Benefits Of Automatic Remittance Matching
Automatic Remittance Matching
Set the System Parameters To start, the parameters within the remittance matching system must be identified. This includes setting the boundaries of payments to be matched, such as amounts, dates, and customer.
Step 2:Matching PartiesThe parties between which the payment is to be matched must then be identified, including the customer and supplier.
Step 3:Perform the MatchThe remittance matching system will then perform the match between the payment and the invoice. This typically involves identifying the discrepancy between the two entries and reconciling the amount in order for the payment to be successfully accepted.
Step 4:Confirm the MatchOnce the payment has been successfully matched to the invoice, the match must be confirmed by the user. Once it is accepted, the payment will be accepted and the reconciliation will be complete.
Step 5:Analyse Reconciliation DetailsThe remittance matching system should provide data to enable the user to analyse the reconciliation details. This can provide important insights into the process, allowing for improved accuracy and performance in the future.
Overall, automated remittance matching solutions provide business with the resources needed to streamline the order-to-cash process and unlock the potential of finance and accounting teams. By saving time and money while increasing accuracy and compliance, automated solutions can provide executives with an exceptional level of visibility and control of their operations.
