Sales reconciliation in the company: see what it is and how to do it efficiently

Sales reconciliation consists of a comparison process between the company’s data and that of credit and debit card acquirers. The objective is to find inconsistencies and also confirm the information obtained, helping to structure the financial planning.

To understand how this works, consider a business that, in a given period, makes three sales. One is in cash, another is on acquirer A’s debit card and the other on acquirer B’s credit card.

In this case, the reconciliation of sales begins by recording all sales that occurred in the period and their amounts. So, it is necessary to look for the data in the two acquirers , knowing the discount rates and the rental costs of the card machines.

From this process, it is possible to identify how much has actually entered or will enter the company’s finances. Furthermore, it can be made in relation to other forms of payment.

Why is sales reconciliation important?

If you have doubts about the adoption of sales reconciliation in the company, it is important to know the benefits it offers. One such aspect is the ability to accurately recognize and evaluate financial data.

This is how you can track exactly how much the company has received or has to receive from each acquirer or means of payment.

The tool also allows you to identify possible errors or fees charged above the agreed amount. With the monitoring of the information, there are chances of carrying out the appropriate questioning in case of undue charges.

In addition, the information can feed the financial plan responsible for guiding business management. After all, knowing how much is in the cash or how much will be available favors the implementation of the business plan.

What are the risks of not doing or making mistakes in sales reconciliation?

On the other hand, not performing the sales reconciliation can have several undesirable consequences. The main one is the difference in financial control, which is no longer precise and representative.

Data becomes less reliable as errors become more likely. Thus, decisions are affected, as they may be based on information that does not correspond to reality.

Even frauds can go unnoticed when this technique is not used. Think, for example, of a sale made by credit card that is not approved by the acquirer. However, your company does not identify the situation and sends the order anyway, causing losses.

As a consequence, not putting this process into practice can affect the entire financial strategy of the business. Ultimately, this can compromise survival in the market, due to the lack of control over the use of money.

How to carry out this process efficiently?

As you’ve seen, proper sales reconciliation is essential to keeping business finances in check. Therefore, performing the procedure in a standardized and structured way is the best way to avoid errors and possible problems.

In this sense, see tips to perform this conciliation in the best way and understand how to get more efficiency!

Reconcile periodically

In order for this monitoring to offer dynamic data and to be able to contribute to decisions, it is important that it be carried out periodically. In general, the recommendation is to carry out the reconciliation of sales daily, considering the business of the previous day.

That way, by identifying any inconsistencies, you can make adjustments or appeal more accurately.

Map the information

If the goal is to complete the task manually, you will need to get the statement for each acquirer, every day. Then, for the comparison to be efficient, it is recommended to map the information and consolidate it.

This involves recording the fees charged and comparing the results based on the incidence of these amounts. Thus, it is possible to verify that the business finances are aligned.

Use a platform for the function

Instead of doing financial reconciliation manually, there is a chance to use a platform for the task. The idea is to hire a robust tool and make settings based on your company’s information.

From there, the process happens automatically. Acquirer data is retrieved and entered without having to perform tasks individually. It is then possible to evaluate the information in a qualified manner and with greater efficiency.

What are the advantages of a sales reconciliation platform?

The use of a good platform can bring several advantages to the company’s sales reconciliation – one of them is productivity. Financial management will become more efficient, as professionals will not have to worry so much about repetitive tasks.

It is also a way to reduce human errors because the activities are not performed completely manually. With this, it is possible to have more clarity about the performance of the commercial area and the impacts on finances.

Another essential point is the centralization of information. All data is contained in a single tool, which favors the visualization of the financial situation of the business. The measure also makes it possible to optimize team communication, as the flow of knowledge is simplified.

Finally, the data obtained are useful to support decisions and guide strategic and business planning. Therefore, the enterprise can stand out by being able to better manage finances, while at the same time gaining more robustness in the market.

In this article, you discovered how sales reconciliation works and why it can be important for your company. With the support of a tool, it is possible to put it into practice efficiently and take better advantage of the benefits it has to offer.