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PivotEQ | Maximize Commercial Card Program Value

PivotEQ helps Concur Expense customers manage the accounting associated with company paid cards

PivotEQ helps financial executives maximize the value from their commercial card programs and manual back-office processes are one area that diminishes overall value.  Let’s start with reconciling the card statement to expense reports – and all that is involved.

Reconciling credit card spend is time-consuming and burdened with manual tasks. Every unsubmitted expense report can add hours to the process and when it’s time to pay the credit card bill, you can no longer wait — purchases must be settled and accounted for.

The Reality of Manual Credit Card Reconciliation

1   The Credit Card Statement Arrives. And … GO!

2   Pay Credit Card Company in 30 Days. Period.

3   Are All Purchases on Expense Reports? Probably Not. 

4   Compare Purchases on Statement to Expense Reports.  Again.

5   Notify Employees with Outstanding Card Purchases. Again.

6   Expense Reports Continue to Arrive. Compare to Credit Card Statement. Again. And Again.

7   Create Accounting Entries. Accrue or Not to Accrue?

8   See You Next Month!  :  ( 

 

 The Reality of PivotEQ Automated Reconciliation

1   Compares Purchases on Credit Card Statement to Expense Reports.  Automatically. 

2   Notifies Employees with Outstanding Card Purchases. Automatically. 

3   Continues Comparison of Purchases as Expenses Reports Arrive.  Automatically. 

4   Determines the Correct Accounts for Accrued Expenses.  Automatically. 

5   Creates  Accounting Entries & Correcting Entries.  Click a Button. 

6   See You Next Month!  :  )

 

 

PivotEQ helps Concur Expense customers automate the accounting associated with company paid credit cards by eliminating manual reconciliation between the credit card statement and individual expense reports. Credit card statements download directly into PivotEQ where they are matched to approved Concur expense reports.

No expense report? No problem.

PivotEQ automatically sends emails to cardholders reminding them that transactions are ready to be included in an expense report. The email lists the outstanding transactions and includes a log-in button Concur for quick action.

When the accounting period ends, PivotEQ generates a Journal Entry file to post to the ERP.