Strategic Finance Teams Need ERP Credit Card Integrations
The accounting and finance teams at growing organizations are increasingly being asked to be more strategic. To do so, they must automate manual tasks via modern processes, like implementing an ERP (enterprise resource planning) credit card integration, which can in turn help automate expense management.
Strategic accounting and finance organizations help grow and solve problems for the businesses they support. They’re not simply “back office” functions that provide reporting and reconciliation; they enable business decision makers with needed tooling, data, and information—and in many cases are part of the decision-making function themselves.
However, building the backbone of the corporate financial decision-making engine requires both time and high-quality inputs. Slow, manual processes mean that data isn’t getting in front of decision-makers fast enough to keep up in a fast-paced environment, and that the quality of the inputs is subpar. Without speed and accuracy, accounting and finance organizations will be written off and deemed irrelevant to a company’s strategic decision-making. Further, employees who spend all their time performing rote and routine tasks will not have the time or capacity to generate the strategic ideas that will improve and enhance operations.
Accounting and finance teams must automate processes to free up time to focus on analysis and ensure data fidelity. One of the best ways to do this is using an ERP credit card integration. An ERP credit card integration is an automatic, online link between a corporate credit card and a company’s ERP accounting software. It not only quickly moves credit card activity data (transactions, dates, users) into an ERP, but also it outlines rules and classifications for how the data should be categorized within an ERP software. For example, most ERP credit card integrations allow the user to customize how certain categories of spend are imported into a company's books and records and what specific general ledger entries are created.
ERP credit integrations are common among ERPs used by many early stage companies, such as QuickBooks and Xero. These two ERPs have large online ecosystems of established integrations between software and services providers, which include ERP credit card integrations. For example, most major credit card issuers have integrations with QuickBooks and Xero, Brex included.
ERP credit card integrations save time by automatically and seamlessly importing credit card transaction data into an ERP, capturing all of the credit card spend and statement payment activity without booking any manual entries. The most crude alternative is to manually input all transactions from a credit card statement; another alternative is to download a CSV file from the credit card provider, bulk upload the CSV file into an ERP, and manually review transactions for errors, which is also slow but not as arduous. With an ERP credit card integration, however, companies can automatically push credit card data into their ERP and also create custom rules about combinations of vendors and transactions amounts (for example, electronics over a certain dollar amount are capitalized).
There are a number of ERP credit card integrations that exist for early stage company accounting software, but as companies progress and use more sophisticated ERPs, like Oracle NetSuite, the number of available ERP credit card integrations diminishes dramatically. In fact, Brex is the first corporate card to directly integrate with NetSuite, a very powerful and popular cloud based ERP for growing companies. NetSuite’s superior reporting capabilities, international functionality, and support of multiple corporate entity structures make it a critical tool for strategic decision making within growing organizations.
As companies grow and become more complex, they must implement more robust and sophisticated ERP software such as NetSuite. Accounting and finance organizations need powerful software like NetSuite to deliver strategic insights, and they also need the time savings offered by ERP credit card integrations. That’s why using a corporate credit card like Brex, which offers the only high-quality, direct ERP credit card integration with NetSuite, makes sense for accounting and finance organizations who aim to drive their company’s growth and strategy.