Automated billing reconciliation

Purpose

1.1. To automatically match and reconcile billing records, invoices, and payments between project management, ERP, and accounting systems for aeronautical engineering projects.
1.2. Ensures accurate financial reporting, reduces manual entry errors, expedites month-end closing, and provides real-time oversight on receivables and payables.
1.3. Supports compliance, audit readiness, and cash flow optimization by identifying discrepancies or missed billing items tied to engineering contracts, purchase orders, or change requests.

Trigger Conditions

2.1. New invoice generated or received.
2.2. Payment update in accounting software.
2.3. Scheduled (e.g., daily, weekly, monthly) financial reconciliation cycle.
2.4. Engineering project milestone completion notification.
2.5. Manual initiation via control dashboard or financial alert.

Platform Variants

3.1. SAP S/4HANA
• Feature/Setting: Finance API — use “GetInvoiceDetails” and “ReconcilePayments” endpoints to fetch transactional data and process reconciliations.
3.2. Oracle NetSuite
• Feature/Setting: SuiteTalk Web Services — configure “InvoiceSearch” and “TransactionReconciliation” calls for automatic matching.
3.3. QuickBooks Online
• Feature/Setting: “Invoices API” and “Payments API” — configure for polling and verification of cleared items.
3.4. Xero
• Feature/Setting: "GET /Invoices" and “GET /BankTransactions” — set up matching rules based on reference numbers.
3.5. Microsoft Dynamics 365
• Feature/Setting: “Finance and Operations Data Entities” — automate triggering of reconciliation based on “CustomerInvoiceEntity.”
3.6. Zoho Books
• Feature/Setting: “Auto-match Payments API” — configure to periodically check for unreconciled invoices.
3.7. FreshBooks
• Feature/Setting: “List Invoices” and “List Payments” APIs — trigger cross-check with payment status.
3.8. Stripe
• Feature/Setting: “Balance Transactions API” — trigger on invoice creation and reconcile with payout records.
3.9. Salesforce
• Feature/Setting: “Billing and Invoicing Objects API” — configure scheduled triggers for invoice/payment match.
3.10. Sage Intacct
• Feature/Setting: “Customer AR Ledger API” — invoke “list_transactions” and “reconcile” operations.
3.11. Workday
• Feature/Setting: “Get Customer Invoice” — automate retrieval and cross-verification with payment events.
3.12. Bill.com
• Feature/Setting: “Invoices API” and “Payments API” — match with internal accounting records.
3.13. MYOB
• Feature/Setting: “GET /invoice” and “GET /payment” — configure trigger upon payment status change.
3.14. SAP Concur
• Feature/Setting: “Financial Integration Service” — automated sync and reconcile expense and billing records.
3.15. Coupa
• Feature/Setting: “Invoices API” and “Payments API” — schedule automated post-processing reconciliation jobs.
3.16. Odoo
• Feature/Setting: “account.invoice” module with scheduled “reconcile” method.
3.17. Wave
• Feature/Setting: “Invoices” and “Payments” endpoints with webhook on payment received.
3.18. PayPal
• Feature/Setting: “List Invoices” and “Transaction Search” API — cross-check invoice status and received payments.
3.19. Intuit
• Feature/Setting: “Accounting & Payments API” — configure hooks to auto reconcile invoices upon payment posting.
3.20. Square
• Feature/Setting: “Invoices API” and “Payments API” — automate reconciliation via nightly jobs.

Benefits

4.1. Eliminates manual reconciliation, reducing resource hours.
4.2. Improved financial accuracy across complex engineering contracts.
4.3. Rapid identification of payment delays or discrepancies.
4.4. Audit-ready, well-documented billing processes.
4.5. Enhanced project profitability tracking and forecasting.
4.6. Reduced risk of lost revenue from overlooked invoices.