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How to perform an automatic reconciliation with a payment solution?

Bank reconciliation is an essential process for companies because it allows them to ensure that all their invoices have been paid, in order to know their cash flow level. The stakes are high when you consider that cash flow problems are the cause of 25% of SME bankruptcies. In France, only 58% of invoices are paid on time. We will see how the automation of bank reconciliation can become a performance lever for companies.

Summary

What are the limitations of manual bank reconciliation?

Although it does not involve a high level of complexity, bank reconciliation on Excel does generate a cost and an extremely time-consuming work because it requires many steps. Indeed, companies now deal with several bank accounts, both suppliers and customers. A bank account can contain hundreds or thousands of supplier and customer invoices. In these conditions, making thebank reconciliation statement takes an infinite amount of time for the accounting or financial teams, when they could be concentrating on other tasks.

In addition to the considerable amount of time required, manual bank reconciliation has other disadvantages:

  • It can generate human errors during data processing (duplication of information, typing errors...);
  • The Excel file on which the bank reconciliation is performed does not guarantee the security of the data entered.

Since manual bank reconciliation is the source of many constraints, it is in the best interest of companies and their teams to switch to automatic reconciliation!

Save time with automatic reconciliation

Fintecture has developed an innovative payment solution to automate bank reconciliation. The Virement Intelligent can be used by all corporate customers. A genuine alternative to the traditional bank transfer, the Intelligent Transfer integrates a personalized IBAN and a proprietary reconciliation algorithm for complete and instantaneous automation of bank transfer processing and follow-up, enabling improved financial management and better anticipation of working capital requirements (WCR) to preserve cash flow .

To make the automatic reconciliation process even smoother, we have created an interface dedicated to corporate cash receipts, which fits perfectly into an order to cash process. Thanks to it you can :

  • Centralize and control all your cash receipts in real time to act more quickly on payment anomalies (unpaid, partial payments);
  • Automate customer reminders in case of unpaid bills;
  • Receive real-time notifications as soon as funds are received;
  • Free up your outstanding receivables faster;
  • Synchronize your accounting data quickly, especially for mass mailing of payment links;
  • Mitigating human error; 
  • Secure the data entered.

We note on the average use of our solutions by our customers :

  • A saving of 95% of the time of the accounting teams on the bank reconciliation;
  • 0 unidentified payments.

3200,00 €

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