Increasing the finance team's responsibilities without increasing its size is one of the many difficulties CFOs face when addressing strategies for efficiency. Modern enterprises value insights from their finance team, such as those that assist in decision-making. This is what makes embracing automated solutions vital for growing businesses. Through the innovation of automated solutions, the efficiency of finance teams is improved whilst more time is freed for them to lend valuable insights into crucial decision-making processes.
In the retail sector, merchants rely on the uninterrupted operation of their point-of-sale (POS) systems through dependable switching services. Accurate processing in these systems is essential and should be monitored through critical financial reconciliations protocols. Finance teams usually rely on software to perform this reconciliation.
The objective of this process involves:
- The settlement of the transaction between the tender received by the bank to the retailer.
- Identifying settlement differences for follow-up.
- The substantiation of general ledger entries that have risen from the reconciliation process.
Introducing ReconAssistTM Reconciliation Software
At Ecentric Payment Systems, we believe that the value of financial reconciliation lies in its outcome, not in the process itself. As a result, we have designed market-leading, single platform enterprise reconciliation software to provide end-to-end automated reconciliation. Our ReconAssistTM software offers an automated solution to reduce the tedious and often resource-hungry manual reconciliation process.
This innovative software confirms the transactions processed and settled by third parties, offers practical features and is designed to be ready for use. It provides specific detailing of each transaction and information regarding any failed settlements. Once completed, staff members can dedicate reconciliation time to exception transactions to successfully resolve them.
ReconAssistTM is suitable for reconciling:
- Bank cards
- Corporate payments
- Bank statements
- Cash reconciliation
- Mobile payments
- Value-add services
- In-house cards
The ReconAssistTM advantage
ReconAssistTM conducts reconciliation processes overnight to ease the administrative burden for finance staff. This software eliminates the need for staff to perform the manual steps of the reconciliation process and can instead focus solely on exceptions and data interrogation.