Credit Card Reconciliation

January 25, 2023

One of the biggest challenges startups face is cash flow. After all, at the early stages the product is still in development, so revenue is almost exclusively from investors and other funding sources. During that stage, startups generally don’t have good transaction control because there aren’t that many transactions and the business is small. As a result, almost everything goes on the credit card and accountants use the credit card statement to see where the money went.

Unfortunately, this isn’t an appropriate way to operate long-term. As startups grow, they develop finance teams who track every expense. Part of this process is tracking bank statements for credit cards, checking, and any business loans. In this article, we’ll look at the process of credit card reconciliation. This process not only allows you to match transactions on your corporate card, but it also helps ensure that every dime is accounted for.

In particular, we’ll look at the entire reconciliation process, including the different types of reconciliations and how each should be performed. Then, we’ll answer some of the most common questions about this process.

Credit card reconciliation: a guide to more efficient bookkeeping

Of course, for most executives like yourself the initial question is how to do your company’s bookkeeping efficiently and accurately. In most jurisdictions, executives have a degree of responsibility for the company finances, even if they don’t work on the finance team. This is a result of various financial scandals over the years, such as the collapse of Enron. In addition, startups have a very high failure rate, so they’re already considered risky from a financial standpoint.

Luckily, credit card reconciliation is relatively easy if you know how to do it. Simply put, it is the process of matching each bank statement with internal transaction records, such as receipts and invoices. This way, you can ensure that there are no discrepancies in your expense report or credit card statement. 

There are a few reasons why this is important. Perhaps the biggest one is that a full account reconciliation report demonstrates that your startup is financially healthy. Banks and investors alike want to know that your company has a high potential for success long-term, because they want a return on their investment or repayment of capital.

However, the reconciliation process also helps to solve serious problems, like maverick spend, bank or merchant errors, and fraud. Matching each transaction record with the bank statement means that your internal records are accurate. And, if the bank has made a mistake then you’ll have the records ready to prove there’s a problem. 

Finally, reconciliation helps with taxes and audits. Because you must have a record of everything to perform this task, every expense or deduction will be in one place. Likewise, you will have the paper trail from any conflict resolution efforts. When all your cash is accounted for, you have little to fear from accountants.

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Why is the credit card reconciliation process hard?

In short, reconciliation can be difficult because of the large number of moving parts. In that sense, reconciliation is like assembling a robot. Even small expenses like running to Staples for paper or pencils must be documented, both with the budget information and the register receipt. In addition, if the bank statement lists a posting date instead of the purchase date it can be more difficult to match each transaction. Sort of like finding the missing screw you need to attach the robot motor.

Likewise, a shared corporate card can complicate the reconciliation process. After all, if there’s a discrepancy you might not know who spent the cash. Worse, if a credit card receipt is missing you won’t have an easy way to find it. Chances are that you’ll end up sending a group email to everyone who uses the credit card account asking who is responsible for the transaction so you can find the matching receipt.

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Reconciliation can be easier

One of the great things about modern automation is that it can make tracking each transaction easier. For instance, a company credit card account with a consolidated statement is tougher to track. But if you can somehow track each purchase to a particular card user, it’s much easier to complete the credit card reconciliation process. There are several ways to do this, including using a different credit card account for each department (and only letting one person use it) and switching to debit cards that pull from the same checking account.

Another way to ease the reconciliation process is with an integrated computer system. If you have modern purchasing software that links with accounts payable and accounting software, much of the reconciliation work happens automatically. Then, the program would alert department personnel when there’s a discrepancy.

Define reconciling

As we mentioned above, the reconciliation process ensures that your bank’s transaction data matches what’s expected from internal records. For instance, if you spent $500.01 at Staples in January, your January credit card statement should show the same $500.01 as your sales receipt. It shouldn’t show $500.00 or $500.02, or a larger difference. If there’s a discrepancy between the two documents, you need to find out why. It could be that Staples charged you an extra cent, or that the credit card company took away a cent, for instance. 

Usually, this kind of discrepancy is a simple clerical error, but it’s critical that you find it so the records can be corrected. You need to make corrections so that the cash balance in your checking account matches what your internal records expect. Otherwise, you can have serious problems with auditors and investors, neither of whom like missing money.

