The Challenge: Real-Time Payment Matching

Previously, businesses faced the challenge of reconciling payments received from POS sales with their financial records. This process was often time-consuming and prone to errors, especially when payments and sales occurred in different timeframes. The need to match every payment to the correct sales order while ensuring the GL was updated in real-time became a major roadblock.

The Solution: Real-Time GL Matching

To streamline and enhance accuracy, we’ve developed a solution that automatically generates journal entries based on the order date. Each point-of-sale session can create multiple journal entries, with each entry reflecting payments directly matched to individual sales orders. This automated system ensures real-time synchronization with the GL, guaranteeing every sale and payment is recorded with precision, reducing errors and improving financial transparency.

Key Benefits and Outcomes

Implementing this real-time GL matching system has led to a range of positive outcomes:

Improved Cash Flow Management: With payments and orders aligned in real-time, businesses now have better visibility into cash flow, enabling more accurate forecasting and quicker adjustments.

Faster Financial Close: Automated journal entries and instant reconciliation reduce the time needed for financial closes, allowing for faster and more accurate reporting.

Enhanced Reporting Accuracy: Real-time data ensures that financial statements are accurate and up-to-date, helping businesses avoid discrepancies and improve decision-making.

Data-Driven Decision Making: Finance teams can now evaluate the profitability of promotions and discounts instantly. If a promotion is causing negative margins, it can be adjusted promptly to improve profitability.

Optimized Sales Performance Tracking: By linking sales orders to commissions, businesses can track performance more accurately, ensuring fair and transparent commission calculations.

Better Departmental Collaboration: With more transparency between the sales and finance teams, businesses can collaborate more effectively, making decisions based on consistent, real-time data.

Stronger Compliance and Audit Trail: The real-time updates create a comprehensive audit trail that ensures compliance with internal policies and external regulations, making audits smoother and more efficient.

Conclusion

By implementing real-time GL matching for POS payments, businesses can streamline their accounting processes, improve financial transparency, and make more strategic decisions. This solution not only simplifies daily operations but also provides a clearer picture of financial performance, helping businesses stay competitive in today’s dynamic market.