Matching Your Expenses With Your Credit Card Transactions
While credit cards facilitate the payment process by postponing our bank account’s throughput, they also increase the risk of irresponsible spending.
Unless you only use your credit card occasionally, the monthly credit card statement is generally expected with anxiety; this is especially true for corporate cards where every expense must be justified.
Avoid the risk of irresponsible spending
However, a credit card is useful or even essential for companies that need to pay for their international business trips, travel expenses and spending abroad.
Using a simple debit card can be too expensive with bank fees or even impossible in some countries due to certain banking restrictions and limitations.
We also need to keep in mind that for many companies, the credit card is a warranty of good working. First, in these times of crisis, many companies are facing liquidity problems, caused by their clients’ delayed payments.
The use of a credit card allows the company’s suppliers to be paid directly while the debtor company has a payment extension.
Secondly, some banks have developed agreements with suppliers to be paid by credit card. Significant monthly expenses (such as an electricity bill) that tend to burden the budget of companies can therefore be postponed.
Finally, credit cards reduce the risks of a cash deficit and improve the financial balance of its creditors as they are immediately refunded.
Credit card is vital, but monitoring is required!
Aware of the vital role credit cards play in companies and of the careful monitoring required for expenses, Rydoo has developed a handy feature, allowing users to match credit card statements with expenses.
On one hand the user uploads his receipts and Rydoo digitises and extracts all the necessary information. On the other hand, the user uploads his credit card statements and his transactions’ details are also imported.
Rydoo allows matching up of receipts and bank statements, making it possible to justify each transaction with one simple click.
Today people often must wait for a minimum of one month before they can match their receipts, which requires them to remember which receipt fits with the transaction,
Rydoo’s users have an actual view on their credit cards transactions and are be able to match up their receipts immediately.
In addition, credit card transactions are often verified manually to check for corresponding receipts. With Rydoo, this manual process is not necessary anymore, which saves time for users.
No more currency problems
Lastly, working with foreign currency makes it very difficult to track expenses as the conversion rates applied to expenditures differ from those that appear on credit card statements.
Rydoo automatically converts your expenses into the right currency but also allows you to adjust the converted amount of your expenses to the one used in your bank statements so that they match perfectly.
When you import your receipts and statements, Rydoo automatically compares the dates and amounts and offers suggestions of possible matches in your dashboard “To do’s”. You simply select the correct matches and you’re done!
And you? How do you match your expenses and credit card statements?