Reconciling or matching the incoming/ outgoing invoices with the debit or credit transactions is highly important for every business to maintain cash flow, to avoid fraud and to overcome human errors. Reconciliation is a labour-intensive process, needs hours of hard work, patience and understanding and needs to be automated with the aid of a powerful tool.
What is automated reconciliation?
Automated reconciliation, achievable through an automated reconciliation software, is meant to automatically match the invoices, accounting records and the transactions on the bank account.
Why automated reconciliation?
Our sales team once met a business owner in Bangalore who shared that his accounting team in the previous month found a mismatch of 100000 INR and was unable to tally. The reconciling process was full of anxiety, stay backs, and arguments consistently for few days. They generally get a mismatch every month, but the difference was extremely high this time. So, he had to suffer loss and needed to automate reconciliations.
This is a story of most businesses as manual reconciliation is a repetitive, error prone and time and labour-intensive process. The accounting team needs to manage multiple ERPs, Bank accounts, manage invoices, taxes, receive payments via multiple mode and keep a track of them, and pay out to vendors/ suppliers. A payment reconciliation software/ an automated reconciliation software/ a balance sheet reconciliation software
Automated reconciliation can reduce cost and time, protect a business from financial risks, help smart management of audits and increase fund flow to a business. To expand your business, to understand business health and to see constant profit and growth, automated reconciliation is important.
What more do you get through automated reconciliation?
- Employees remain satisfied and find time to analyse and participate in business development.
- No need to juggle with multiple software.
- No need of manual data entry in Excel
- No need of paper-based invoicing and reporting
- Limited human intervention required, so hiring expenses may be controlled
Read our article: Click Here to know why in modern business scenario, manual reconciliation needs to be replaced by automated reconciliation.
How do you automate reconciliation process and how do you improve reconciliation?
Can businesses achieve complete automation?
You can automate and digitize the accounting process completely and can benefit through the auto reconciliation on real time with the help of automation tools on Hylobiz platform. Sign up for free.
Hylobiz enables you to easily manage the critical stages of the reconciliation life cycle and enables faster, easier, and cheaper access to working capital. Click here to connect with us for fully automated reconciliation.
Automated reconciliation on Hylobiz:
Hylobiz offers the most desirable tools and features that digitizes the accounting process of a business in today’s fast developing digital world and automates reconciliation completely.
1. ERP integration
You can seamlessly integrate your accounting software/ ERP with Hylobiz one stop solution enabling the system to track financial data and transactions accurately. Hylobiz is pre integrated with multiple ERPs quickbooks, ZOHO and Tally. There is no need to compare invoices manually as they sync automatically well. If a business is not using any ERP, it can also upload the transactions using an Excel sheet.
2. Banking partners
Hylobiz, in partnership with multiple banks and NBFCs allows you to manage accounting with multiple bank accounts and enables auto reconciliation on real time. The dashboard is designed to reflect the reconciled data on real time.
3. Invoice management
You can create, upload, and send branded invoices through WhatsApp, Email and SMS. There is no need to procrastinate the sending of invoices. Hence you get paid on time and Hylobiz platform tracks that well and auto reconciles instantaneously.
4. Automated reminders and faster payment collections
The customizable automated reminders enable payment collections digitally on time via multiple modes of payment in partial or in full. You can receive payments via Debit/ Credit cards, Net banking, UPI. The agents are tracked well on Hylobiz enabling you to track every payment and invoice.
5. Pay out without delay
You can easily track and pay out for incoming invoices to suppliers/ vendors without any delay. This enables you to overcome your dues and enjoy good flow of fund to the business. The record is tracked and reconciled automatically.
The platform offers connected banking and enables quick settlement and auto reconciliation on real time.
However, there are lot more that you can get when you are registered on Hylobiz. You can build a trustworthy partnership/relation with clients and suppliers. This transparency and trust enable you recover dues more easily and faster than before and get continuous supply of materials from your suppliers.
Try out Hylobiz to grow better relations with customers and suppliers, manage financial data and transactions efficiently, collect and make payments on time, analyse risk, reach organizational goals and grow your business steadily.
Hylobiz is continuously upgrading and is providing competitive services at affordable price and is thus the choice of multiple businesses of all size across industries in India and UAE.
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