Transaction Reconciliation

Transaction reconciliation is the process of matching individual financial transactions to corresponding records in the accounting system. The most common example is matching customer payments to open invoices. This process, known as cash application, is a primary responsibility of the accounts receivable team.

Automating cash application processes with confidence-based machine learning allows accounts receivable teams to handle complex scenarios, such as when multiple remittances are paid against a single invoice. Highly accurate, detailed reconciliation helps finance organizations maintain clean financial records.

Accelerating cash application processes can become a cash flow advantage. Check out this guide: The Cash Application Advantage.