It’s common knowledge that credit cards are a widely utilized method of payment for daily business purchases. They are a widely accepted, secure and efficient payment option for procuring almost everything you need: from office supplies to airfare. But did you know that wielding a corporate credit card for T&E expenses—as opposed to a personal or small business credit card—has distinct advantages?
Combining the convenience of a corporate credit card with the power of an expense management solution yields exceptionally worthwhile results. That’s because corporate credit cards can be easily integrated with T&E expense reporting software to deliver deeper, more actionable data that decision makers need to evaluate employee spending and program policies.
Helping Organizations Work Smarter
Issuing banks customize their corporate credit card programs to help customers meet their specific payment-related and administrative needs: streamline processes, manage cash flow, take advantage of rebates or other payments-related financial incentives and, of course, make it easy for employees to make T&E payments.
But on the back-end, they’re not engineered to enhance a company’s existing technology systems. In other words, they don’t simply “plug-in” to an organization’s IT environment, which likely includes some combination of accounting, ERP and expense management solutions. This is the work of the developers behind their various system vendors—the folks who handle integrations to ensure a seamless workflow for company administrators.
Ensuring A Successful Systems Integration
So when it’s time to start connecting credit card transactions with expense reports, corporate credit cards aren’t necessarily integration-ready. Yet unlike integrations with personal and small business credit cards, which rely on third party tech services that can slow down the process, those with corporate credit card programs can be quickly customized to sync with the organization’s policies and workflow.
Their software integration capabilities result in improved back-end expense reporting and process management. Detailed transactions come into the system via comprehensive data feeds that are ready to be matched to an expense item and receipt image, arriving both accurate and complete. It’s easier to categorize expenses, too, and uncover trends that managers can use to drive better results. (For more insight, read 5 Reasons Your Employees Will Love Automated Credit Card Feeds.)
Maximizing Your Investments
When it comes to adding business value, the different credit cards employees use to cover business costs are not created equal. Corporate credit cards can help you get the most “bang for your buck.” They help to ensure smoother systems integrations and provide the most actionable reporting data, bringing exceptional value to your expense management solution.
Nexonia has helped hundreds of clients link their employees’ corporate credit card transactions to expense reports, reducing their manual workload and helping them make the most of their expense management solution. Learn more about Nexonia’s Corporate Credit Card Integration and see how easy it is for you to accomplish more—while doing less.