With a substantial rise in business travel in the last two decades, management and reconciliation of Corporate Credit Card expenses have emerged as a viable solution to keep tabs on rising business costs and maintain financial transparency. As the organization reaches new heights and milestones and its size increases, managing its financial transactions, especially corporate credit card expenses becomes even more challenging. This urges an efficient corporate credit card expense management and reconciliation system to overcome the hefty paperwork and time-consuming manual process.
Manual processes invite errors, delays, and a lack of transparency which can lead to colossal business losses. Furthermore, this situation can worsen due to excessive reliance on paper receipts or documents which not only slows down the accuracy and efficiency of the reconciliation process but can also put confidential financial information at risk.
Artificial Intelligence (AI) has emerged as a blessing in disguise for all employers and employees who have to go through corporate credit card expense management more frequently. The implementation of AI in the accounting process eliminates the need for paperwork and makes the process of tracking down expenses simpler than ever. Let’s identify how Docyt’s Corporate Credit Card solution revolutionizes the expense management process.
Here are the top six ways Docyt AI digitizes and revolutionizes the Corporate Credit Card Expense Management and Reconciliation process.
1. Digitization of Paper Receipts
The traditional approach of submitting paper receipts and other physical documents to claim corporate credit card expenses was subject to inefficiencies and inaccuracies. Several studies have found that the organization’s lack of digitization of paper receipts leads to reduced productivity, compliance issues, challenges in finding the right document at the right time, huge spending on maintaining print infrastructure, and reputational damage. As a result, there has been a substantial surge in organizations embracing digitization and transitioning their expense management process to digital.
Docyt allows users to digitize paper receipts to overcome this manual process. Our technology streamlines the Corporate Credit Card Expense Management and Reconciliation process by digitizing receipts and overcoming the burden of storing paper receipts. Docyt’s platform is equipped with diverse receipt capture features to facilitate users in capturing the image of the receipt with a mobile application or scanning it and sending it via email.
2. Document Data Extraction
Docyt’s innovative AI-powered accounting performs document data extraction for faster processing of corporate card expenses. Docyt AI reads, comprehends, and reviews expenses once the document is uploaded and quickly locates all of the information without missing out on details. Once complete, Docyt AI personally reviews the details, like a human, to ensure all details have been captured accurately.
3. Establishes Clear Accountability with Faster Reconciliation
Docyt’s platform automatically matches receipts to credit card transactions to establish employee accountability in the corporate credit card expense management process. The Docyt AI platform expedites the reconciliation and month-end closing process to save organizations invaluable time and money.
4. Improved Employee Experience through Expense Control
Docyt AI’s platform allows businesses to exercise spend limits on corporate credit cards to counter the risk of overspending. Our intuitive dashboard provides comprehensive visibility for both individual and overall employee spending.
Docyt AI allows businesses to designate a person to upload receipts and approve or reject them accordingly. Docyt AI enables clients to manage expenses by verifying transactions and splitting receipts across multiple entities. This practice also eliminates the possibility of fraud and makes the payment process more efficient and transparent.
5. Automates Complex Accounting Tasks
Docyt AI’s one-of-a-kind automation features categorize expenses based on your organization’s specific accounting practices and ‘bulk match’ receipts to bank transactions. It also prompts users to look for missing receipts and seek approval following bulk reconciliation. The most distinctive feature of Docyt is that it matches and syncs bank transactions and receipts to QuickBooks Online and allows users to access their Profit and Loss and Balance sheets in real time.
6. Provides Comprehensive Spend Visibility
Docyt AI’s platform has machine-learning algorithms that enable the system to learn from user input. Our platform performs automatic categorization of expenses and provides flexibility for users to alter the expense category. This feature streamlines the expense management process and makes it more agile. Docyt AI’s platform enables employees to control their spending by providing comprehensive visibility.
Interested in learning how Docyt can help automate your credit card reconciliation process? Reach out to us: https://docyt.com/schedule-consultation/
