As a small business owner, we are confident in our thinking that you do not enjoy any form of account reconciliations, including credit card reconciliations. In August 2019, we posted a blog as part of our Bookkeeping series entitled, Bookkeeping 101 – Reconciling Credit Cards. The response was amazing as we heard story after story of the business owner’s struggle:
- It is a pain in the neck, nobody wants to do it!
- “We outsource and it costs too much.”
- “I have not been trained on how to reconcile discrepancies.”
- “The bookkeeping service constantly calls and asks me. ‘What is this charge for?’”
- “Oh my gosh! It is so time consuming.”
The consensus is that business owners do not see this process as adding any value to their business.
Why is it important to reconcile the credit card accounts?
Reconciling your credit card accounts is critical to ensure your charges on the account are correct and booked properly. By reconciling your credit card statement, business owners ensure that:
- Any discrepancies between your credit card and financial accounting system are identified and addressed.
- It ensures that expenses are booked properly and matched (reconciled) between your credit card and you accounting system.
- Identifies any potentially fraudulent activities.
To facilitate the reconciliation process, we created Carly, the last bookkeeper you will ever hire.
How can we make credit card reconciliation easier for you?
Expex enables users with the ability to teach Carly how to book these expenses. It is common practice that credit cards are used for repetitive transactions such as rent, gas, and cellphone monthly bills. Once Carly learns how the transactions are to be managed, she can process them instinctively. You can even tell Carly to automatically process transactions based on the amount of the charge from a specific vendor. Since Carly learns from your input and determines where expenses should be booked, the reconciliation each month is automated too!
For the entries she doesn’t recognize, she can send you a smart alert asking for the general ledger account that the transaction needs to be booked to. You click on the proper expense account, and Carly will learn this transaction for the next time you incur the expense.
You need to meet Carly.
Help is available and Carly works 24/7 so that you can spend your time on the business processes that will grow your business. (and perhaps add a little free time into your work week.)
Request a demo and see how seamless and easy your credit card reconciliation can be!