Payment reconciliation is a crucial process for retailers to maintain financial accuracy and to ensure smooth operations. In the retail industry, where transactions are frequent and in high volume, reconciling transactions can be time-consuming and complex. However, by implementing best practices and leveraging automation tools, retailers can streamline these processes to improve efficiency and accuracy.
Payment reconciliation in the retail industry involves scrutinizing point-of-sale (POS) transactions, deposit reconciliation, invoice reconciliation and bank settlement. Retailers often rely on third-party payment providers to process payments. Discrepancies can arise between the payments reported by the payment provider and the actual bank deposits.
Supplier statements and invoice reconciliation are crucial for retailers who make payments to suppliers. Manual reconciliation of supplier statements and invoices is usually time-consuming and error-prone. The reconciliation process involves matching invoices to orders, identifying duplicate invoices or statements, and highlighting missing details.
Bank reconciliation is a vital procedure for accounting teams. Retail accounting teams face additional challenges due to various sources of cash, such as POS systems, credit card processors, and alternative payment methods. On top of the typical bank transactions, retail accounting teams have a plethora of bank accounts with additional sources of cash that may need further review.
Kosh.ai completely automates the payment reconciliation processes for retailers, effectively reducing man hours, saving time, and increasing productivity. The Kosh platform also serves as a reliable backup for payment records. It enhances control and compliance by tracking audit trails, automating workflows, and closing checklists.
The platform can review and sanitise POS data, which is usually the internal source of truth for retailers. Kosh easily reconciles POS data with deposits highlighting discrepancies and ensuring accurate payment reconciliation. It automatically matches invoices to orders,
identifies duplicate invoices, corrects data entry errors, and highlights missing details. Last but not the least, the Kosh platform streamlines the bank reconciliation process by securely importing data from bank statements, automatically comparing account balances and transaction-level detail. Kosh.ai eliminates the need for manual transaction matching, freeing accountants to focus on analysis and exceptions. The platform reduces man-hours by 99% and cost by 65% while ensuring 100% accuracy.
