Why you need an efficient reconciliation system and How ReconHub can increase your ROI
The better your reconciliation process, the better the flow of funds throughout your company.
As a large to medium enterprise, payment reconciliation is a vital part of your accounting process. One to which significant company funds and resources may be allocated because, at the end of the day, the process is there to ensure you receive all money owing to you from customer sales.
Manual Processes which Stall Income Growth
Businesses often start off by dedicating essential staff to the task. Their job may involve:
> Manually checking sales and accounting records.
> Researching and determining the terms for each type of transfer.
> Chasing missing documents from banks and other institutions.
> Checking the same transactions multiple times due to time differences in receiving the funds or receiving the financial statements.
> Logging in to the various back-office portals of your contractual partners in order to obtain an overview of remuneration data.
Taking the first steps towards efficiency, companies may have already automated some reconciliation processes. Partial automation certainly helps staff reconcile better, however, whatever cannot be sufficiently checked manually, will increase financial inaccuracy and leave funds owed to your business uncollected.
Some important processes which can be automated include:
> The collection of turnover data.
> The collection of remuneration data.
> The collection of bank data.
Going further, matching data on a single transactional level would give your business the ability to really pinpoint where payment collection problems exist and what can be done about them. This would involve firstly matching your turnover with remuneration data, then matching turnover with bank payments . Working in a two cycle process means you cover all possibilities and work at the detailed rather than on the aggregated sales income level.
Your financial accounting system need not involve separate reconciliation work either. An automated system which posts directly into designated accounts eliminates having to manually check those accounts as well as the risk of errors. Additionally, your sales and accounting data will continuously be up-to-date with unreconciled income highlighted consistently.
Being alerted to problems as they arise gives your enterprise a competitive edge. An automated system recognises incorrect or incomplete turnover, remuneration or bank data as the data comes in, meaning you can act on closing those income gaps as soon as they arise.
Multiple vs One Easy Interface
When your enterprise works with multiple payment partners, each have their own back-office portal through which your enterprise interacts. This means multiple logins for your staff to keep track of plus having to train staff in the use of each platform.
Payment reconciliation with this set-up, therefore involves moving and comparing data between portals, sometimes doubling the work done by creating new internal comparisons or spreadsheets from data already sitting there.
For your enterprise to be on top of the reconciliation process, you need a system, such as ReconHub, which integrates that data into one platform. ReconHub is a single platform that generates detailed analysis and comparisons of all payments no matter from where they are derived. Utilizing this system saves you vital resources plus provides a constant overview of how funds are flowing and where funds may be missing.
Your accounting system is another interface needed for the reconciliation processes. With staff required to navigate yet another platform and manually check where payments appear. Once again, having your accounting system linked to the reconciliation process means all the relevant data is collected for you in one place.
Grow your Gains with Full Automation
With an automated payment reconciliation platform like ReconHub your staff can log into one, easy to use interface. Giving your enterprise,
> The ability to view payment flows against company financial data all in one place.
> Automated linkage with your financial accounting system.
> More income due to fewer losses from non-reconcilable transactions.
> Reconciliation on the single transaction level.
> Customizable transaction and compensation reconciliation rules.
> Time for your staff to focus on more profitable tasks.
> The ability to better expand your business.
Reconciling on the single transactional level means your enterprise gains from accurate information about every transaction. No longer must you guess the underlying issues using data based on daily totals which group large volumes of sales.
Additionally, the ability to see each transaction when reconciling your payments, gives you an overview of which transactions have successfully been reconciled and which have not yet been. Your staff are then able to use their time much more efficiently by looking specifically at those unreconciled transactions. With ReconHub you have all the key information at your fingertips. Such as the date, transaction, organizational units and terminal ID for each individual transaction.
For a large to medium enterprise, the decision on whether to expand locations, size or range, for example, is a central business consideration. Automating the payment reconciliation process means there is no longer a trade-off between profitability loss from manual reconciliation and the vision for expansion. Your enterprise can dedicate the staff and resources freed by automation to achieving your high-level business goals.
The Profits ReconHub Users Win
By automating payment reconciliation, you want to see a concrete impact on your bottom line. Specifically, that the costs involved fall while your ROI rises with business expansion.
What does this mean for your business practically? For long-term success your business needs to carry out payment reconciliation more efficiently. ReconHub gives you the ability to do that along with the flexibility to easily expand with additional payment methods and contractual partners in the future.
With full automation, the costs your enterprise saves steadily accumulate over time. Benefits resulting from this system means,
> You no longer need multiple business bank accounts.
> You save on administration fees for opening and closing bank accounts.
> Account management fees are eliminated.
> Staff have less administration tasks and can focus on closing more leads
> Archival and storage of paper statements become unnecessary.
> Accuracy from automated posting of acquirer fees leads to better and more transparent sales reconciliation per payment method.
Investing in the ReconHub system, therefore, enables your business to save on numerous levels. Many of which begin accruing soon after implementation.
When struggling to expand their business and add new organizational units due to an extremely inefficient reconciliation system, clients turn to Abrantix. After integrating ReconHub into their processes, the issues making growth difficult are finally resolved.
ReconHub clients have covered their investment cost in just over one year. Experiencing such great success that they no longer fear the possibility of their business opening a substantial number of new branches.
Grow Your Business with the Right Investment
Manual processes limit not just income growth, but rather affects the efficient functioning of your entire business. With payment reconciliation taking such a central role in the financial health of a business, automating the process is an investment for the long-term. The gain in efficiency brings savings and unlimited opportunities for future growth.
Do you want to discuss, learn more about ReconHub or simply have more questions?
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