Inlogik and Conferma Pay have partnered to introduce a solution for business travelers that aims to simplify and automate the reconciliation of hotel expenses using virtual card technology.
By leveraging this service, businesses can have their employees’ hotel invoices automatically tracked and transformed into tax and audit-ready documents, saving time and providing improved oversight and control over expense budgets, the companies said in a Wednesday (Aug. 30) press release.
The integration of Inlogik’s ExpenseMe/ProMaster Expense Management System with Conferma Pay’s virtual card solution streamlines the expense process, resulting in enhanced employee satisfaction, reduced fraud and improved compliance, according to the release.
The virtual cards provided by Conferma Pay enable the capture and categorization of line-item accommodation folio data, with Goods and Services Tax (GST) extracted, the release said. This allows organizations to easily claim the GST and access invoice details conveniently.
“Travel is an essential part of doing business. However, managing the associated expenses can be a huge headache, not only for individuals tracking their spend but for businesses who lose time to inefficient expense management methods,” Conferma Pay CEO Jason Lalor said in the release. “Drawing on our long-standing experience in the hotel and travel industries, this new system gives businesses what they need most: more time and better visibility.”
The service is built upon Conferma Pay’s Snap+ solution, which collects invoices and identifies relevant invoice data, including the breakdown of the total cost of stay, according to the press release. Inlogik utilizes this information to automatically create expense entries, providing the gross, net and tax amounts associated with each line item.
Inlogik CEO Richard Eskell said in the release: “The granular level of data this solution provides means businesses can have greater visibility over the detail of their travel expenses. This critical insight, as corporate travel continues to grow, is key to giving businesses insights and understanding of their operations at every level.”
PYMNTS research has found that remotely issued virtual cards are emerging as a popular, easily deployable solution for work expenses. Two of the primary draws of using virtual cards are their ability to cut costs and increase security, according to the “B2B Workforce Spend Playbook,” a PYMNTS and Conferma Pay collaboration.
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