The proportion of business expenses incurred on credit cards has been consistently growing, both in the form of out-of-pocket personal card charges reimbursable to an employee and in the form of non-reimbursable corporate card charges on credit cards issued by the business. No matter the type of credit card, Tallie offers automated credit card transaction management, delivering a streamlined experience for significant time savings.
If you work in accounting, you are far too familiar with the manual, laborious process of coding individual credit card transactions to general ledger accounts. If you're lucky, you might have a direct bank feed set up with Xero or QuickBooks Online, which can pull in your transactions, but you must manually code those transactions in order to close out the statement period. If you're unlucky, you're pulling transaction files from bank websites, uploading files, coding them and, heaven forbid, entering transaction detail manually one-by-one. Finally, you're not the one incurring the charge, so you may not recognize the merchant at all. Coding the expense now requires tracking down the employee who made the charge in order to learn its nature to complete your full reconciliation process.
Tallie resolves Corporate Card Transaction Coding for businesses of all types, operating virtually any accounting system, with enhanced export functionality for QuickBooks Desktop, QuickBooks Online, Xero, and Intacct. In Tallie, you can set up a direct connection to the issuing bank of your company-paid credit cards, then assign each card to the Tallie user account of the cardholder. Let's say John Smith is your CEO. He'll incur some reimbursable charges on his own and he'll put a lot of expenses on his corporate Visa card. You can directly connect to the issuing bank, assign the credit card feed to John Smith and ask John (or his assistant) to review his charges on a monthly basis and submit them with his reimbursable expenses.
Not only can you easily assign the task of transaction coding to your cardholders, but Tallie leverages auto-categorization learning algorithms to enhance and streamline your cardholders' experience. Tallie's automated categorization learning algorithms are two-tiered. First, if one or more expenses have been recorded from a merchant in your company's Tallie account, Tallie will apply historical expense category or general ledger coding behavior to new transactions from the same merchant. Lacking company historical data, Tallie retains records of transaction coding across a vast database of credit card merchants and will apply a best-guess expense category when available. This tranforms the laborious multi-day credit card transaction coding experience into a check-and-confirm management experience that takes just minutes out of your cardholders' day at the end of the statement period.
Many employees, contractors, interns and volunteers incur expenses on behalf of businesses on their personal credit cards. Using the same automated bank feed technology as corporate credit cards, Tallie enables all expense submitters to pull in transactions from the issuing bank as a legitimate record of expense. Finance teams appreciate this feature, particularly when receipts have been lost or are unavailable.
Let's say you went to VooDoo Doughnuts in Portland, Oregon to buy some sweets for your team-building exercise. You paid with your PEX Prepaid Visa Card and took a photo of the receipt with the Tallie app while standing at the register. You ask the clerk to throw the receipt away for you - you won't be needing it anymore. At the end of the month, when preparing your expense report for submission, you take a look at your PEX Prepaid Visa Card expense report that Tallie has prepared for you based on your statement range. Most likely, that receipt from VooDoo is already attached to the transaction recorded from the VooDoo merchant.
Tallie leverages comparison technology to identify expenses with similar merchant, date and amount characteristics and flag these expenses as Possible Duplicates. In the case of a credit card transaction, if an exact match is made to a receipt transaction, the match between the duplicates is made immediately. Receipt & transaction auto-matching grants piece of mind to you as an accountant, vastly decreasing the likelihood of employees receiving reimbursement for expenses they did not occur out of pocket.
Tallie makes it easy to import expenses from your credit cards. Chose your bank from a list of the most popular banks, or type in the name of your bank or the url of your bank's website. You'll get a list of banks to choose from, and then it's a matter of logging in using your bank credentials and then simply importing the expenses. You can decide to auto import all expenses, or selectively import your credit card expenses one by one.
Can't find your bank? Tallie offers manual import of your credit card transactions by uploading a CSV, OFX, QIF, QFX, QBO, or Microsoft Money file. All you have to do is export your expenses from your bank in one of the supported file formats. You can drag and drop the support file type onto the window, or click on the upload icon to import from your file location.
A Tallie free trial includes the full expense report feature set. At any time during your trial, you may contact our award-winning Product Expert team via email, phone or in-product live chat for more information or to purchase.