
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:
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.
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..
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.
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.
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.
RadiusOne also helps mid-sized businesses continuously monitor customer credit risks and perform effective collections.
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The HighRadius RadiusOne AR Suite is a complete accounts receivable’s solution designed for mid-sized businesses to put their order-to-cash on auto-pilot with AI-powered solutions. It leverages automation to fast-track key accounts receivable functions including eInvoicing & Collections, Cash Reconciliation, and Credit Risk Management powered by RadiusOne AR Apps to improve productivity, maximize working capital, and enable faster cash conversion. Affordable, quick to deploy, and functionality-rich: it is pre-loaded with industry-specific best-practices and ready-to-plug with popular ERPs such as NetSuite and Sage Intacct. The HighRadius RadiusOne AR Suite is designed to automate labor-intensive processes while streamlining credit and collections activities for faster AR processing, better cash flow and improved profitability.
Lightning-fast Remote Deployment | Minimal IT Dependency Prepackaged Modules with Industry-Specific Best Practices.