Bank reconciliation is super important for businesses. It involves checking your company's accounting records against any transactions shown on your bank statement. Businesses often use bank reconciliation tools to help ensure that their company and bank records match and to highlight any discrepancies or missing info.
Proper card reconciliation is essential for businesses too. The finance team must compare credit or debit card transactions with the corresponding receipts and invoices to confirm the spend is accurate, prevent fraud, and pinpoint any missing information.
Finance teams carry out corporate credit card reconciliation very regularly, often daily, weekly, or monthly. Whatever the cadence, businesses can agree that the process is manual and time-consuming without the right technology.
Businesses may face several hurdles when reconciling their financial records. Here are some of the biggest challenges:
Businesses often introduce technology to help streamline the reconciliation process and reduce errors. These introductions may include tech like using automated reconciliation software, spend management solutions, and accounting software or ERPs.
At Payhawk, we can help you achieve error-free, real-time reconciliations.
The biggest benefits include:
Whether you have tens, hundreds, or thousands of employees, we’re making your business spend work for you, giving you control over spending at scale with a single solution. Say goodbye to tedious finance tasks, schedule a demo with us today.