PEX Cuts 5 Hours of Financial Reconciliations to 20 Minutes

Untitled design

“What’s your favorite PEX feature?”

Depending on who you ask in an organization, you’ll get a different answer. 

For business owners and managers, it can be the direct control PEX provides over card usage. They see significant reductions in staff spending since they started using PEX.

For end users, it’s often the receipt capture and reporting functions in the mobile app. These features spare them the hassles of saving receipts and submitting expense reports. 

And if you’re the office administrator of Family in Christ Community Church in Colorado, you love Love LOVE! PEX’s backend integration with accounting software. 

Replacing Hours of Data Entry with Minutes of Review and Click

Before PEX, the administrator dealt with month-end reconciliations the same way many small business administrators and bookkeepers do.

She circulated the paper credit card statement among users, asking them to attach receipts and tag each transaction with the budget they wanted it allocated to. Then she would manually enter each transaction into the company’s accounting software.

It was a living, breathing definition of “tedious.”

Now, she just logs into the PEX portal and navigates to the “Transactions” tab. All the month’s purchases are there, along with photographs of the receipts. The system has already allocated each transaction to its general ledger code.

Twenty minutes later, the month-end reconciliation is complete.

The process replaced five hours of data input with 20 minutes of review. Do the math and you see that PEX-made card reconciliations are 97% more efficient for the administrator.

And she’s not the only one who benefits from PEX.

PEX Saves Time and Effort for Everybody in the Organization

Responding to that circulated credit card statement was no picnic for the church leaders, staff, and volunteers.

They had to hold on to receipts until the credit card bill came around. They then had to take time out of their day to handwrite notes and attach receipts for every transaction. An employee might come back from a trip with a stack of receipts. Each had to be tagged and attached to the credit card statement.

Now, with the PEX mobile app, nobody has to save a receipt or see the statement.

Users photograph the receipt at the point of purchase, select an accounting code from a dropdown menu, and press submit.

Voila! The transaction is now on the PEX Platform, all sorted and ready for upload to the accounting system. No need to save receipts or fill out reports.

Everything happens instantaneously and in real-time.

Cards to Help You Manage and Allocate Budgets Before the First Penny Is Spent

PEX gives this organization—and all customers—a range of cards and tools to help manage spending. All seamlessly integrated for efficiency and simplicity:

  • Charge, Debit, Disburse, and Virtual Cards: Bring PEX efficiencies and controls to employee spending, grant disbursements, vendor payments, budgets, and more.
  • Greater Visibility and Control Over Spending: PEX lets you set spending rules for each card or card group, and precisely track how and when money is spent.
  • Enable Funding and Make Adjustments in Real-Time: PEX gives you the option to fund and defund cards directly, or automate the process. 
  • More Securely Pay Vendors: Replace checks with a unique virtual card for each vendor and create spending-rule roadblocks to fraud and misuse.
  • Streamlined Reconciliations: PEX integrates with accounting software to turn bookkeeping into a simple approve-and-click operation.

Earn 1% Cash Back on Charge and Virtual Card purchases: Automatically deducted when the bill comes due.

How Much Time and Money Can PEX Save Your Organization?

No two organizations are alike, but every organization can benefit from using PEX to manage spending. For a live demo, and a chance to ask (and see) how PEX can meet your specific needs, click here.

Indian male ceo executive manager mentor giving consultation on financial operations to female African American colleague intern using laptop sitting in modern office near panoramic window.

Happy Holidays! Earn More Cash Back and Watch It Grow!

Businessman working on a laptop computer in the office. He is happy and smiling and there is a window behind him. He is casually dressed

A Surprisingly Easy Way to Save Money, Raise Profits, and Simplify Operations

Business, presentation and man on a laptop in a corporate conference or office collaboration with a woman at work. Businessman, manager or coach for marketing, strategy and sales working with CEO.

Latest PEX Features & Enhancements to Improve Cash Flow, Productivity, and Security

Stay up to date on the latest PEX news!

Opinions, advice, services, or other information or content expressed or contributed here by customers, users, or others, are those of the respective author(s) or contributor(s) and do not necessarily state or reflect those of The Bancorp Bank, N.A. (“Bank”). Bank is not responsible for the accuracy of any content provided by author(s) or contributor(s).