DualEntry and Brex the Agentic ERP for today’s finance departments, announced a new native DualEntry + Brex integration to unify corporate spend and accounting. Users will be able to import card transactions, reimbursements and bill payments via the application. It will enable finance teams to consolidate their corporate card spend, reimbursements and bill payments onto one platform, making their operations more efficient and encouraging collaboration between teams.
The new tool will save finance teams hours of manual data reconciliation across tools, as it ensures there is a synchronized source of truth for every transaction. It will also enable teams to code expenses in Brex and then push them to DualEntry. The feature will allow businesses to leverage their accounting expertise to manage expenses. Enabling them to put tighter controls in place, collect better quality data on their spend and improve their month end close.
How Does the New DualEntry and Brex Integration Benefit Finance Teams?
The new native integration unites spend management and accounting. Letting finance professionals edit transactions and code them consistently in one place. By bringing the tools together, the integration helps finance teams have an organized, transparent, and consistent look at all their expense data.
The integration will provide finance teams with numerous benefits to make it easier for them to manage their data. e.g., it will help companies to operate as one finance department. Thus eliminating silos and improving the flow of information between teams.
Corporate Card Transactions and Reimbursements: Finance teams can import Brex card transactions and reimbursements into DualEntry in near real-time after export.
Bills and Bill Payments: Teams can sync bills and bill payments from Brex into DualEntry.
Legal Entity Mapping: Companies can tie Brex legal entities to the corresponding companies in DualEntry.
General Ledger Alignment: Teams can maintain general ledger (GL) accounts, departments, and classes in sync across both systems.
Automated Transaction Coding: Finance professionals can use Brex accounting rules and workflows to automate transaction coding and exports.
Overall, the capabilities allow finance departments to coordinate spending information and accounting records. Furthermore, the options reduce the need to manage disconnected processes across separate financial platforms. Teams can use the integration to support more consistent expense categorization and financial data management.
Connecting Accounting Structures With Spend Management
In addition to the described features, the DualEntry and Brex integration also synchronizes accounting classifications between the two platforms. In particular, DualEntry pushes its chart of accounts and classifications to Brex. At the same time, the software receives spend activity from Brex, with accounting information already applied.
The DualEntry and Brex described synchronization feature allows businesses to ensure the consistency of accounting and spend management information. For instance, finance teams can apply accounting classifications in Brex before exporting transactions, which DualEntry will then be able to ingest along with the relevant accounting information. Furthermore, the integration allows for updating transaction coding during a follow-up sync. In other words, if spend managers change any coding information on their end, this data will become available in DualEntry during the next synchronization cycle.
As a result, businesses can eliminate inconsistencies between their transaction classifications and accounting records. Similarly, organizations can standardize their expense management and general ledger (GL) processes around accounting automation capabilities, thus eliminating the need to manage separate procedures for spend management and accounting operations.
Enabling More Balanced Month-End Accounting Essay
Coupling DualEntry’s accounting structure with the Brex spending activity allows businesses to establish a higher degree of accounting process balance throughout the month. Users can ensure that a larger share of transactions get coded and accounted for in time, rather than leaving the bulk of this bookkeeping work for the end of the month.
In doing so, the finance team is able to better prepare their monthly close by organizing their financial information. Moreover, timely transaction coding enables better audit trails and facilitates the finance team’s analysis of the business’s financial health. Finally, the automation features allow to reduce the time spent on reconciling financial entries between disconnected systems. Overall, the accounting integration helps finance teams keep better track of their finances.
Notably, the integration enables organizations to combine corporate card spend, reimbursements, bills, and payments into a single accounting workflow. In doing so, it allows organizations to bring their accounting data into one platform while also synchronizing the two systems’ coding features. Thus, businesses eliminate the hassle of reconciling entries between spreadsheets or other tools. By doing so, organizations enable their finance teams to spend less time on month-end closing and year-end reporting and more time on financial analysis. This way, businesses operate more efficiently, being able to make better decisions in a more timely manner.
As companies grow, DualEntry and Brex expenditure management and accounting needs tend to get more involved. Implementing integrated finance automation solutions is essential in this case. To ensure that the finance team can keep up with the increasing transaction volumes. Thanks to the DualEntry-Brex integration, all of a company’s transactions can be timely coded and accounted for, which enables higher-level financial reporting and analysis. In general, the solution allows businesses to consolidate their spend management and accounting automation. To create an efficient month-end close process.
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News Source: Businesswire.com
