approval workflows, each expense can pass through a variety of approval controls specified by your company. Your software should be able to:

  • Configure manager approvers on an employee basis
  • Create a global approver whose sign off is required on all expenses
  • Automate approval routing based on spend, project, or management structure

As an approver, you should be able to see all outstanding expenses routed to you at a glance. 

As a result, you can trust that each credit card transaction is being routed to the right person, at the right time for approvals. 

Integrations with Accounting Software

Your software should connect directly to your accounting or bill pay systems. Ideally, it should do so through automated syncs — removing the need for manual syncs on your end. 

These integrations mean your software delivers fully coded expense data directly into your accounting or bill pay system in your preferred format, including bills, checks, expense reports… and credit card transactions. 

As a result, you can trust that your accounting and reimbursements are accurately taking credit card transactions into account.

Find Your Expense Reporting Software

Our how-to guide walks you through the process of finding the right solution for your business. It includes: 

  • ROI calculations for your next solution
  • Features to look for
  • An interactive evaluation toolkit

Download the buyer’s guide to expense reporting software.