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What is Payments Reconciliation?

In payments reconciliation, the aim is to match internal records of payments, both inbound and outbound, to external documentations or statements. It's essential for verifying the accuracy of payments made and received, and ensuring the integrity of financial records. With Nanonets, this becomes a simplified, automated process which can save businesses vast amounts of time and effort, while also reducing the scope for human error.

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How Automated reconciliation works for Payments

Use natural language input to extract structured data from your documents

Automated Transaction Retrieval

Nanonets' payment reconciliation software automates the task of retrieving financial transactions from different sources. The task, done in real-time, eradicates the need for manual data entry, thus reducing the potential for human errors.

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Automated Discrepancy Identification

Next, The smart software identifies inconsistencies in the retrieved transactions. The automated identification of discrepancies helps ensure immediate attention to any errors.

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Automated Reconciliation Reporting

In the final step, Nanonets generates an automated payment reconciliation report. It includes details of all transactions, discrepancies and resolution actions, providing a comprehensive account for auditing purposes.

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When your business is your passion, don’t let data entry get in the way.

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Types of Reconciliation in Payments

Payment Transactions to Ledger Reconciliation

This process involves matching payments transactions recorded in a payment system with the corresponding entries in the general ledger.

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Supplier Payments Reconciliation

This process verifies that payments made to suppliers match with the invoice amounts and contractual terms.

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Inter-Company Payments Reconciliation

This process involves reconciling payments and transactions between various divisions or departments within a company.

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Accounting | Banking | ERP
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Try Automated Reconciliation for your different use-cases

Prevent payment fraud

Detect and prevent payment fraud by reconciling payment records with authorized transactions.

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Streamline payment processing

Automate payment reconciliations to reduce manual effort and ensure timely and accurate processing.

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Improve vendor relationships

Maintain positive vendor relationships by reconciling payments with invoices and resolving discrepancies promptly.

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CRITICAL FOR YOUR BUSINESS

Importance of Reconciliation in Payments

Minimizing Fraud Risk

Effective payment reconciliation helps businesses reduce fraudulent transactions by up to 60%, ensuring safer financial operations.

Maintaining Financial Integrity

Regular payment reconciliation can enhance financial integrity by about 80%, by avoiding discrepancies and ensuring accurate recordings.

Regulatory Compliance

The process of payment reconciliation can make businesses 90% more compliant with regulatory standards, thus avoiding potential legal issues and fines.

In case you’re not sold yet!

See what our customers say about using Nanonets to automate their manual reconciliation processes.

"Switching to Nanonets revolutionized our reconciliation process. Before, manual errors in invoice matching would take, on average, 3-4 hours to resolve per incident. Now, discrepancies are flagged instantly, allowing our accounts payable team to reconcile vendor statements in approximately 30 minutes - a reduction in resolution time by over 85%. It's not just a tool; it's a game-changer for our finance operations, increasing our efficiency by 90% and reducing manual error by 95%"

Finance Manager

Manufacturing INDUSTRY

"Nanonets has been a critical component in transforming our payroll reconciliation. The automated matching and error detection capabilities have reduced our payroll processing time from an average of 10 days to just 6 days, marking a 40% improvement. Before Nanonets, the error rate in our payroll was around 5%, leading to discrepancies and delayed payments. Now, we've seen a reduction in payroll errors by 90%, making this level of efficiency unimaginable with our previous systems."

Payroll Administrator

Technology Services

“As an accountant specializing in eCommerce, handling an average of 12,000 transactions monthly was always a challenge due to their fluctuating volume. With Nanonets, our reconciliation of digital sales to bank deposits is now seamless, achieving an accuracy rate of 99.8%. This platform has not only saved us over 150 hours monthly but has also significantly reduced financial discrepancies, cutting down on mismatched transactions from 2% to a mere 0.05%.”

Accountant

eCommerce PLATFROM
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Comprehensive Reconciliation Solutions for Every Industry

Accounting
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Equity
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Finance
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General ledger
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Frequently Asked Questions

Q: How does Nanonets ensure accuracy in payment reconciliation?
Q: How does Nanonets integrate with existing financial systems?
Q: How secure is Nanonets concerning financial data?
Q: Can Nanonets handle high volumes of payments reconciliation?