The designed Product helps SMBs & Enterprises to automate the Recon process and replaces it with a centralized online system. It retrieves real-time balances, carries information and open items from prior periods, and compare data from the bank statement, reverse feeds and invoices. Data with audit trails can be stored in the database. Rule-based tool will help the Organization to monitor the process and create dashboard exceptions that illustrate company’s Fund flow.
Merchant Recon solution works on two separate parts:
The expected credits from respective Payment aggregators and or from respective typed Banks on the agreed TAT. The Software validates the listed transaction credits with the Bank statement by sighting the funds with "Straight Match", "Parameter based Match" & "Manual atch" mechanisms. The Refunds and Chargeback adjustments are validated Online and Offline transactions as well. Hold - Release and reserved funds related transactions repository is monitored by our software based on the consumption report. The Exceptions like Short Credit or Excess credits are identified and highlighted to the respective Stake holders to take action toward closure.
The Exceptions like Short Credit or Excess credits are identified and highlighted to respective Stake holders to take an action towards closure, With regards to the Recon, the individual Sub—Merchant Vendor Payments, Payroll payments etc are considered in part. The Bank statement from Debit entries are knocked off based on the transaction level data. The P&L, control accounts Recon, Current Accounts Recon, Escrow Accounts Recon are managed into the developed Software.
Match bank transactions and internal transactions from multiple sources to each other. Establishes matching rules specific to one or multiple. Matching transactions rules solve differences by using inbuilt configuration.
Identify exceptions, highlight to respective stake holders, track follow up attempts and roll forward issues into subsequent periods, and resolve via a manual matching clean-up method.
Charges from various channels like Banks, Aggregators, suppliers etc., will be computed and readymade MIS can be published, that helps settling invoice payments smoothly.
Generate reports of unmatched records, Unidentified Debit or Credit entries in Bank Statement. Establishes real -time fund position. Historical trend analysis, Comparative analysis
Any business can benefit from the use of reconciliation software through in built automated algorithms. Fund Management, Invoice Match are a few of the immediate benefits offered to the company looking to use bank reconciliation software. Businesses with the larger scale will benefit even greater while handling multi-entity accounting or multi-currency accounting and managing multiple bank accounts across different businesses.