In a survey conducted by Aberdeen Group, 65% of respondents cited the demand for timely information as the greatest pressure on finance and accounts payable teams today. Accounts payable payment reconciliation is a major impediment to this visibility and delays the financial close process. Manual payment reconciliation is error-prone, slow, and involves stitching together data from different bank statements, invoice details, and payment methods. That’s time the finance staff can better spend on higher-value activities such as improving financial and business analysis and exposes your business to audit risk.
But many accounts payable organizations still resort to downloading bank statements, and reconciling payments offline by manually indexing, normalizing, and associating transactions through some type of spreadsheet kung fu. This often takes days and makes monthly and quarter close a stressful time. In addition, if a payment hasn’t cleared, it’s still on the books, even though it might not be remitted by the bank.
Accelerate Your Financial Close
With Tipalti and its integration to major ERP and accounting systems like NetSuite, you get instant payment reconciliation. Payment remittance results automatically populate into the invoice and vendor records for faster, more accurate reconciliation and general ledger reporting.
- Reduce hours spent manually reconciling offline using spreadsheets
- Slash your payment reconciliation and financial close cycle time down from weeks to days
- Reconcile payments directly into ERP in real-time across every payment method (ACH, global ACH, wire transfers, check, PayPal, etc.)
- Auto-highlight unmatched transactions between payout bank account statement and payout instructions, including rejected payments
- Gain detailed knowledge into every attempted and executed payment
- Direct reconciliation data based on specific global business units