Goodbye statement reporting, hello realtime reconciliation!

Sheena TrepanierSheena Trepanier Posts: 1,471 admin
edited June 26 in Product Updates

Most companies need to manage company cards, and that process isn't always pretty. Admins shoulder the majority of the responsibility when it comes to managing company spend, and sometimes they’re left scrambling to get employee reports submitted at month end.

Today, we couldn’t be more excited to announce the future of company card management in Expensify. Gone are the days of waiting a full month to get company card expenses approved! Now, using a combination of our new company card Reconciliation Dashboard and Scheduled Submit, you can ensure that expenses are accounted for at statement close. Think, realtime company card expenses!

How the magic happens

We recommend utilizing a combination of Scheduled Submit set to a weekly frequency and the Reconciliation Dashboard. The Reconciliation Dashboard allows you to view all imported and submitted expenses in your statement period; quickly highlighting which employees have expenses that still need to be approved.

If you’re using a direct connection, like QuickBooks Online or Xero, a weekly frequency will ensure all expenses are grouped, submitted and exported regularly, keeping your accounting system as up-to-date as possible. On the other hand, if you’re using an indirect accounting package, nothing changes, you won’t need to adjust how often you export your information.

Check out the thorough best practice guide to help you understand how to adopt this new setup and attend one of our live Company Card Administration webinars so that you can see a deep-dive and ask any questions!

What does this mean for you?

This means that Statement Reporting is no longer the best way to manage credit card expenses. We’ve disabled it for new users and will be deprecating it by the end of 2018 for those who are already using it.

In addition to the best practice guide, we’ve updated our Help Center with detailed articles to help admins and employees manage company cards in Expensify. Here’s everything you need to know!

For admins:
Best Practice Guide
Exporting Company Card Expenses
Reconciling Company Card Expenses

For employees:
Company Cards: Cardholder 101

If you have any questions or feedback about the new process, please reply to this thread or reach out to [email protected] and our team will be happy to help you!

Comments

  • DaveweezDaveweez Posts: 156 ✭✭✭

    Eh - I like statement reporting. Specifically for the office card. We like that it matches the statement. Makes it easy to reconcile...

  • IsaIsa Posts: 10 mod

    Hey @Daveweez, we appreciate your feedback!

    Just a reminder that you can actually accomplish the same results using our Reconciliation Dashboard. There you can quickly select your statement period and get a bird's eye view of the expenses across all cardholders, as well as check if there are any expenses still waiting to be approved.

    Have you tried the Dashboard yet? Give it a try and let us know if that works for you!

  • KatieFKatieF Posts: 5

    I agree with @Daveweez , we actually NEED the statements for our staff credit cards. @Isa the reconciliation dashboard would be great for us if there was a way to print it to a report, with the tags, categories, and receipts. Is that feature going to be implemented? Because if not we may have to reevaluate using this system.

  • IsaIsa Posts: 10 mod
    edited June 26

    Hi @KatieF, can you please provide more details here? I would love to understand why do you need to print the reports and how they are used in the context of reconciling expenses!

  • KatieFKatieF Posts: 5
    edited June 26

    @Isa at our company we use Expensify for our staff to submit their receipts and tags/categories for their expenses. The report total is reconciled to our corporate card statement for each staff member. We then print the statements to PDF, upload the PDFs into our paperless system, and route the reports to the VPs for them to sign off on the charges to their divisions. We keep each staff statement report in our paperless system for our yearly audit as well. Therefore, if we cannot print a report with all the charges and the receipts, the system is of no use to us.

  • VeratVerat Posts: 1

    Did anyone at Expensify ask the accounting department? We need the report to match the credit card statement. You are making a change that will cause the accounting departments more work, something none of us need.

    Drowning in reconciliations!

  • Sheena TrepanierSheena Trepanier Posts: 1,471 admin

    @katief, typically customers route expense approval through Expensify and then store the data in Expensify for future audit purposes.

    Can you tell me more about the decision to remove approval and data storage from Expensify? I'd love to help show you how we can meet all your needs and help you streamline your company card management process.

  • KatieFKatieF Posts: 5

    @Sheena Trepanier thank you but we are not interested. Our current process works best for us, having approvals in Expensify by multiple people would make our process LESS streamlined.

  • Sheena TrepanierSheena Trepanier Posts: 1,471 admin
    edited June 27

    @Verat, using the Reconciliation dashboard, you're able to quickly match totals in Expensify to the totals on your corporate card statement.

    Let's look at an example below. In our test environment we have corporate cards assigned to cardholders through Domain Control > Company Cards. In this case, I use the reconciliation dashboard to enter my statement period and see the totals of expenses imported and approved within that period in Expensify. (below)

    With just a few clicks, I'm able to compare totals and see which employees have any outstanding expenses. Then, once I've isolated which employees still need to submit expenses, I can click the blue totals for each cardholder to view the expense and even report them on the employee's behalf if they need a little extra help.

  • Sheena TrepanierSheena Trepanier Posts: 1,471 admin

    Hi @KatieF - It sounds like your reports are going through a single level of approval outside Expensify. If that is the case, it would be very easy to set up a workflow in Expensify so that reports flow from the employee to the VP of their division for a final check and approval. This could be automated such that when the employee clicks submit, the email of the VP is already added and a PDF copy of the report can be sent at the same time.

    In the future, if you're ever interested in exploring some different workflow options within the system, we have a few examples in our Help Center here. Another great resource that you might want to share with other admins is our Admin Training Webinar. It's the perfect opportunity for new admins as they come on board, or any admin who wants a refresher on the role and a chance to ask questions live

    If you're simply looking to be able to print your reports for your paperless system, you will be able to do that moving forward as these changes will not take away that ability. Simply continue to print your reports as needed and use the reconciliation dashboard to quickly match totals and ensure your company card expenses are submitted and approved.

  • bbowiebbowie Posts: 2

    I'm curious to see how this works as well. We use NetSuite and the way I'm reading this it sounds like we will now have multiple exports for each card, correct? So now when I am going through to assign prepaid schedules, accrue for sales tax, or update departments for these cards in NetSuite I am now going to have to click on multiple different reports for each card, instead of the one report for each card we have now. This seems to be adding a lot more work to me as an admin than what we currently have. I am definitely setting up a call with our account manager to get more details.

  • Sheena TrepanierSheena Trepanier Posts: 1,471 admin

    Hi @bbowie! Thanks for taking the time to join the discussion, it's great having you here. While we recommend a weekly submission frequency for Scheduled Submit as a best practice, it is not a requirement that weekly is used.

    In your case, we'd recommend using Scheduled Submit with a Manual frequency selected. This allows employees to take advantage of the time-saving benefits Scheduled Submit provides, like automatically adding expenses to reports after SmartScan, but limits the number of reports that the employee submits.

    This means that employees would still have their company card expenses added to a report for them, with the difference being that at the end of the statement period they submit the report themselves so that the first expense of the new period creates a brand new report. If employees need to move expenses between reports, they'll still be able to.

    On your end, you'll only have to take actions on one report per card in NetSuite, and the reconciliation dashboard will help you quickly match statement totals and see outstanding expenses that need to be submitted.

  • LexiPLexiP Posts: 13

    Is this feature all ready to go? I can't seem to find it on my dashboard. I am super excited about this!

  • Sheena TrepanierSheena Trepanier Posts: 1,471 admin

    Hi @LexiP - are you're referring to the Reconciliation Dashboard? If so, this feature is only available for companies using Domain Control and importing company cards.

    I took a look at your account and it doesn't seem like your company is importing card in Domain Control. Is this something you're team is thinking of implementing?

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