Billing & Payment ProcessingPurpose
1. The automation of payment reconciliation with accounting software streamlines the matching of incoming payments to corresponding invoices, automates ledger entry updates, automates discrepancy detection, automates variance reporting, automates notifications to stakeholders, and automates posting of reconciled transactions to financial records.
2. The purpose is to reduce manual effort, accelerate financial close, improve data accuracy, automate compliance, automate audit readiness, and automate integration between payment gateways, banks, and accounting platforms for information service providers.
Trigger Conditions
1. Receipt of payment in a bank account or payment processor.
2. Generation or status change of an invoice in the accounting platform.
3. Scheduled time-based triggers (e.g., daily automated reconciliation batch).
4. API callback/webhook from payment provider on transaction settlement event.
Platform Variants
1. QuickBooks Online
- Feature/Setting: Automate bank transaction fetching via Banking API endpoint, automate invoices retrieval endpoint, configure automated matching rule.
2. Xero
- Feature/Setting: Automate the use of GET /payments, GET /banktransactions API, set up automated reconciliation rules.
3. NetSuite
- Feature/Setting: Automate bill payment matching with REST API (record/v1/transaction), automate scheduled scripts.
4. Sage Intacct
- Feature/Setting: Automate Bank Transactions API, automate GL entry reconciliation.
5. FreshBooks
- Feature/Setting: Automate payments API, automate invoice matching routine.
6. Zoho Books
- Feature/Setting: Automate payment webhooks, automate auto-matching invoice rule.
7. Microsoft Dynamics 365 Business Central
- Feature/Setting: Automate bank feeds and automated matching via APIs, automate process automation flow with Power Automate.
8. SAP Business One
- Feature/Setting: Automate SAP Service Layer for journal entries and automating the reconciliation routine.
9. Oracle Fusion Cloud ERP
- Feature/Setting: Automate Payments REST API, automate reconciliation web services.
10. Wave
- Feature/Setting: Automate payment import endpoint, automate transaction match trigger.
11. KashFlow
- Feature/Setting: Automate bank feeds API, automate invoice-payment auto-match.
12. Square
- Feature/Setting: Automate Payment API callback, automate export to accounting system endpoint.
13. Stripe
- Feature/Setting: Automate webhook on payment_intent.succeeded, automate transfer reconciliation endpoint.
14. PayPal
- Feature/Setting: Automate webhook or IPN, automate Payouts API, automate matching with invoices through Invoice API.
15. Plaid
- Feature/Setting: Automate /transactions/get endpoint, automate webhook on new transaction for automating push to accounting.
16. Revolut Business
- Feature/Setting: Automate GET /transactions API, automate webhook on incoming funds.
17. Wise (TransferWise)
- Feature/Setting: Automate webhook on transfer status, automate statements export endpoint.
18. Shopify Payments
- Feature/Setting: Automate webhook for payout, automate reconciliation export.
19. GoCardless
- Feature/Setting: Automate webhook on payment success, automate "payouts" API sync.
20. Bill.com
- Feature/Setting: Automate Get Payments API, automate matching with invoice_id via API and status check endpoints.
21. Pleo
- Feature/Setting: Automate Payments API for transaction data, automate webhook notifications to trigger reconciliation logic.
22. Expensify
- Feature/Setting: Automate Report Export API, automate webhook for payment approval.
Benefits
1. Accelerates reconciliation, automates data integrity, and reduces human intervention.
2. Minimizes errors, automates discrepancy detection, and improves financial auditability.
3. Automates notifications and alerts for exceptions, ensuring timely resolution.
4. Increases staff productivity, reduces operational costs, and enables scalable finance operations through reliable automation.