Every small business owner I know loves to get their credit card points – and for good reasons. Personally, I can tell you that it has become very handy for transporting my son back and forth from upstate NY to The University at Alabama (Roll Tide!). But when it comes to reconciling transactions every month, it can be a real headache.
For most SMB owners, they are already struggling with understanding how this process works, and if you outsource your bookkeeping, you know that your bookkeeping service will contact you and ask, “what is this charge for?” No matter how your look at it, this gets to be cumbersome. At Expex, we’ve examined this process and view it as a great opportunity to “fix” the problem by bringing some artificial intelligence to the party. A well thought out workflow coupled with our bookkeeper, Carly, creates a tool that will perform credit card reconciliations for you.
Part of the problem with reconciling any account, is that it happens once a month. At Expex, we think this should be performed on a daily basis. In addition, we created Carly to learn from your input and determine where expenses should be booked. Most credit cards are used for repetitive transactions. As a result, Carly can learn what these transactions are and automatically book them to the proper expense account. For the ones she doesn’t recognize, she can send you a smart alert asking for the location where a transaction needs to be booked. You click on the proper expense account, and Carly will learn this transaction for the next time you incur the expense.
The real beauty in all this is that Carly gets smarter the more you collaborate with her, so that you get less alerts, and time for things that are more important (like watching Alabama win football games!)
Request a demo and see how seamless and easy your credit card reconciliation can be!
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