Transaction matching can find serious problems

Of course, there can be more serious reasons for credit card account discrepancies than a simple clerical error. For instance, sometimes employees buy things that they aren’t supposed to, or buy from an unapproved vendor. Both of these maverick spend issues need to be addressed with employees before they become a serious problem.

Worse, despite the fact that companies carefully vet employees, there are dishonest people in many organizations. For this reason, managers need to be careful about the possibility of embezzlement. Here, the employee is more likely to hide the sales receipt rather than simply adding something to the cart that they shouldn’t, so you’ll see an extra transaction. The earlier you find the problem on your credit card statement, the less money your company will lose.

Staying organized is critical to effective reconciliation

The credit card reconciliation process can seem daunting, especially because you need to account for each transaction. In addition, if you use the credit card often then you’ll probably have a lot of transaction data on your statement. Fortunately, if you remain organized then it’s relatively easy to perform the reconciliation.

In particular, you need to ensure you have the credit card receipt for each purchase. If you file receipts by date, it’ll be easier to find each item on your statement because banks list them by date. In addition, if you use quality accounting software and log each purchase, you’ll have very little manual work to do because the software will match as much transaction data as possible.

Types of reconciliation

While we started this article by looking at credit card reconciliation, there are several other types of reconciliation that you need to know about. After all, the reconciliation process in general helps to ensure that businesses know where their cash is going. It also makes sure that any financial transactions have matching entries in relevant software or other records.

Here are the different types of reconciliation:

  • Bank reconciliation: This process ensures that your cash position is accurate by comparing your accounting software records with your bank statements. Various statements used include checking accounts, credit cards, lines of credit, and more. At the end of this process, managers know exactly how much money they should have in their bank accounts, and how much credit is available.
  • Vendor reconciliation: Compares vendor billing/credit statements with your accounts payable ledger. This reconciliation process ensures that the numbers match and determine how much the company really owes a vendor.
  • Customer reconciliation: Some companies extend credit to their customers. A customer reconciliation analyzes all transactions involving that customer, including purchases and payments. This reveals how much money a customer owes the company (if they do) and in any case you learn how much they have spent over time.
  • Intercompany reconciliation: If an individual company is part of a conglomerate or has subsidiaries, they will sometimes lend money to other affiliates. An intercompany reconciliation ensures that the amount that company A believes company B owes matches with company B’s records. If not, then the two companies need to solve the discrepancy to finish the reconciliation process.
  • Business reconciliation: This kind of reconciliation looks different based on each company’s industry. For hardware-intensive companies like manufacturers or tech companies, this would involve inventory. To reconcile inventory, make sure that you can account for each item in your warehouse, including small parts, shop supplies, and finished products. You’ll need matching purchase records for all supplies, sales receipts for inventory that’s sold, and internal tracking to see which components have been put into an unsold item or “wasted” because they broke or got dropped.

As you can see, there are a lot more things to reconcile than just your company’s credit card balance. Instead, the reconciliation process tracks all aspects of financial transactions and inventory controls. This way, it’s harder to “lose” anything.

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Month end reconciliation

Even the simplest small businesses need a form of month-end reconciliation. That’s because finance teams need to be sure that the company’s financial outlook and cash position are accurate. Armed with good information, management teams can make strategic decisions like hiring new employees, raising prices, or offering a sales promotion.

But what is the month-end account reconciliation process, anyway? For many SMB owners, it’s the tedious task of comparing all bank accounts and inventory records with actual cash or items on the shelf. In other words, it looks at all the money coming in, all the money going out, and the internal records that document these ledger entries.

