Corporate card programs may make corporate spend better managed and even easier for the card holder, but they still leave a number of hassles for both cardholders and administrators when it comes to expense reports. Or at least they used to. Companies with corporate card programs from U.S. Bank can now review, approve and pay corporate card expenses and charges in a snap, thanks to Chrome River STATEMENTS.
A joint solution created in conjunction with U.S. Bank, Chrome River STATEMENTS wipes out the three biggest headaches associated with corporate card expenses:
Headache 1: Manual Corporate Card Statement Reconciliation
Even with streamlined expense management software, administrators can still be stuck performing manual reconciliations between corporate card statements and employee expense reports. While traditional software may record the charges from corporate cards, it doesn’t provide access to cardholder statements within the system.
Chrome River fixes that by integrating corporate card statements directly into the expense management platform. Instead of manually matching up statement charges with expense report charges, administrators can enjoy a streamlined reconciliation process that speeds up the approval and payment of expenses.
Headache 2: Lack of Visibility and Transparency
In addition to making corporate card statement reconciliation a breeze, statement integration additionally increases visibility and transparency across the board. With corporate card statements readily accessible within the expense management system, administrators and cardholders can just as readily review how the transactions tie back to the statements.
This allows for:
- Rapid review of what card charges have and have not been accounted for
- Faster submission of expense reports
- Snapshot of all cardholders and status of transactions
- Easy viewing of the overall corporate card program statement
- Elimination of delays and inaccuracies associated with manual processes
Headache 3: Delayed Payments of Corporate Card Accounts
Racking up finance charges and late fees on corporate card accounts due to late payments is not good, and can impact a corporate credit rating and, in some cases, personal credit scores. This can be a regular occurrence, however, when administrators are delayed with the approval process before making corporate card statement payments.
With corporate card statements accessible through your account management software, delayed corporate card payments can be a thing of the past. Not only can overall statements be approved for payment, but you can even make the payments right within the system. Use Chrome River DIRECT PAY in your platform and payments for approved charges to the card account can be remitted automatically.
With the power to increase visibility, streamline corporate card statement reconciliation, speed up payments, and largely eliminate tedious, manual processes, Chrome River STATEMENTS may appear to be a blessing for corporate cardholders and administrators alike. That’s because it is. Give it a try and you’ll quickly see why.
Our choice of Chrome River EXPENSE was made in part due to the very user-friendly interface, easy configurability, and the clear commitment to impactful customer service – all aspects in which Chrome River was the clear winner. While Chrome River is not as large as some of the other vendors we considered, we found that to be a benefit and our due diligence showed that it could support us as well as any large players in the space, along with a personalized level of customer care.
We are excited to be able to enforce much more stringent compliance to our expense guidelines and significantly enhance our expense reporting and analytics. By automating these processes, we will be able to free up AP time formerly spent on manual administrative tasks, and enhance the role by being much more strategic.