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The program can be used for everything from intercompany transactions, accounts payable and receivable, travel and entertainment (T&E) reporting, bank clearing and lockbox to generalledger cash accounts. The Transaction Matching software goes hand-in-hand with OneStream’s existing Account Reconciliation.
Accounting, consultancy and technology firm Crowe is rolling out a new solution designed for hospitals to automate daily bank reconciliation processes and manage cash flow, the company said in a recent announcement. Hospitals can often struggle to manually reconcile cash flow coming from multiple sources.
The boom in B2B FinTech has introduced a flurry of new solutions and platforms from which corporates and small businesses can choose. These applications tend to back right into the GeneralLedger, the central financial data repository at the heart or ERP core financials,” he said. The ERP’s Role in a FinTech World.
B2B payments’ innovation trajectory continues to accelerate as more end-point solutions emerge to improve the vast number of friction points in the industry. Achieving this goal in improving B2B payments means moving beyond the transaction itself. It’s no longer just about the payment,” he told PYMNTS in a recent interview.
More and more, B2B payment solutions are focusing less on single end-points of friction, and more on the overall picture of how money (and data) moves from one business to another. One of the biggest challenges in B2B payments today for both buyer and supplier is the need for transaction data for remittance, reconciliation and accounting.
The core of the close process remains the same: corroborate the numbers in the generalledger,” explained Feinstein. Open Banking could have a significant impact on [the] close process in that it will help automate reconciliations of cash accounts,” the executive explained. “In Take Big Data, for instance.
The technology works in the background to provide correct approval routing and generalledger (GL) coding at the bill as well as bill line level. This intelligence helps improve future routing accuracy, streamlines payment reconciliation processes, and maintains data hygiene in the ERP,” the release stated.
In B2B FinTech, spend management is a greenfield opportunity as innovators explore how to help corporates understand the nuances of how money flows out of the enterprise. It’s a whole mess of trying to wrangle data sitting in multiple different systems.”.
Solving The Reconciliation Riddle. According to Kilby, they can also make reconciliation simpler for employees. Corporate payment and virtual cards are designed to mitigate the need for reconciliation by automatically feeding payment information into a company’s generalledger system.
The CEO explained that, traditionally, accountants would print out reconciliations and store them in binders; auditors would then take a sample of those reconciliation documents and match those against the generalledger. Take auditing for instance. “That’s an insane approach.”
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