With that in mind, there are several steps to performing a month-end reconciliation:

  • Prepare for the reconciliation: Gather all your bank statements and internal transaction records together. If you have good-quality procurement and accounting solutions, you’ll have most of the internal records in one place. You may also be able to upload financial institution statements from your corporate online banking.
  • Reconcile accounts: Based on the procedure for each accounting program, perform an account reconciliation of each account individually. This process should include your checking account, credit card balance, and any other statement where you either owe money to another company or your customers owe the cash.
  • Resolve any discrepancies: If you’ve used automated software, you’ll probably only get alerts for transactions that don’t match. This mismatch can include either a transaction that’s missing or one where the amount doesn’t match. Be sure to resolve all discrepancies as soon as possible.
  • Account for any transactions that missed the bank statement cutoff date: One of the biggest reasons you’ll see something in your internal monthly reports that doesn’t match financial statements is the difference between cutoff dates. However, all statements cover a month. To “zero out” your monthly books, you’ll simply move those transactions to the next month. The same goes with uncashed checks.
  • Move the month’s profits from cash to accrual: Each company needs a separate account in the books that records profits for the month and year. This is called an accrual account, and it’s part of standard (GAAP) accounting practices. Once you’ve closed all the other accounts, sweep this extra money into your profit account so you can see how well you did!

Here’s the thing: our description makes the month-end reconciliation look easy. However, that doesn’t mean it doesn’t take a long time. In most companies, this process takes a week to slightly longer. However, having the right numbers at month end is well worth it. Plus, you’ll have less work to do at the end of the year.

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Corporate account reconciliation

One of the challenges many companies face is making sure that corporate credit cards and expense reports aren’t abused. According to Forbes magazine, one of the shocking examples of this in recent memory was a bank analyst who spent $20,000 on his company-issued credit card account at an adult entertainment venue. 

While many professional-level employees like sales professionals and executives are issued these cards for legitimate work-related expenses away from the office, most companies have strict limits on what an employee can spend. This entertainment expense was clearly inappropriate, and the employee refused to pay it back.

Although there can be innocent mistakes and incidentals where the employee needs to reimburse the employer (like buying a spare toothbrush from the hotel and forgetting they need to pay cash), inappropriate spending is an important source of corporate fraud. This can happen both through improper expenses being charged on the corporate credit card account, or by submitting erroneous expense reports.

By far, the best way to both prevent and correct these inappropriate expenses is through a corporate account reconciliation. To perform one, you’ll start with the standard credit card reconciliation. You’ll also carefully analyze each receipt to make sure that there isn’t an inappropriate transaction. If there is, you should reach out to the employee for reimbursement. Then, if an employee keeps making these charges (or it becomes clear they did it on purpose), you can pursue employee discipline as appropriate.

In addition to the card reconciliation step, if your employees put these expenses on their personal cards and seek reimbursement then you need to go through each expense report with a fine-toothed comb. Analyze each receipt to ensure that all expenses were appropriate and that transactions didn’t include prohibited items. Then, cut the employee a check (or add it to their paycheck) and record the transaction as usual.

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General ledger reconciliation

Although it might seem like reconciling each account at the end of the month, then at the end of the year is enough, you’d be wrong. A thorough accounting of your business’ expenses and revenues requires a general ledger (GL) reconciliation. Your GL account is a comprehensive listing of all financial transactions for a given period, recorded chronologically, and with a running balance. 

Most companies will have a general ledger for accounts payable and for accounts receivable, so you can see each at a glance. However, both of these include debit and credit entries. A GL reconciliation makes sure that everything is accurate.

Doing a general ledger reconciliation does more than simply record transactions, however. Your company’s general ledger is what they use to prepare financial reports. It includes not only income and expenses, but also savings, asset values, and debt accounts. In short, the GL account keeps track of your cash flow from beginning to end.

Preparing a GL reconciliation

Now that you understand the importance of a general ledger, it’s easy to assume that this is a complicated process. Back in the day, before modern accounting software, it would’ve been. For one thing, manual transaction recording is very error-prone, and the same transaction often gets recorded several times. Luckily, most of the process is automated now. With that in mind, here’s how you do a GL account reconciliation:

  • Make sure that beginning and ending balances match: Every account has a beginning and ending balance. If everything is in order, the beginning balance of one month is the same as the ending balance of the previous month. Verify that this is true.
  • Ensure your GL account information matches with bank statements and other records: In other words, make sure that there’s a matching receipt, earnings statement, purchase order, or other document for each transaction. 
  • Add correcting entries: A correcting entry compensates for an error in your recording. For instance, if you transposed $850 to $580, you’ll make a new transaction for $270. This ensures your cash flow is accurate.
  • Make adjustments: Use an adjusting entry to temporarily account for items that don’t show up on financial statements yet but appear in your internal accounts. For instance, a check that hasn’t cleared yet. You’ll need to remove these once the discrepancy resolves.
  • Generate a financial statement: Your accounting software will print out a financial statement that reflects general ledger information. These are the statements you use to apply for credit, solicit investment, or make business decisions.

