What does reconciliation mean?
Reconciliation is the process of matching transactions and bank statements to both outgoing and incoming invoices, in order to have a clear and clean record of all your cash flows, avoiding any gaps.
How does reconciliation happen?
Whether you use your FINOM Business Account, or you have another bank account connected to your FINOM dashboard, reconciliation will happen automatically.
This means that every time you issue an invoice, the system will automatically match the incoming transaction with the related document, once the invoice has been paid. It will also work in the same way with invoices you receive using FINOM. Every time you make a payment, the transaction will match the related incoming document.
Why reconciliation with FINOM is special?
Along with the automatic matching of invoices and transactions, you also have access to features such as the ability to categorise your expenses, and upload useful documents!
Here are the full steps of the FINOMenal reconciliation:
The invoice is successfully sent/received
The invoice is marked as paid automatically and added as an attached document to the transaction
Upload additional documents to the transaction (e.g. a copy of the contract stipulated for that specific job, or any other agreement)
Tag the transaction to categorise your incomes and expenses
Reconciliation will truly help you manage your finances more effectively! 😀
Please note: reconciliation can also be performed manually. If you want to learn more about how to mark as paid an invoice, please check this article.
If you have any questions or need any further information, feel free to contact us using our in-app chat, or via email at [email protected]