Matching and Reconciliation

Speed up your cash with automated reconciliation

Automate your accounts receivables

Recouping revenues and making them quickly available for effective use elsewhere in the organization is a key target for any AR department. In order to do this efficiently there needs to be a highly automated bank account reconciliation process and cash accounting process.

Challenge

Pain points of AR reconciliation

At the heart of the accounts receivable function, is the reconciliation process.​

When a payment comes in, it needs to be quickly allocated to the right customer and the right customer invoice to make the liquidity available for efficient use elsewhere in the organization.​

The AR function is well-placed to strengthen an organization’s cash flow, improve its working capital and even enhance customer satisfaction. The downside is that the invoice-to-cash process is known to be complex and cumbersome, and challenging to automate. In most organizations, handling incoming payments is a manual and time-consuming process.​

Yet, AR departments and SSCs are faced with the challenge to do more with fewer resources while being aware that accurate financial information is needed quickly.

Solution

Take the proactive approach

AR excellence is laid down in the first steps of the order-to cash process. You should pay attention to the following:​
  • Enable close collaboration between​
  • sales and finance to determine payment terms that suit both your business and your customers.​
  • Adopt clear policies for issuing credit​
  • to customers and a culture that ensures that the established policies are also followed in practice​
  • Digitalize AR-related processes​
  • Demand more detailed payment information from your bank account statements – XML-based CAMT material supports the AR reconciliation process better than basic MT940​
  • format.​
  • Improve your ability to allocate incoming cash correctly and quickly to be able to identify outstanding payments and take appropriate action to collect your receivables.​
  • Complete the automation and finalize account statement processing with automated posting utilizing the information gathered in reconciliation.

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Solutions

Liquidity

Liquidity for cash visibility and forecasting.

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Reconciliation

Streamline and automate transaction processing

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Payment

Secure payments, anytime and anywhere.

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