General ledger reconciliations are a lot of work, especially if done manually. However, it’s an essential step for any company trying to provide accurate financial statements.

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General ledger reconciliation best practices

There’s no question that a general ledger reconciliation deals with a lot of information. After all, it includes every transaction on all accounts. To make sure that accountants and finance teams get reliable results every time, there are some best practices that everyone should follow:

  • Decide which accounts need more scrutiny: Some accounts have a lot more transactions and a lot more risk of mistakes or fraud. To ensure that your team operates efficiently, you should reconcile these accounts more often than low risk ones. This way, you’ll be able to focus on greater efficiency instead of wasting time on less important tasks.
  • Have well-defined processes: When there’s no confusion about how to record transactions and perform reconciliations in your company, you’ll reduce the number of errors.
  • Recognize that mistakes happen: One reason GL reconciliation is important is that people make mistakes. Don’t get angry when you make a mistake. Instead, fix it using GAAP.
  • Automate everything if you can: Briefly, the less manual work your team does, the fewer chances for error. Therefore, choose a software stack that lets you automate everything except the manual review that’s necessary when someone makes a mistake.
  • Make sure that your methods are still suitable: Even the best processes sometimes need to be changed. For instance, new regulations and changing business conditions often require businesses to change their practices. However, you must always have your general ledger reconciliation compliant with current GAAP.
  • Always supervise the process: Careful and competent management ensures that best practices are followed. In addition, you can tell stakeholders that you have adequate supervision of the financial team.

Best practices in general ledger reconciliation follow common sense closely. After all, having a set procedure and following it makes life easier throughout the business world. Make sure your procedures are consistent and that everyone knows them.

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General ledger account reconciliation example

It almost goes without saying, but balancing your general ledger gets more complicated as your business grows. Especially for businesses that are hiring quickly and just starting to sell a lot of product units, it’s easy to get overwhelmed because the number of accounts grows fast.

Let’s look at how reconciliation can work in practice.

As a hardware-heavy startup, you likely have a lot of expenses related to manufacturing your products. In particular, you need to do research and development, buy lots of components, rent a manufacturing facility with a warehouse, have offices, and pay employees. That’s in addition to the standard office supplies and administrative costs. 

To keep track of everything, you have more than one expense account, an accounts receivable that results from customer purchases, a credit card account, and an account for employee compensation.

When you perform a general ledger reconciliation, you’ll be matching each of these expenses to a line item in your budget. You’ll also ensure that all internal and external documents agree with each other. In practice, this means that you’ll make sure you spent the right amount on supplies, on rent or a mortgage, on payroll, employee benefits, and so on. From a receivables standpoint, you’ll double check how much money you have coming in from customer purchases and other sources.

Luckily, while this is a lot of work, you’ll be able to tell your investors and banks that your numbers are accurate. Likewise, when it’s time to pay taxes your accountant will be able to itemize income and deductions relatively easily. Everybody wins.

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POS reconciliation

Most industries have one thing in common: a point of sale (POS) or ordering system. This can be a cash register or similar in a retail store or restaurant, an online payment portal, or even computerized payment processing for companies that handle a lot of checks and bank wires.

No matter what kind of POS your business has (and it’s often more than one), you need to do POS reconciliation. This is the process of matching money in the register and other payments with your sales receipts or orders. Payments can include cash, checks, payment cards, PayPal transactions, bank wires, and more. The most important thing is to link these transactions with a sale.

But, how can we do that? With money coming in from so many places, it’s easy to be intimidated by the variety. However, a POS reconciliation is the best defense from fraud, chargebacks, theft, and errors.

