MAKE MANUAL CREDIT CARD RECONCILIATION A THING OF THE PAST
Manual credit card reconciliation can be very time-consuming and tiresome. The entire process of transaction matching, the impact of unmatched entries, and the time factor make manual credit card reconciliation extremely tedious. Automation is the best way to address these issues.
WHAT IS CREDIT CARD RECONCILIATION?
Companies typically use the credit card reconciliation process to verify that the transaction information they receive in credit card statements tallies with the information contained in their general ledger. Credit card transactions may be classified into two types. Credit cards are used by customers to purchase goods and services from business entities. These business entities may make credit card payments to their suppliers and service providers. Reconciliation is essential for both types of transactions.
THE BENEFITS OF AUTOMATION
Automation of credit card reconciliation can improve the accuracy and retention of essential details. This may be done by importing data from the company’s general ledger systems and from credit or merchant accounts. It saves time for the accounting team and improves the accuracy and efficiency of the credit card reconciliation process. The following are the benefits that automation offers in credit card reconciliation:
- Considerable reduction in time and effort
- Easier identification of fraudulent items and wrong postings
- Minimal IT resources required
- Enhancement of control
- Improved operational efficiency
- Increased scalability and flexibility
SOLUTIONS OFFERED BY AUTOMATION
A robust reconciliation system offers a complete credit card reconciliation solution. Data can be imported from almost any source, like ERP systems, credit card statements, and merchant service providers by the transaction matching engine. High-volume reconciliation can be easily handled. Millions of transactions can be matched in minutes. Configurable matching rules take care of the most complex matching scenarios.
Credit card automation features include:
- Automated transaction detail comparison
- Checklists and templates to standardize the reconciliation process
- Quick investigation of identified discrepancies through workflows
- Integrated storage of supporting documentation
Automating credit card reconciliation can take the weight off the finance team to a great extent. There is a need for a platform that is fast and efficient. The reconciliation process can be made seamless through features like automated reminders, card transaction reversals, and duplicate detection.
With total payment card purchase volumes reaching $53 billion last year in UAE, one can easily expect it to grow exponentially. Robotic Process Automation for credit card reconciliation in Dubai and UAE has made a place for itself. We at Data Direct can help turn around your credit card reconciliation woes.