Avoid manual finance admin: How to master real-time reconciliations

With Payhawk, all of your relevant accounting fields are set up and synced to NetSuite automatically.

For customers getting connected is simple. Once they connect their NetSuite subsidiary to Payhawk they can:

• Synchronise their chart of accounts, VAT Rates, departments, and classifications
• Create bank accounts in NetSuite for every active currency
• Create Payhawk General and Fees accounts
• Sync Payhawk and NetSuite balances from a specific date
• Automatically push payments and expenses in real time

We also export expenses automatically when they are marked as reviewed and export payments automatically when they are cleared or settled by the bank. Everything syncs seamlessly, saving time and effort.

Customers can set up Payhawk with NetSuite as they need using four key configurations; they can:

• Choose how to export reimbursements (expense reports or vendor bills)
• Select direct posting in the GL accounts or Non-inventory items
• Create or map Payhawk wallets to NetSuite bank accounts
• Choose which account to use for FX & ATM Fees. (Additionally, Payhawk creates a suspense account (Payhawk General) used whenever the mapping gets broken

The optical character recognition or optical character reader (OCR) technology is data extraction made simple. It means that your cardholders can simply spend with their Payhawk card, take a photo of a receipt or upload a PDF invoice and the OCR will pull all of the relevant information out meaning there’s no tedious data entry for you and your finance team. What’s more, we work with the Google OCR so that we can read data in +65 languages, including Cyrillic.

We extract each of the following with the OCR capture:

• Supplier name
• Date
• Due date
• Country
• VAT number
• Amount
• VAT amount

Has someone forgotten to upload their receipt into the app? Missing receipts cause big headaches at the end of the month and make real-time reconciliation impossible. In the case of missing receipts, the Payhawk solution will automatically chase them to upload the missing information, saving the finance team even more time and effort.

And these missing receipts are a big deal. As Mathias Goetz, Senior Project Manager at ATU in Germany explained:

"We no longer have to chase receipts. Since using Payhawk, managers must simply take a picture of their receipt — thus digitising it — and enter it into the automated finance system. In the first year, this change resulted in ATU recouping €2million from the tax office that would have otherwise been lost."

If your reconciliations are still taking 32 hours a week, then we should talk. CFO, Giancarlo Bruni at London HQ’ed e-commerce company Heroes puts it best:

"Could we live without expense management and an ERP? Well, yes, but it would be like driving a 30-year-old car on its last legs — no comfort, no good experience, and definitely no speed. Maybe some businesses are happy to have a back office with 25 people punching in numbers, but it's not efficient, fast, or necessary. We prefer to automate, integrate, and save money on headcount!"

Save time and improve visibility and decision-making with real-time reconciliation. And direct your headcount to something more beneficial than 'punching in numbers.' Book a demo to find out more.