There are several steps to performing a POS reconciliation:

  • Make sure your checks are closed: An open check will throw off your calculations. If you have an online ordering portal, pause payments until you have finished the reconciliation.
  • Grab your transaction report: POS terminals and ordering portals issue a report that lists all transactions. This should include pay-in and pay-out transactions if you deal in cash.
  • Match your transaction report and credit card receipts: Make sure that your cash register and the payment card slips agree. Matching records helps defend from chargebacks more easily. Record discrepancies
  • Make sure you have the right amount of cash: Every cash transaction should be logged, and the amount of cash in your register drawer should match to the penny. Record discrepancies.
  • Account for discrepancies: For instance, cash and credit card tips can make your records appear inaccurate at first. When you distribute the tips, you’ll fix the problem. The same goes with clerical errors to credit cards.
  • Log your sessions: If you know when a reconciliation was done the last time, and you can link reconciliation reports, it’s much easier to stay on track – and keep the accountant happy.

Credit card reconciliation process

For most of us, personal credit cards are a blessing and a curse. They’re a blessing because we can pay for something at the register without worrying about how much cash we have. But they’re also a curse if we have a tendency to overspend or carry a balance.

It’s similar for a business credit card account. Corporate cards are convenient, and they make it easier when a company needs to spend money at vendors who won’t take a purchase order. But they can be a problem when employees use them to overspend the budget or for improper purchases. This is one reason why credit card reconciliation is so important.

During the credit card reconciliation process, we make sure that each item on the credit card statement has a matching itemized receipt. Then, we follow up on any discrepancies, chase down employees for missing information, and resolve bank errors. 

Fortunately, with modern tools this process is relatively quick and easy. Most accounting tools let you upload bank statements through online banking, and more advanced ones have a receipt/invoice capture feature. In the latter case, you’ll add the receipt to your reporting period by scanning it into the program. Then, the software does the matching automatically and will let you know if there’s a discrepancy to follow up on.

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Credit card reconciliation form

By now, everyone should agree that the credit card reconciliation process is necessary. However, when it’s time to reconcile each credit card statement you want to do more than just match transactions. You want to track which employees authorized each transaction. If only one person is authorized to use the card, then there’s no issue. However, most business credit cards have the option of secondary cards for different employees, with all charges on the same credit card statement. This is similar to being an authorized user on someone’s personal credit card.

Do the employee cards create a nightmare for bean counters? Not usually. There are two major ways to track spending for each employee. First, many credit card companies will tell you which employee card was used right on the statement. In this case, you can tell who made the purchase at a glance, and then debit their department budget accordingly.

However, there’s a second way to track the components of your credit card balance. A credit card reconciliation form functions similarly to the old-fashioned expense report by letting employees report each transaction. These are also a good way to promote employee accountability, because it requires disclosure. 

A credit card reconciliation report is relatively simple to design and fill out (you can see an example here), usually with the vendor name and transaction amount, along with the purchase date. And of course, you should have employees hand over the receipt in the same envelope because it streamlines your credit card reconciliation process.

Overall, these are old-school tools, but they can be very convenient. This is especially true if your accounting software doesn’t perform the entire credit card reconciliation process automatically, or you want a backup paper trail.

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Credit card reconciliation software

Credit card reconciliation is less of a chore each month if you have the right software. A good piece of software will take scanned receipts and invoices, then compare them with each credit card statement. In addition, you’ll see how the recorded transactions stack up with the general ledger records.

Why is this important? Simply put, every financial datapoint in a company needs to be verified. Not only does this help your company to file its taxes and pass audits every year, but it helps ensure your employees are being honest. With careful expense management, a company can make a profit much more easily, grow more confidently, and borrow money when needed.

In other words, completing the credit card reconciliation process helps to secure the future of your company. You’ll stay out of regulatory trouble and be more financially secure. Consumer confidence is important, but so is investor confidence. If people in your company spend carelessly, your company might become another startup statistic.

Luckily, the right credit card software makes it easier to stay compliant and competitive. Ideally, your software will keep more than just the invoices and statements for your credit card account. Instead, a complete solution will track the spending categories for budget purposes. It’ll also have purchase orders or requisitions available in case there’s a problem. 

