The Way Consumers Pay is Expanding Rapidly. Are You Ready? - ERP Cloud Software
 
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Nolan Business Solutions

The Way Consumers Pay is Expanding Rapidly. Are You Ready?


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Reconciling payments is a tedious, time-consuming process that comes with risks. Manually matching payments by gateway and payment types, including popular online services like PayPal or Amazon, can take days or weeks depending on the volume of transactions. Making matters worse, the way consumers pay is expanding at a rapid pace. Replace these manual processes with the right reconciliation solution today to save time with the entire reconciliation process and protect the integrity of your financial data.

In today’s ‘always on’ marketplace, many businesses are seeing a higher volume of sales whether in person, in a brick-and-mortar store, or online, and there are many more ways for customers to pay besides traditional cash or checks. Credit cards are a preferred method of payment, but also have multiple options, and some businesses use online services, such as Amazon. Manually reconciling payments with such a number of gateway options can easily eat up hours or days of time; time that the accounting team should be spending on other important financial processes. Save time and reduce the risk for mistakes that come along with manual reconciliation by deploying a simplified management solution.

Manage High Volume, Multiple Gateways with ABR

Many businesses use powerful enterprise resource planning (ERP) solutions, including NetSuite, to manage financial operations. However, even these solutions can’t keep up with high volume and multiple payment gateways in today’s fast-paced marketplace. Advanced Bank Reconciliation is an affordable solution that can be seamlessly integrated with NetSuite to streamline the process. Time-saving automations reconcile the multiple gateways first, then perform the bank reconciliation. You can reconcile Amazon payments or other online services like any other credit card brand. After downloading the Amazon file, use the bank reconciliation screen to match transactions against the general ledger. After entering the total amount of the Amazon payments, Amazon transfers the funds to the operating account, then the total of the Amazon import file is zero upon completion. You can be confident that all funds from Amazon have been received and, if necessary, easily correct any errors at the detail level.

Business leaders need to stay focused on running a successful business, not sidelined by the extensive paperwork that comes with high volume, multiple gateway bank reconciliations. Contact Nolan Business Solutions for more information about integrating Advanced Bank Reconciliation with your NetSuite or Microsoft Dynamics ERP solution to save time with complicated bank reconciliation processes.

By Nolan Business Solutions, an International Microsoft Dynamics GP ISV and NetSuite Provider

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