Simplify payment reconciliation
Reduce time spent matching payments manually. Minimise complexity and achieve effortless financial accuracy.
Automate transactions matching
Automation can handle a significant share of the payment reconciliation process, allowing for an accurate picture of your true cash balance.
Automate reconciliations
Payments Matching engine
Receive perfect and suggested matches based on a comprehensive scoring system that considers the amount, invoice number, name, and date of your invoices and payments.
Set up your rules
Standardise the reconciliation process
Confirm one-to-one, one-to-many, and many-to-one matches, with the ability to account for potential discrepancies arising from foreign exchange rates and bank charges.
Improve matching accuracy
Seamless integration
Access your ERP general ledger data swiftly and securely to ensure optimal efficiency and ease of use. Kolleno will reconcile payments with open invoices and apply cash back to your ERP system, matching the customer and invoice data in real time.
Reconciliation Automation for your ERP
Get direct integrations with your ERP and accounting software including Netsuite and Xero. Built in accordance with the accruals concept, our integrations make data transfer seamless.
Benefits of automating your reconciliation
Reduce time spent matching payments
Fully automate time consuming repetitive reconciliations, such as zero-balance, low-value, or low-risk reconciliations, based on rules you set.
Enhance, control, and visibility
Manage and view the status and details of each account with balance comparisons, preparers, reviewers, and sign-off dates.
Effortless financial statement accuracy
Ensure any discrepancies or omissions in financial records are caught, reducing the risk of financial misstatements.
Why companies choose Kolleno
- Saving about 2 days a work on manual tasks
- Getting energy back to focus on core business
- Reducing human errors in reconciling payments
Powerful Transactions Matching engine
What is payment reconciliation?
Payment reconciliation is the process of comparing and matching internal financial records with bank statements to ensure accuracy and completeness of records. It involves verifying that the amount and details of payments recorded in a company’s books align with the corresponding transactions in bank statements or other payment sources.
Why do businesses need payment reconciliation?
You need payment reconciliation for several reasons. Firstly, it can help you identify discrepancies, errors, or fraud in your financial records. By comparing the payment data with bank statements or other sources, you can catch any discrepancies and take appropriate actions to resolve them. Secondly, payment reconciliation ensures that all transactions are properly recorded and accounted for, which is crucial for accurate financial reporting and analysis. It provides you with a clear and accurate picture of your cash flow and financial health. Additionally, payment reconciliation helps you maintain good relationships with customers and suppliers by promptly resolving any payment discrepancies and ensuring timely and accurate processing of transactions.
What are the type of payment reconciliation?
There are various types of payment reconciliation depending on the nature of the transactions involved. Some common types include:
- Bank reconciliation: This involves comparing the transactions recorded in a company’s bank statement with the corresponding entries in the company’s accounting records.
- Credit card reconciliation: It involves matching credit card transactions processed by the business with the credit card statements received from the card issuer.
- Vendor reconciliation: This type of reconciliation is performed to ensure that the amounts owed to suppliers or vendors match the records maintained by the business. It helps in identifying any discrepancies or errors in the payment process.
- Customer reconciliation: It focuses on comparing customer payment records with the amounts recorded in the company’s books. This type of reconciliation helps identify any outstanding payments, discrepancies, or errors in customer transactions.
- Internal reconciliation: This involves reconciling transactions within a company’s internal systems, such as between different departments or subsidiaries, to ensure consistency and accuracy in financial reporting.
These types of payment reconciliation help businesses maintain financial accuracy, transparency, and trustworthiness in their operations.
How does Kolleno Payment reconciliation work?
Our system offers a seamless reconciliation process with our advanced payments matching engine. The engine provides scores for each transaction that can indicate whether we have found a perfect or suggested reconciliation match. Then, you can view and verify each match, whether it’s a one-to-one, one-to-many, or many-to-one match. Additionally, our system enables you to account for any potential discrepancies that may arise from foreign exchange rates and additional bank charges. With Kolleno, you can streamline your payment reconciliation process with ease and accuracy.
How can I try Kolleno’s payment reconciliation feature?
During the Kolleno demo, you have the option to either upload your own accounting data or utilize the provided sample data to experience firsthand how the payment reconciliation feature operates.
