Hylobiz electronically manages the accounting system and automates reconciliation.
All businesses across industries can see good profits if they automate the tedious reconciliation process with the help of an effectual Fintech.
What is Account reconciliation?
Account reconciliation is all about comparing financial records or transactions to check whether two sets of data are in agreement, to avoid error and to run a profitable business.
Why is it important to reconcile?
· To maximise the return on investment,
· To catch fraudulence in business and accounting,
· To detect accounting errors,
· Increases cash flow,
· Saves money.
Challenges involved in manual reconciliation:
· Involves lot of transactions and records across multiple devices, spreadsheets, and documents
· A very tedious and error ridden process
· Labour intensive process demanding long hours of manual work
· Needs sound knowledge and understanding of accounting and business
· High level of patience and diligence required
· Settlement timeframe does not match the rate of transactions done by a business, creating a mismatch
Can you automate bank reconciliation?
Yes, absolutely with the use of correct tools bank reconciliation automation is possible. A Fintech with auto reconciliation and multiple other features does best in this regard.
How do you automate reconciliation process?
An efficient Fintech like Hylobiz can help you get rid of the difficulties of manual reconciliation. With Hylobiz the transactions are settled very quickly and gets electronically reconciled at realtime in the platform and also with the connected ERP automatically without human intervention once they get posted after processing.
What are the major benefits of electronic reconciliation?
1. Saves time
2. Eliminates error
3. Improves visibility and transparency
4. Highly accurate irrespective of the volume of transactions
5. Satisfies employees
6. Helps take better decisions
Hylobiz electronically manages the accounting system and automates reconciliation.
Hylobiz can digitize your accounting system, accurately record finances, can manage and track transactions, manage invoices, pay, and collect payments digitally faster and reconcile automatically.
· money involved reflects on accounts,
· automated realtime reconciliations and daily settlements strongly record financial data and tracks transactions accurately,
· daily settlement and automatic payment transactions report gets populated,
· ability to import structured csv or excel statement files.
Do email us on support@hylo.biz.
You may Sign up on Hylobiz or may seek a free demo.
Read the blog originally published here : https://hylo.biz/6-benefits-of-automated-reconciliation-for-businesses/
