DualEntry recently rolled out a native, two-way integration with Expensify, making expense handling and finance processes more productive. Now with DualEntry Expensify integration, expenses, spending from corporate cards, payments with reimbursements, as well as accounting details become a part of a single process flow.
Users of both solutions can now easily integrate Expensify with DualEntry. Moreover, the integration synchronizes financial data automatically between the two systems. This way, users will no longer have to enter data manually or export data to CSV files to keep transaction records.
The goal of the integration is to minimize the paperwork involved and increase the precision of financial data. In addition to that, the integration will allow representatives of financial departments to process expense records in a more effective way.
“Most teams can’t close until the expense reports come in, and then someone has to re-key them,” said Santiago Nestares, cofounder of DualEntry. “Now, those expenses land in DualEntry already coded to the right department and project. That’s one less thing standing between our customers and a daily close.”
How the DualEntry Expensify Integration Works
The new integration connects essential expense management functions with DualEntry’s accounting system. Consequently, finance teams can manage expenses and corporate card transactions without repeatedly entering information across different platforms.
The integration has a few capabilities built in to help simplify financial workflows:
- DualEntry will automatically sync its chart of accounts with Expensify categories.
- Classifications are portable from platform to platform as tags Tax rates are available where applicable.
- DualEntry captures out-of-pocket expenses as vendor bills.
- Company card spending is posted directly to the appropriate accounts.
- Card transactions and reimbursements are automatically synchronized between both systems.
The advantages mentioned above help finance teams to manage their expenses and keep proper accounts. Also, by automating the synchronization process, there wouldn’t be much need for repetitive administrative practices.
There wouldn’t be an issue of transferring the expenses manually since finance professionals can combine the processes through automated workflows. This provides finance teams with an opportunity to concentrate on analytics, reporting, and other important activities.
The connection between accounting and expense management is improved with the help of the Expensify Dual Entry integration. Thus, companies could manage their finance information without many manual operations or operational complications.
Multi-Entity Finance Teams Support
DualEntry has also created the integration to help companies with multiple business entities. These organizations often are required to maintain separate accounting records for each subsidiary. Therefore, it is still important to allocate expenses to the correct entity to have accurate financial reporting. The new integration lets companies choose the right DualEntry subsidiary when connecting Expensify. This selection helps to make sure that expenses and corporate card transactions are posted to the correct entity and accounts.
And this ability is a huge help for finance teams managing spending across multiple subsidiaries. This helps in keeping the accounting records well organized and reduces the chances of transactions being recorded in wrong accounts. DualEntry connects each entity’s accounting workflows with expense management to make financial operations simple for growing businesses. Auto sync also helps teams maintain uniformity within their accounting environments.
The integration offers a connected way to manage expenses, reimbursements and corporate card transactions. So multi-entity companies can streamline their financial processes more effectively.
DualEntry Highlights Faster Financial Closing
According to Santiago Nestares, co-founder of DualEntry, the integration solves common problems faced by financial departments. He pointed out the time spent on waiting for expense reports and processing transaction data.
According to him, it is important to connect expense management to the accounting systems. Until then, finance teams were used to using manual procedures to transfer expense-related data and create accounting statements.
But these repetitive jobs can be reduced by automated sync. This helps teams process transactions more efficiently and improves their financial close workflows.
The integration also helps ensure expenses go to the right departments and projects. This organization can help in improving financial visibility and avoiding additional work during accounting reviews. And connecting these processes can help finance teams transition to more frequent financial reporting. This means that companies can spend less time gathering information about transactions and more time analyzing financial performance.
Expensify’s global reach meets DualEntry’s AI-native ERP
Expensify’s expense management, travel and corporate card solutions are used by more than 15 million people around the world. The platform provides a way for people and businesses to monitor their spending and manage their financial activity. The new integration embeds Expensify’s expense management workflow directly into DualEntry’s AI-native enterprise resource planning (ERP) platform.
This integration brings expense management together with accounting automation. In addition, it allows companies to have a more integrated approach toward expense processing, reimbursements, and commercial card transactions. Thus, there is no more need for manual data transfers between the two systems. Because of that, financial departments are able to lower their administrative burden.
The systems that have been connected in finance can make the mundane tasks of the businesses easier if they are looking for a better efficiency in their operations. They also play a vital role in bringing collaboration while leading to great transactional organizing. Overall speaking, it can be said that the launch of the DualEntry Expensify integration is a sign of the ongoing process of the automatization of financial operations.
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News Source: Businesswire.com