What does this mean in practice? You should choose a comprehensive purchasing and accounting solution for your company, and it should include credit card reconciliation tools. This way, you’ll have everything in one place. For instance, ControlHub tracks everything purchasing-related, then integrates with your accounting software. Whenever you need to do a manual review, the information is at your fingertips. 

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Netsuite bank reconciliation

Even though ControlHub is an awesome purchasing software suite, you do need a separate accounting software program to do reconciliation and other tasks. If you want to leverage the power of integrations, Netsuite is one of your options.

Because there’s an integration with ControlHub, the programs can fetch information from each other. In particular, you can get purchase order and requisition information into Netsuite practically at the push of a button. This means you won’t need to manually transfer the information using a thumb drive or other cumbersome methods.

Better yet, you can find out quickly whether or not your general ledger entries match with a purchase order. If you have a problem with maverick spend, then you can find it relatively quickly. Better yet, combined with credit card tracking, you’ll know who is responsible so the issue can be addressed.

In Netsuite, nearly everything is automated. For most accounts, you’ll open the relevant file, then import information from ControlHub and other sources. Then, click reconcile and see what’s missing. Correct any discrepancies, and you’ll have a reconciliation report in no time.

It’s really that easy.

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Credit card reconciliation QuickBooks

Another application that ControlHub works with is QuickBooks. With our powerful integration, you can autofill many of the fields that you’d normally have to fill out manually. For instance, the vendor information can be added to each transaction automatically. Then, the program will attach each PO and invoice to QuickBooks. 

This way, when audit time comes your accountant won’t have to look in several places to get all the pertinent information. Or, if there’s a discrepancy you’ll immediately have the documentation to start tracking down the missing cash. Reconcile credit cards, wire transfers, checks, and more with these powerful tools. QuickBooks makes it easy with their intuitive interface.

If this option interests you, let us know. We can do a live demonstration of how ControlHub adds information to QuickBooks so you can finish your reconciliation faster. 

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Must-Have Integrations for hardware-centric, procurement-heavy startups and mid-size companies.

In addition to simplifying administrative tasks such as the reconciliation and tracking of supplier invoices, ControlHub further streamlines the purchasing process through their PunchOut Catalog integrations with hardware leading providers such as McMaster-Carr, Digi-Key, and Mouser for hardware parts, as well as Amazon for office Supplies.


Who’s McMaster?

McMaster-Carr is one of the top 3 sources for industrial parts and pieces, and carries a wide selection of items from the tiny and mundane, to the large and complex.

When it comes to the type of goods used in a factory, if you can't find it anywhere else, McMaster-Carr is likely to have it in stock. They take pride in meeting the needs of their customers by providing an extensive inventory of products to ensure you can find whatever you might need.

What’s Punchout?

An integration of a Punchout Catalog with your company's existing procurement system provides a variety of advantages. Not only does it save time and money by streamlining the procurement process, but it also helps ensure accuracy by automatically adding purchase orders to the system. 

Furthermore, customers can shop the eCommerce site with the confidence that their purchases will be integrated seamlessly into the procurement system. This results in improved customer service, as customers can shop for products and know that their orders will be processed quickly and efficiently. 

How to integrate your company’s Procurement Process with McMaster-Carr?

Integrating with a Punchout Catalog has the potential to revolutionize the way your company purchases products. By automating the procurement process, your company can avoid costly inefficiencies and focus on providing customers with the best service possible. 

Additionally, Punchout Catalogs can make it easier to find the best prices and products, as well as provide additional customization and visibility into order statuses. Ultimately, this integrated approach can make your procurement process faster, more efficient, and more accurate.

By using ControlHub, the most intuitive purchasing software for hardware companies, these companies can automatically access Mc-Master PunchOut to streamline their purchasing processes.

With McMaster PunchOut, hardware companies can:

  • Access a wide range of hardware products from McMaster-Carr
  • Get real-time pricing and availability
  • Place orders directly from their ControlHub account

→ Click here to see how the McMaster and ControlHub integration work


Who’s DigiKey?

Serving customers in over 170 countries, Digi-Key is a go-to distributor for anyone looking for board-level components, semiconductors, passives, interconnects, electromechanical, power, batteries, and sensors. 

