Why do you need receipts for corporate credit cards?

Mistakes happen, as does fraudulent and unauthorised credit card activity. Keeping receipts from corporate credit cards helps a company ensure expenses and spending stays on track.

Who needs to keep corporate credit card receipts?

Employees with the authority to use a corporate card must save all purchase receipts. Those receipts form a record the company can use to confirm the use of funds.

Corporate credit card receipts enable the finance department to crosscheck expenses against internal finance records during credit card reconciliation. If the finance department cannot match a particular expense with a receipt, they’ll need to chase up the responsible employee.

What is credit card reconciliation?

Credit card reconciliation is an accounting process for businesses. Reconciliation involves cross-checking the transactions on a company’s credit card statement with its internal business records. This process ensures accurate financial reporting for companies that use corporate credit cards.

Requesting receipts for corporate credit cards

The authorised user’s name appears on each corporate card, making it easy to trace expenses back to the employee.

To simplify expense tracking, it is a good idea for employees with corporate cards to snap photos of any paper receipts using their smartphones. Alternatively, you can ask to have digital receipts sent via email, which is especially convenient with virtual cards.

Once the reconciler has accounted for all the receipts, they cross-check expenses with the corporate credit card statement to identify any fraudulent or unauthorised purchases. The company can raise any discrepancies or errors with the card provider if they find any discrepancies or errors.