PayFlex e-Reconciliation Solution

Innova’s PayFlex e-Reconciliation solution developed with its experience in the financial world, accelerates the accounting processes by migrating them to the digital environment while eliminating the errors encountered in manual processes.

Innova’s PayFlex e-Reconciliation solution developed with its experience in the financial world, accelerates the accounting processes by migrating them to the digital environment while eliminating the errors encountered in manual processes.

One of the critical processes for companies is undoubtedly the transactions carried out by accounting departments. Reconciliation processes have been carried out by telephone or fax for many years on debit-credit issues, are transferred to the digital environment with Innova's PayFlex e-Reconciliation solution. e-Reconciliation is one of the key steps in moving the financial processes to the digital environment and started to become widespread in a short time with the convenience and advantages it delivers.

 

Innova is the Right Solution Partner for the Digital Transformation of Financial Processes

The PayFlex family of solutions developed and continuously improved by Innova with in-house resources fully meets the legal requirements. Innova's PayFlex solution family includes payment, collection, and loyalty programs that continue to digitalize companies' financial processes with e-Reconciliation, following e-Invoice, e-Ledger, e-Archive, and e-Ticket solutions.

 

How Does the e-Reconciliation Process Work?

Innova PayFlex e-Reconciliation solution provides great pace and convenience to processes that were carried out manually in the past. All those steps are now transferred to the digital environment with the application. The company sending the reconciliation can notify the recipient via e-mail using the templates they have prepared. The company receiving the reconciliation request can respond by using the "Accept" or "Reject" options on the received notification. Recipient company can easily add an explanation to the incoming notification and convey it to the sender. When the receiving company does not respond positively or negatively to the agreement, a reminder can be sent to the recipient at defined intervals within the system. A heavy workload of accounting departments is eliminated with this function. If the approval is received via other alternative channels instead of e-mail, authorized users can update the reconciliation status on the system.

 

The risks of working in a paper environment are eliminated with the PayFlex e-Reconciliation solution. 

 

e-Reconciliation Models

There are three different reconciliation models in total. These are the “Current Reconciliation” which includes the seller and buyer reconciliation, the Declaration Buyer (DB) reconciliation, and the Declaration Seller (DS) reconciliation. PayFlex e-Reconciliation solution can automatically generate DB and DS-related reports and share them with the Revenue Administration. The digital reconciliation process automates reporting and sharing these reports with relevant legal authorities. 

 

Creating e-Reconciliation

Innova offers e-Reconciliation users three different options for creating new reconciliations. These are as follows:

  • Manually via the portal
  • Automatically with WebService via ERP integration
  • By uploading a file (Excel) to the system

Total Control on Single Screen

Following the reconciliation processes is a heavy workload in companies working with many suppliers. Innova PayFlex e-Reconciliation solution provides the convenience of monitoring all the reconciliations they send to the relevant companies from a single screen and managing the operation.

 

Benefits

  • Processes accelerate with the transition to the digital environment.
  • Saves time.
  • The risk of losing documents kept in paper form is eliminated.
  • The ecological footprint is reduced by decreasing the use of paper.
  • Reduces personnel costs.
  • Incoming response times can be displayed on the system, and customers or suppliers that are late in responding can be easily identified.

PayFlex e-Reconciliation Screens:

 

ADVANTAGES AND FEATURES

Bringing all your reconciliation processes, especially your DB/DS records, to the digital environment can bring many advantages to your business:

  • You can quickly and easily create the Declaration Buyer (DB) and Declaration Seller (DS) and Customer or Seller reconciliation transactions and send them automatically to the authorized party via e-mail.
  • Less resource usage,
  • You can preview the reconciliation messages before sending them and make the changes you want from the draft screen.
  • You can customize the reconciliation e-mail template to be sent according to your company.
  • You can instantly view the approvals and comments given by the buyers on your system.
  • You can make periodic reminders in case of no response.
  • You can create authorized personnel within the receiving company and authorize different people within the same company according to the type of agreement.
  • You can access the printout in the form of a report you have submitted to the Revenue Administration (GiB) regarding your DB/DS records via the PayFlex e-Reconciliation solution. You can download this file, which you can download in the format ready to be uploaded to the GiB, without making any changes.

 

 

It is the automation of the reconciliation processes carried out by telephone, fax, e-mail, or other non-digital means in the digital environment to clarify and level the debt-credit records between companies.

Current Reconciliation can be made with Declaration Buyer (DB) / Declaration Seller (DS) reconciliations.

Yes, it is possible to receive the DB/DS reports requested by the Revenue Administration using the PayFlex e-Reconciliation solution.

Yes, you can customize the template to meet your company's corporate identity standards.

You can upload a file in Microsoft Excel format from the ERP solution you use to the PayFlex e-Reconciliation solution and send it in bulk to all recipients registered in the file.

If there is no response to the sent reconciliation and subsequent reminders via e-mail, confirmation can be requested by phone or another traditional method. Approvals obtained by alternative means can be manually updated by authorized users on the system.

Reconciliations are displayed on a preview screen before submission. You can make the necessary controls and changes on the preview screen.

PayFlex e-Reconciliation solution offers the opportunity to report all your reconciliations by company, period, or reconciliation type.

No, there is no limit on the number of users and e-mail.

PayFlex e-Reconciliation solution allows you to monitor the process with its dashboard feature with ease. You can see the current situation based on quantity and amount according to your period and reconciliation type, and you can monitor the response to your reconciliations in these criteria.

Reconciliations created by PayFlex e-Reconciliation users are kept as long as the service continues to be received from İnnova without any time limit.

 

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