Boasting 1 million products from over 2,300 suppliers, the renowned global distributor offers an impressive selection. Plus, their competitive prices, quick delivery and helpful customer service make them an ideal destination for engineers at companies of all sizes around the world.

How to integrate your company’s Procurement Process with Digi-Key?

ControlHub is a user-friendly software that allows hardware companies to streamline their purchasing processes, saving them time and money. 

Not only does it give them direct access to the DigiKey PunchOut Catalog, but it also offers a range of features that make it an invaluable tool. For example, users can search products quickly with intuitive search solutions, create purchase orders in a single click, track and manage orders, and much more. 

The software's ability to simplify the purchasing process, increase efficiency, and provide greater control over spending make it a must-have for any hardware company. By utilizing ControlHub, businesses can significantly reduce costs and make their purchasing process more efficient and organized.

With DigiKey PunchOut, hardware companies can:

  • Access a wide range of hardware products from Digi-Key
  • Get real-time pricing and availability
  • Place orders directly from their ControlHub account

→ Click here to see how the Digi-Key and ControlHub integration work


Who’s Mouser?

Mouser Electronics is an industry leader in the design and manufacturing of electronic components, semiconductors, and related products. From automotive to aerospace to consumer electronics, their selection of components is used across a variety of industries.

With a global network of suppliers and partners, Mouser ensures customers receive the highest quality components at the most competitive prices.

How to integrate your company’s Procurement Process with Mouser?

ControlHub is the most intuitive purchasing software for hardware companies, providing a single sign-on, direct access to the Mouser PunchOut Catalog, and automated order synchronization to streamline their procurement processes. 

This software simplifies the purchasing process, making it faster and more accurate, and it also offers powerful management capabilities. It provides a central system to create, monitor, and modify purchase orders, as well as enhanced visibility into the purchasing process through real-time updates on order and delivery completion. 

In addition, ControlHub simplifies administrative tasks such as the reconciliation and tracking of supplier invoices, and provides robust analytics for better insights into the organization's purchasing and inventory operations. This allows businesses to optimize their purchasing procedures and increase efficiency, while providing detailed analytics to make better decisions. 

With Mouser PunchOut, hardware companies can:

  • Access a wide range of hardware products from Mouser
  • Get real-time pricing and availability
  • Place orders directly from their ControlHub account

→ Click here to see how the Mouser and ControlHub integration work


Integrating your company's procurement process with Amazon PunchOut via ControlHub can help you to save time and resources, as well as money. Not only can you access the Amazon PunchOut catalog with ease, but you can also request, approve, and track purchase orders in real-time. 

This can help you to make better purchasing decisions, as you can take advantage of advanced analytics to assess the cost-effectiveness of different items in your company's procurement process. Furthermore, you can eliminate the need for manual data entry and tracking, allowing you to continue to move quickly and efficiently without sacrificing accuracy.

By integrating your company's procurement process with Amazon PunchOut via ControlHub, you can help to guarantee that your procurement-heavy company has the necessary resources to succeed. 

How to integrate your company’s Procurement Process with Amazon?

By using ControlHub, the most intuitive purchasing software for hardware companies, these companies can automatically access Amazon PunchOut Catalog to streamline their purchasing processes.

With Amazon PunchOut, hardware companies can:

  • Access a wide range of hardware products from Amazon
  • Get real-time pricing and availability
  • Place orders directly from their ControlHub account

→ Click here to see how the Amazon and ControlHub integration work 

Key takeaway

There’s no question that credit card reconciliation is a tedious process, especially if you do it manually. However, if you don’t reconcile accounts you’re heading straight for regulatory trouble (not to mention the wrath of investors). Reconciling accounts ensures that every penny is accounted for, and that any errors are corrected. In addition, you get to track which employees spent what money, so you can charge the right budgets.

Luckily, software makes credit card reconciliation easy, especially with ControlHub’s awesome integrations. Everybody wins.


Which account typically carries a credit balance?

In accounting, there are several types of accounts: credit cards are far from the only one. However, they are a type of liability, which is part of the answer to your question. Credit cards have a balance that grows throughout the month, and which gets paid off monthly. You’ll almost never see a credit card statement with a negative balance, and if it does there’s an overpayment. The same is true with other liabilities, like business loans.

