More visibility into purchases means easier reconciliation for business accountants
Visa has become the first payments card provider to give commercial customers in the UK the ability to have a comprehensive view of all their purchases on Amazon Business.
Users of Barclaycard, Citi, HSBC and Lloyds Bank commercial accounts will have access to line by line item details on all their purchases made through Amazon Business, with the idea of making reconciliation, the process of ensuring two sets of accounting details are in balance, an easier process.
Visa visibility into Amazon Business
“For most businesses, back-office activities such as corporate account reconciliation can be a tedious chore that eats into valuable productivity. So we’re delighted to be partnering with Amazon Business and four of the U.K.’s leading financial institutions to streamline this process,” said Kevin Jenkins, regional managing director, of the UK and Ireland region at Visa.
“By bringing together data from Amazon Business purchases and Visa’s processing in collaboration with our bank partners, we will ultimately help our UK commercial account holders spend less time reconciling their purchases, giving them more time to spend on their businesses.”
While hardly the most ground-breaking addition to Visa’s business payments feature set, the process of business accounting can be a dull and time-consuming process especially when it comes to ensuring an account’s balance matches the money claimed to have been spent.
As such, having tools and access to data that streamlines the process is likely to be a boon for business accountants, and could help free up time for them to carry out more high-level accounting tasks and potentially find ways for their organisation to spend or save money more effectively.
Alongside this visibility, Visa is also providing Amazon Business customers with free one-day shopping on order of more than £30, VAT-exclusive pricing and invoicing, the option to add purchase order numbers to order, and customised account management tools that enable users to set up multi-access accounts and set spending limits.
Such additions to business services are indicative of the rise of digital transformation among enterprises and the need for services to facilitate their adoption of the doctrine.