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Achieve Zero Touch Cash Reconciliation in Sage Intacct 

16 July, 2021
3 min read
Chris Ortega, Chief Executive Officer, Fresh FP&A
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What you'll learn

  • Explore how to automate your cash reconciliation and matching process within sage intacct
The importance of cash reconciliation
Enhancing cash reconciliation in Sage Intacct
Next steps: The way to zero-touch cash reconciliation in Sage Intacct
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Cash reconciliation is the business process that verifies the cash balance in a register at the close of business. While bank reconciliation compares a business’s bank statement with your internal general ledger, cash reconciliation compares cash balance and cash receipts with one another.

The importance of cash reconciliation

Cash reconciliation is crucial to accurate bookkeeping. It also helps businesses detect employee theft and improve cash forecasting. Other benefits of accurate cash reconciliation include:

Better data insights

Business owners need up-to-date information to make the best decisions for their company. Cash reconciliation statements provide data insights that help you create accurate cash flow forecasts and viable business plans.

Alert to fraudulent activities

Whether money is stolen by an employee or misappropriated by other stakeholders, cash reconciliation alerts you to money missing from your cash register. With an estimated 5% of gross revenue lost to fraud every year, cash reconciliation helps you keep track of your business’s money..

Accurate record-keeping

Proper cash reconciliation eliminates cash balance errors and helps maintain accurate accounting records This saves you much hassle during audits and when closing the quarter or year.

Enhancing cash reconciliation in Sage Intacct

Sage Intacct, being an ERP solution that primarily helps unite business workflows needs to be augmented with out-of-the-box solutions to improve cash reconciliation and other AR processes.

While Sage Intacct offers strong reconciliation features to match bank records with your books, it needs enhancements when it comes to other forms of payments like checks and part-payments.

AR automation capabilities: Existing reconciliation processes in Sage AR require you to supplement them with manual remittance gathering efforts. It also needs additional support for gathering data from multiple sources such as emails, email attachments, checks, customer portals, and account payable networks.

Add on services needed: Lockbox services are offered by banks to ease the flow of business transactions for your AR teams. However, these services are usually expensive.

Next steps: The way to zero-touch cash reconciliation in Sage Intacct

Improve cash reconciliation in Sage Intacct by connecting it with end-to-end adaptive AR automation solutions like RadiusOne.  Our app enables automated cash reconciliation across diverse payment formats and remittance sources including emails and web portals using automated invoice matching and short-payment identification.

Next steps: The way to zero-touch cash reconciliation in Sage Intacct

  • AI-enabled data aggregation engine: Add on cash reconciliation app with enabled data aggregation engines automatically aggregates remittances across various sources and formats including check stubs, emails & web portals. Moreover, the engine is template agnostic which means it pulls data from various touchpoints for both schema and non-schema templates.
    • Email parsers in cash reconciliation apps can help gather remittance information received via emails while web aggregation engines capture information from the customer and bank portals periodically. The OCR engines can be also be configured to scan checks and capture data seamlessly
  • Straight through posting capability: Out of the box, Add on cash reconciliation app helps post cash accurately in the Sage ecosystem with automated customer identification and invoice matching. This helps your finance team to close account receivables without manual interventions.  Zero-touch cash posting into Sage Intacct ERP can be done via an automated matching system.
    • Automated matching system supports customer identification, multi-variant invoice matching with payments and remittances
    • The total amount representing open invoices is pulled from the ERP and the payment amount is gathered from remittance information. Both amounts are then automatically matched and updated in the base system

RadiusOne also helps mid-sized businesses continuously monitor customer credit risks and perform effective collections.

Click here if you’d like to know more about our product.

Find more resources on Sage Intacct and RadiusOne here.

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Accounts Receivable
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