Automated reconciliation of payments and invoices

Purpose

1. Automate reconciliation of payments and invoices to ensure unmatched transactions are identified, flagged, and resolved without manual effort.

2. Automates matching payment data from bank accounts, payment gateways, and POS with generated invoices from billing software for asbestos testing services.

3. Automator links client payments to specific invoices, automating audit trails and reducing revenue leakage for professional environmental services.

4. Automates notifications and error reporting if discrepancies or partial payments are detected, minimizing delays.

Trigger Conditions

1. New payment received in bank, online gateway, or POS system.

2. Invoice generated or marked as unpaid in the billing or practice management platform.

3. Daily/weekly scheduled automation to review outstanding payments versus invoices.

4. Manual trigger for bulk/retroactive reconciliation from admin dashboard.

Platform Variants

1. QuickBooks Online

• Feature/API: "Payments" & "Invoices" endpoints; configure webhooks for new/updated transactions.
  

2. Xero

• Feature/API: "GET Payments", "GET Invoices"; set automation triggers for new payment entries.
  

3. Stripe

• Feature/API: "Balance Transactions", "Invoices" endpoints; webhook for "invoice.paid" or "payment_intent.succeeded".
  

4. PayPal

• Feature/API: "List Payments" REST API; automate polling or use Instant Payment Notifications (IPN).
  

5. Zoho Books

• Feature: "Payments Received", "Invoices" API endpoints; configure automation for new/updated invoices.
  

6. FreshBooks

• Feature/API: "List Payments", "Invoices" API; set webhook trigger for payment reception.
  

7. Square

• Feature/API: "List Payments" and "Retrieve Invoice"; automate reconciliation upon payment confirmation.
  

8. Sage Intacct

• Feature/API: "Invoice Payment" and "AR Invoice" API objects; automate scheduled reconciliation scripts.
  

9. MYOB

• Feature/API: "GET Settlement", "GET Invoice"; configure automator for batch reconciliation.
  

10. Wave

• Feature/API: "Payments" endpoint; automation for matching incoming payments with open invoices.
  

11. Netsuite

• Feature/API: "CustomerPayment", "Invoice" RESTlets; periodic automation triggers.
  

12. Oracle Financials Cloud

• Feature/API: "Receivables Invoices", "Receipts" API; trigger nightly automated reconciliation process.
  

13. SAP Business One

• Feature/API: "Invoice" and "Incoming Payments" endpoints; configure automations for payment matching.
  

14. Microsoft Dynamics 365 Finance

• Feature/API: "Customer Payments", "Sales Invoices" API; automator linked to payment posting events.
  

15. HSBC Bank

• Feature/API: "Open Banking Payment" feed; automate import and matching with invoice ledgers.
  

16. Barclays Bank

• Feature/API: "Transaction Feed" API; automates reconciliation jobs with scheduled triggers.
  

17. Revolut Business

• Feature/API: "Transactions" API; automating cross-check of payments against external invoice numbers.
  

18. Wise (formerly Transferwise)

• Feature/API: "Account Statement" API; schedule automater pulls and matching.
  

19. Bill.com

• Feature/API: "Payments" and "Invoices" API; automate linkage and status updates.
  

20. Gusto

• Feature/API: "Invoices", "Payments" endpoints for contractor payments; automate reconciliation for service payouts.
  

21. Plaid

• Feature: "Transactions" endpoint; connect directly to bank feeds for automated reconciliation to invoices.
  

Benefits

1. Automates detection of unmatched, overdue, or wrongly applied payments to invoices.

2. Reduces manual administrative workload and increases automation across billing cycles.

3. Increases accuracy, minimizes errors, and automatedly shortens reconciliation timeframes.

4. Provides real-time oversight through automated reconciliation dashboards.

5. Automator prevents missed revenues by automating the identification of short or partial payments.

6. Ensures compliance by keeping reconciliation auditable and automation-ready for regulatory reporting.