How to reconcile an invoice? Hylobiz automates the invoice reconciliation process
The process of tallying the bank statement with the incoming and outgoing invoices so that the accounts get balanced is called invoice reconciliation.
Importance of invoice reconciliation
· Spot the minor and major billing error,
· Detect frauds,
· Maximize the Return on Investment,
· Improve cashflow,
· Provide accurate financial data and report,
· Give stability to business,
· Improve operational efficiency and customer satisfaction rate.
Steps involved in reconciling invoices
Step1: Organize the invoices.
Step2: Double check the amounts for invoices paid to vendor or collected from clients.
Step3: Mark appropriately the mismatched and confirmed invoices.
Step4: Check for extra charges and look for discounts if correctly applied.
Step5: Add up the invoices and tally them.
Manual vs Automated Invoice Reconciliation
Sometimes businesses find it difficult to reconcile as they need to track a lot of transactions and multiple records over spreadsheets and documents.
It is thus a primary requirement for every business to take the support of an efficient digital fintech platform, like Hylobiz, for digitization of their accounting process and get the support of automated invoice reconciliation process available on the platform.
How do you automate invoice reconciliation with Hylobiz
The pre integrated ERPs and digital ledgers can record and track financial data and transactions accurately. However, if you are not using any ERP in your business, you may upload the transactions using an Excel sheet.
Invoicing becomes easy with Hylobiz.
You can digitize your collections and get paid faster
You can pay out to your vendors
Reconciliation process gets automated with Hylobiz.
- The money spent is reflected on accounts.
- Automated reconciliations and daily settlements
- The payment transactions report gets generated automatically.
All invoices and purchase orders get populated in a single report with unique payment identity number and you can access the reconciliation report anytime and from anywhere.
Please contact us at firstname.lastname@example.org.
Read the blog originally published here : https://hylo.biz/how-to-reconcile-an-invoice-hylobiz-automates-the-invoice-reconciliation-process/