Let’s say your team members each have a company credit card for company expenses and you want to make sure they’re all legitimate. Here’s how the process looks in Veryfi:
Following is a guide on how we achieve this in Veryfi.
If your company has management responsible for approving their reportees’ expenses, they will need to have access to both the documents and the bank/credit card transactions for their reportees. This can be done without assigning full admin rights to managers by setting up the appropriate manager-reportee relationships.
Each team member’s credit card account will need to be linked either by an admin, or by the team member themselves.
Once linked, make sure that the appropriate team members have access to manage each account. This will need to include both the card holder and the person or people responsible for approving transactions.
NOTE: An approver must be either an admin, or the team member’s manager.
If you’re not already familiar with how to reconcile transactions in Veryfi, read this article first to get familiar with it: https://www.veryfi.com/howto/bank-reconciliation/
Each company card holder will need to reconcile their credit card transactions against the supporting documents. The idea here is that once this process has been done (e.g. at the end of each week or month, etc), there should be no “Unreconciled” transactions remaining, because all transactions would be reconciled with their supporting documents. Ideally, there would also be no “Excluded” transactions either, unless there are valid reasons to not have supporting documents for those transactions. Once the banking reconciliation process is done, the card holder’s job for the period is done.
The final step in the process is completed by an admin or the card holder’s manager.