Linking your electronic payment systems to your accounting: financial efficiency
Running a successful business is not just about marketing a great product or service, it is also about keeping track of your finances in an efficient manner. A convenient way to do that is to seamlessly link your electronic payment systems to your accounts. Payworld offers reliable solutions to link existing systems.
The importance of reconciliation
Basically, reconciliation is the process of matching two sets of records to check if they match. So in this case, it is about matching electronic transaction data with your accounting records.
This automated process is crucial to avoid errors and ensure that your accounting records are accurate and up-to-date, while you no longer have to intervene in them yourself.
In addition to comprehensive, daily reporting - both by pdf report and online - transaction traffic can be tracked very accurately. In certain cases, accounting systems can also be linked to an "MRX" reporting for daily, automatic reconciliation.
That MRX file (merchant reconciliation file) includes all the detailed data of the executed transactions and is read daily from an SFTP box by the accounting system. It provides you with extremely detailed data that can be processed in the receipts per location, per terminal, etc. The reconciliation of transactions is thus fully automated.
Together with Belfius Bank, we also offer the possibility to deliver the classic "CODA" files (Coding for Digital Statements) and in turn automatically link them to the existing accounting systems.
These systems definitely offer added value for debtor follow-up and the efficient management of customer relations. You avoid manual work and reduce headaches and unnecessary research! Your company's financial health can only benefit.
CODA and electronic display of bank statements
In a digital world, it is important to also be able to display and manage your financial documents digitally. CODA, a Belgian standard, provides a structured, electronic representation of bank statements. Using CODA helps you manage your accounts more efficiently and streamline the reconciliation process (via Belfius bank only).
This is a big advantage for companies or public administrations working with large accounting packages today. You get all the benefits of a Payworld payment terminal and can still continue to work with your existing accounting package. The direct link saves you a lot of time and avoids errors in your accounting.
Would you like to know more about this? Contact us today with no obligation!