Brex and Fiskl: Streamlining Spend Management and Accounting for Global Businesses

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5 min. read

In today’s fast-paced business world, companies are constantly seeking ways to optimize their financial processes and gain a competitive edge. One such solution is the integration of Brex, a spend management system, with Fiskl, a best-in-class multi-currency accounting platform. By combining the strengths of these two systems, businesses can achieve incredibly accurate books and impossibly fast financial closes.

Brex offers a comprehensive spend management solution that includes bank accounts, card issuing, and expense management with approval flows. While Brex is not an accounting system itself, it seamlessly syncs with accounting systems and ERPs like Fiskl, enabling a closed-loop accounting system that allows teams to automate the review of thousands of transactions more efficiently every month.

One of the key benefits of integrating Brex with Fiskl is the synchronization of data between the two platforms. This eliminates the need for manual uploads and reduces the risk of errors. Fiskl’s customizable chart of accounts and AI-powered reconciliation further streamline the accounting process, making it easier for businesses to categorize spend in real-time and map Brex to their ERP using custom rules and field entries.

For companies operating globally, the Brex-Fiskl integration offers a unified solution that simplifies multi-entity controls and localized expense policies. Fiskl’s best-in-class multi-currency accounting capabilities enable businesses to manage their finances across different currencies and regions, while Brex provides the necessary spend management tools to ensure compliance with local regulations.

Case Study: Multi-Currency Made Easy

Let’s consider the case of a multinational company with subsidiaries in the United States, Europe, and Asia. Prior to integrating Brex and Fiskl, the company struggled with managing expenses and reconciling accounts across multiple currencies. The manual process of tracking receipts, checking for accuracy, and recording entries in the general ledger was time-consuming and prone to errors.

By implementing the Brex-Fiskl integration, the company was able to automate its expense management and accounting processes. Brex’s spend management features, such as budget setting and auto-approval of in-policy expenses, streamlined the expense tracking process. Meanwhile, Fiskl’s multi-currency accounting capabilities allowed the company to easily manage its finances across different regions.

The integration also enabled the company to collect and store VAT information for compliance with local tax regulations. This not only saved time but also reduced the risk of non-compliance penalties.

With the Brex-Fiskl integration, the company was able to close its books in hours instead of weeks. The AI-powered reconciliation and customized mapping rules automated the general ledger coding, while the sync feature ensured that all data was accurately reflected in the ERP system.

The Results

By leveraging the Brex-Fiskl integration, businesses can save up to 250 hours per year on accounting tasks. The automated receipt generation, AI-powered data checks, and customized mapping rules significantly reduce the time and effort required for month-end reconciliation.

Moreover, the integration provides real-time visibility into company spending, enabling better decision-making and more effective financial management. The ability to customize policies for local markets, currencies, and tax regulations further enhances the system’s flexibility and adaptability to the needs of global businesses.

In conclusion, the integration of Brex and Fiskl offers a powerful solution for businesses looking to streamline their spend management and accounting processes. By combining the strengths of these two systems, companies can achieve incredibly accurate books, impossibly fast financial closes, and gain a competitive edge in today’s dynamic business landscape.

Ready to take your business to the next level? Experience the power of the Brex-Fiskl integration for yourself. Sign up for Fiskl today and unlock the potential of streamlined spend management and multi-currency accounting. With Fiskl’s user-friendly platform and expert support, you’ll be up and running in no time. Don’t miss out on this opportunity to save time, reduce errors, and gain unparalleled visibility into your company’s finances. Join the countless businesses already benefiting from Fiskl’s best-in-class accounting solution. Start your journey towards incredibly accurate books and impossibly fast financial closes today.

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