Another kind of account that has a credit balance is revenues. In other words, the amount of money you have coming into your company each month. Whether revenue comes from loans, sales, dividends, or investments, it’s always an increasing number. Of course, you want to make sure that your company’s loans are more than it can reasonably repay, and that you’re making a profit over time.

Finally, there’s equity. Simply put, equity is the extent to which someone owns something. The best-known examples of this are cars and homes. As you pay off a mortgage or car loan, you gain equity. And if you owe more than the asset is worth, you get an “underwater” loan-one of the few exceptions to an equity or loan account having a debit balance.

What does it mean to Reconcile Payments?

Reconciliation is the process of matching transactions in a financial statement with receipts, internal records, and the general ledger. You might call it making sure that everyone is on the same page. It’s also a critical step for preparing financial statements that you can use for regulatory and other purposes, like getting a loan.

When you reconcile accounts, you must ensure that everything is accurate to the penny. Often, you’ll find minor errors that result from copying information wrong, and sometimes a bank or vendor will make a mistake. To finish the reconciliation process, you’ll need to account for each of those discrepancies. Sometimes it’s as simple as a small correction entry or a call to the bank. In other cases, you might have an issue that needs to be discussed with employees.

What are you primarily doing when you reconcile your checking account?

When you reconcile a checking account, you’re matching receipts and other internal records with the information on your bank statement. This process takes into account not only checks and debit cards, but also deposits and other credits, such as interest.

For many businesses, there’s more than one checking account. There is usually a payroll account that covers labor costs and potentially benefits. Then, there will be another account (or many) that covers other expenses like rent or supplies. In this case, you’ll need to make sure that you have the internal purchase records broken down by which account the expenses come out of. 

Another thing you’ll need to be careful about is outstanding checks and other anomalies. Sometimes people don’t deposit your check in a timely manner. Or, you might have a wire transfer fail because the account you sent money to was closed. In this case, you’ll add a clearly marked adjustment that accounts for the discrepancy (and zeroes out the reconciliation).

What is GL reconciliation?

First, let’s define the term GL, which stands for General Ledger. This is the record of each and every transaction a business does during the year, from buying a ream of paper or selling a widget down to paying rent or buying factory equipment.

GL reconciliation is the process of matching every transaction of the general ledger with bank statements, sales receipts, and other documents. For instance, most businesses will have a rent receipt, several credit card statements, and myriad bank statements. When you perform a GL reconciliation, you’ll make sure that everything agrees down to the penny. And, if there’s a discrepancy, you’ll have to find the source and address it before closing the books.

Sometimes, the reconciliation process will expose financial issues that need to be fixed. For instance, an employee might have forgotten to give you a purchase receipt. Or, there might be an unauthorized charge or a bank error. All of these problems must be addressed as appropriate, from making an employee find the receipt to calling the bank or seeking reimbursement for improper charges.

What is expense reconciliation?

Expense reconciliation is the process of making sure that a business’ expenses are what they should be. In particular, you do this type of reconciliation by matching business expense items on financial statements with internal records.

Perhaps this is better explained with an example. Every company has expenses, such as rent, payroll, supplies, and marketing. As you incur and pay for these expenses, you’ll record them in the general ledger. However, there will also be receipts. At the same time, your bank accounts will have money coming in from product sales, investor capital, loans, and other revenue sources. 

Expense reconciliation will ignore the money coming in, and only focus on what’s coming out. You can also perform this process with specialized datasets, such as making sure that travel expense reports only contain authorized items, to reduce fraud.

What is reconciliation credit card?

In a nutshell, a credit card reconciliation makes sure that the line items in a credit card statement match with internal records and register receipts or invoices. This way, the company can make sure that there isn’t any missing money, and there isn’t any extra money either. Accountants accomplish this task by comparing all documents and internal records with the bank statements, then tracking down the cause of any discrepancies.

The reason companies do this is to ensure cashflow is accurate. The process also guards against fraud, bank errors, and staff oversights. In this way, reconciliation for credit cards is an important step in producing accurate financial statements that are used for regulators, banks, and investors. Today’s business climate demands transparency, and reconciliation credit card delivers.