Payment reconciliation, automated across every system
Your ERP, bank feed, and payment processors each tell a different part of the story. Kolleno pulls them into one place and reconciles automatically, partial payments, credit notes, and FX discrepancies included, so your books reflect one clear truth, not three competing versions.
What's actually been paid, always in view
One view across every payment system
ERP, bank feed, and payment processors each hold their own record of what's been paid.
Kolleno connects directly to your ERP, payment processors, and bank feeds, keeping payment status in sync everywhere at once. No stale exports, no manual cross-checking.
AI Agents match the payment, your team reviews the exceptions
No more manually checking every single transaction.
Kolleno applies your reconciliation rules automatically and surfaces perfect and suggested matches for review. Your team just reviews what’s flagged.
Every payment type, reconciled without the workaround
No more spreadsheet gymnastics for partial payments.
Kolleno handles one-to-one, one-to-many, partial payments, and credit notes as standard, not as edge cases. One process, every payment type.
Know exactly what's reconciled, and what's still open
No more payments quietly falling through the cracks.
Kolleno tracks every payment from scheduled to reconciled, with notes your team can share. Nothing slips through unnoticed.
Your team's effort, multiplied by AI Agents
Custom AI Agents, orchestrated by you
Configure AI Agents to handle collections your way. Set communication tone, choose languages, define escalation triggers, and adjust follow-up timing seamlessly.
What manual reconciliation actually costs your team
Matching payments by hand across systems takes time and still leaves gaps until Kolleno closes them.
1Password increased their on time collection rates by 67%
The branded portal removed the biggest hurdle in our O2C cycle: payer hesitation. Our customers don't have to second-guess the link anymore, they see our brand, they see their invoices, and they settle the balance immediately and it all shows up in our NetSuite.
- 42% increase of on time payments
- 67% improvement in collection rates
- 15 hours saved per week on payment follow-ups
Frequently asked questions
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 types 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.
Still have questions?
Can’t find the answer you’re looking for? Please chat to our friendly team.
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