Business

Paytiko: Reconciliation

Claire JamesDecember 20, 202340 Comments0564

Paytiko connects clients to payment service providers via its innovative payment management ecosystem, introducing merchants to a wide range of local and international payment providers. Holding the highest standard in PCI DSS compliance and a GDPR certificate, Paytiko monitors online payments in the strictest manner, meeting all payment gateway regulations and technical requirements. This article will look at reconciliation, outlining the key features of Paytiko’s reconciliation tool.

Business leaders need to have a clear understanding of their enterprise’s financial position. They need to be able to access this information in a way that is fast, easy to understand and 100% accurate.

Payment reconciliation can be a time-consuming process for financial departments, slowing down the monthly financial close. As companies grow, the time required to perform bookkeeping and reconcile payments grows unless the business leverages more sophisticated payment reconciliation solutions, such as real-time payment reconciliation software.

Manual reconciliation is incredibly inefficient, not to mention costly. According to an Ernst & Young survey, 59% of a financial department’s resources are eaten away managing transaction-intensive processes, on average, with a staggering 95% of this effort wasted on transactions that already match.

While Excel is ideal for some tasks, financial departments of organisations large and small are increasingly recognising the need to invest in more sophisticated reconciliation solutions capable of meeting their growing and evolving needs. Automated processes can be used to shorten the financial close, define procedures and milestones, and monitor operational activities, freeing up more time for financial teams and business leaders to focus on strategic activities.

When dealing with numerous financial institutions, credit card solutions and other payment providers, businesses need to be able to obtain net amounts. Paytiko enables merchants to calculate and compile final due amounts from all connected suppliers, providing filtration tools tracking time, date, payment solutions and more to help merchants track and manage their financials more easily and accurately.

Paytiko’s reconciliation tool enables merchants to create presets of external data they seek to reconcile within the Paytiko platform. Importing external reports from payment providers, Paytiko directly matches this data against the platform’s own data, providing an extremely useful and reliable function for businesses that employ multiple currencies, conversions, payment providers and foreign exchange.

Small businesses with a low volume of transactions and few bank accounts will typically find reconciliating payments easier to handle with standard accounting software. Nevertheless, for businesses large and small that seek to grow and expand, putting in place a sophisticated payment reconciliation and automated payment solution like Paytiko creates a firm foundation for future success.