Reconciliation is a complex and time-consuming process for businesses, especially when dealing with bank transfers, different payment providers such as GoCardless and Stripe, invoicing software, and maintaining customer or supplier payment records.
Payable consolidates all your different data sources, allowing you to understand what is owed and what has been paid at any given time, in real-time. Given the time sensitivity of receiving payments and the variance in how long it takes for customers to pay off invoices, it's essential to reconcile transaction data promptly to improve liquidity and decrease your Days Sales Outstanding.
Our reconciliation product offers several features that allow you complete control of your finances:
Accounts Receivable automation
Accounts Payable automation
Categorisation against the Chart of Accounts
Once you have connected your accounts, all transaction will be pulled into the Payable platform. All the transactions that can be automatically reconciled will be allocated against client, vendor or Chart of Accounts.
This gives you a comprehensive view of every transaction in your system.
Once your bank and payment provider transaction data has been reconciled into virtual accounts, they will be matched against any payments you expect to send or receive.
This, combined with balances on these accounts allow you to automatically categorise and track all received payments and unexpected holdings.
Our reconciliation logic learns over time, recognising names, references, and values within your organisation. Where there is a no exact match available, we will give you suggested matches, with a grading of the likelihood.
This minimises manual reconciliation efforts.
We track the debits and credits across each account to provide you with a comprehensive view of your business with a total overview, bank and customer account level. We simplify the management of virtual ledgers by mapping different payment formats to a series of sub-accounts in the background, enabling you to maintain control over payments in and out without requiring a deep understanding of technical accounting movements. You simply connect your banking and payments data and we do the rest.
For payments that cannot be automatically reconciled, we offer suggested matches to make the process as straightforward as possible.
Bid farewell to manual reconciliation at month's end, and reduce the risks and errors associated with tracking your funds. Enhance efficiency, increase accuracy, report in real-time, and ensure regulatory compliance with Payable.
Click here to sign up for a demo, then you can start reconciling payment data instantly.
Updated 7 months ago