- Centralize both AP/AR reconciliations in one single tool
- Automate matching of incoming payments to open invoices
- Automate matching of vendor statements to internal payables
- Gain immediate insight into timing delays for aging analysis and process improvement
- Quickly identify any real discrepancies and post them to your GL
Automation in Accounts Payable reconciliation (AP Recs) and Accounts Receivable reconciliation (AR Recs) can relieve accounting folks of a tremendous daily burden. Regardless the size or industry domain, every company ploughs through heaps of transactions with its usual counterparts. Whether it is supplier invoices, utility bills, or client credits, their timely resolution have a significant impact on the cash position of the company. However, manual monitoring, ticking out and exceptions investigation is a daunting task, and slowness or disorder in completion can reveal tangible losses via thorough financial reconciliation.
The automation of Accounts Receivable becomes a pressing issue with the rising complexity of payments methods, information channels, and client preferences. ReconArt™ supports automatic import and enrichment of data following relevant repetitive patterns. Enrichment rules are retrieved from external reference data sources stored as lookup tables. The timely recognition of proceeds from product and service delivery is essential to the sound financial reporting. The smooth processing of receipts from invoices in the pipeline and their prompt record in the ERP system bolsters visibility and therefore, partnership trust.
The automation of Accounts Payable guarantees compliance with formalized business priorities and rules. Partial payments no longer create hustle as multi-sided matching functionality of ReconArt™ navigates each transaction through its entire lifecycle – from the external data source to the GL. The swift identification of overdue payments and their settlement in accordance with predefined business logic is at the core of the powerful matching engine.
- Incoming e-payments need to be allocated to respective client account and open invoice
- The authorization of vendor payments must be aligned with agreed terms
- Transaction attributes may lack detail and require case-by-case investigation to pinpoint
- Delays in payments incur additional cost such as fees, penalty interest rates, etc.
- The treatment of faulty postings and overpayments should follow a standard procedure