Are you still reconciling your credit card payments manually? Payment reconciliation is a time-consuming but necessary task. You need to match your bank statements with your books to ensure everything is in perfect order.

However, reconciling credit card payments takes up countless hours each month. You also have to rely on manually matching your numbers, which makes it laborious.

As a result, finance teams waste precious time that you can use for productive purposes. Let’s find out how you can speed up your reconciliation process to save both time and effort.

The Current Scenario of Credit Card Payment Reconciliation 

Are you still reconciling your credit card payments manually?

Payment reconciliation is a time-consuming but necessary task. You need to match your bank statements with your books to ensure everything is in perfect order.

However, reconciling credit card payments takes up countless hours each month. You also have to rely on manually matching your numbers, which makes it laborious.

As a result, finance teams waste precious time that you can use for productive purposes. Let’s find out how you can speed up your reconciliation process to save both time and effort.

How to Speed Up Payment Reconciliation

Physical cards are not suitable for modern businesses that need to stay agile to respond to market changes. Entrepreneurs need a smart way to pay that eliminates the need for manual interventions.

Let’s find out how you can expedite your reconciliation process:

Go for a Virtual Business Card

Today, businesses can pay for various expenses using a virtual card. These behave just like a physical credit card but come with several perks to facilitate payment reconciliation.

You can also issue as many cards as you want for your employees without any restrictions. Let’s see how virtual cards help you reconcile faster and with more ease.

Complete Payment History

Virtual cards don’t need you to enter data manually in your books. You get the complete history of the transaction as soon as it happens. Moreover, you can get down to details like the payer, approver, time, and more.

As a result, you can save hours by eliminating manual data entry. You also get all information you need about your payment in real-time, right in your interface.

Awesome Customizations

Virtual cards give you the ability to control your business spending. You can create cards with customized payment limits and budgets. In addition, you can set up card behaviors, like one-time use or multiple-use.

Plus, you can also set expiration dates as you seem fit.

Virtual cards also improve transparency. You can easily spot any suspicious expenses and cancel a card anytime you want.

Complete Visibility

You gain complete visibility into your spending once you start using virtual cards. Each payment shows up instantly, and you can even automate receipt matching. Your employees can use a dedicated email address to send invoices that your system automatically matches with transactions.

As a result, you don’t need to chase after your employees to send receipts. The task is achieved by sending auto-reminders using your dashboard.

Quick Reconciliation

Virtual cards can speed up your payment reconciliation by uncountable times. You will not need to match each expense by referring to your statement or accounts. Additionally, you won’t have to search for the history of each transaction.

Best of all, you will never have to worry about missing receipts.

The whole process makes it easier to reconcile your payments. In fact, you may not have to wait until the end of the month to reconcile payments. The job is done on the spot as soon as your virtual card generates the payment details.

Moreover, you can integrate your virtual card with your accounting software. Therefore, you can close your books automatically and eliminate all manual steps.

Final Thoughts

Virtual cards are a great way to mitigate the challenges of corporate credit cards. You can pay more confidently and take control of your business expenses. Additionally, you can capture transaction details in real-time and make way for accurate bookkeeping. Ultimately, your payment reconciliation times will also improve, and you will take minutes to match your books.

Entrepreneurs can try out Mesh virtual cards for their business for more control and transparency.