Embedded B2B Payments
Convenient, fast, and secure payment options so your customers have everything they need to pay their invoices.
Getting paid on time is crucial for B2B success. But manually matching prompt payments to invoices can slow collections as much as delinquent customers.
Auto reconciliation simplifies your AR (accounts receivable) process by automating invoice-payment matching and instantly updating records. This saves time, ensures accuracy, and drives down DSO (Days Sales Outstanding). It also strengthens cash flow and makes it easier to manage.
This blog explains how auto reconciliation benefits your B2B.
Streamlines operations
A manual AR process is typically spread across different PCs, ledgers, and files, creating delays that increase DSO and slow cash flow.
Auto reconciliation matches the payment to the invoice and instantly updates your accounting software. This organized information is stored digitally in the cloud and can be easily accessed anytime and from anywhere because it’s not attached to one PC or employee account. That way, questions from customers are answered accurately and in a timely manner.
A smooth AR process eliminates delays in your month-end closing process and provides you with accurate financial information that simplifies cash flow management, enabling you to make well-informed decisions.
Provides clear audit trail
A manual AR process can be sloppy and disorganized, especially if files and spreadsheets are passed around to different departments. This makes audits difficult and increases the risk of compliance issues.
Audit trails are transparent and easy to track with auto reconciliation. Every transaction is logged digitally and immediately flagged for any suspicious activity, such as duplicate payments or mismatched invoices. Operating a B2B is much easier when you know you’re aligned with industry regulations.
Eliminates errors
Manually matching invoices to payments is risky. Even the most talented employees make mistakes, especially as more invoices roll in while your business grows.
Auto reconciliation eliminates mistakes because it eliminates manual labor. If there is a discrepancy, automation spots it and prevents a minor issue from growing into a major problem. There’s no delay between receiving and reconciling payments, which means you’ll never waste time or ruin a relationship bothering a customer over a payment you missed and mistakenly filed as overdue.
AR automation is built to scale and handles heavier workloads with ease. You won’t have to worry about growth burning out your team or leading to a litany of problems and errors.
Helps you better allocate time
Payment reconciliation is incredibly time-consuming when done by hand. Employees have to dig through invoices and receipts and peruse different spreadsheets.
Automating reconciliation frees your team from countless hours of paperwork. They can focus on important tasks that they were hired to do. Your employees will appreciate not spending hours on repetitive accounting tasks. They’ll enjoy their job more, aiding in retention and saving you the time and money it costs to hire and train staff.
Bill360: Auto reconciliation for your B2B
Bill360’s innovative accounting automation platform does more than create and distribute invoices. Our solution automatically reconciles invoices to payments accurately and efficiently into our secure, cloud-based platform. We save your team hundreds of hours per year, reduce DSO, and make sure your financial records are correct and up to date.
Auto reconciliation from Bill360 streamlines your AR process and helps get you paid an average of 36% faster. Learn how we can solve the pain points specific to your B2B by scheduling a free, customized demo.
