The Risk Of Avoiding Automated Remittance Matching
AUTOMATIC REMITTANCE MATCHING
To remain competitive in modern, rapidly evolving business landscape, organizations must maximize their efficiency to optimize profits and generate more accurate transactions. For the financial department, this is achieved through automatic remittance matching solutions. These software solutions can provide the necessary control, flexibility, and accuracy to ensure an organizations accounts receivables and payment processes run smoothly.
Many organizations rely heavily on manual remittance matching, unaware that they could be unwittingly exposing themselves to unnecessary risks and costs. Manual remittance matching requires significant amount of resources as it requires extensive labor. This particular task is often done multiple times per day and can be further complicated by long accounts receivable cycles. Furthermore, manual processing can be prone to inaccuracies due to human error, leading to delayed accounts receivable and incorrect payments. Manual processing can also result in reduced efficiencies, with payments often taking over 48 hours to process versus automated solutions that can reliably process in matter of minutes.
In addition to the abovementioned risks, manual remittance matching can present an additional security risk. Manual processes inherently require greater amount of manual data entry, creating vulnerability that cybercriminals can exploit. Cybersecurity policy compliance is increasingly important, with rules and regulations such as GDPR requiring organizations to ensure that their data and systems are secure. Organizations must also ensure privacy and will be held accountable if Data Protection Principles are not met.
In comparison, automated remittance matching can help businesses mitigate these risks. Automated solutions are designed to enable real-time remittance matching, reducing the labor-intensive task of manual payments processing and error-checking. This enables organizations to save both time and money while reducing the risk of incorrect payments and security breaches. Automated software solutions can also provide an additional layer of data integrity, with features such as advanced analytics and report retrieval capabilities allowing organizations to become proactive in managing their accounts receivables.
To remain competitive, organizations must embrace the advantages of automated remittance matching solutions. businesses can improve their efficiency, optimize profits and produce better organized transactions, with automated remittance matching dramatically reducing the risk of costly and inconvenient errors. Automated solutions can also reduce the risk of security breaches, ensuring organizations remain compliant with important cybersecurity regulations and Data Protection Principles. As the world of business becomes ever more connected, organizations must recognize the importance of automated remittance matching.
