Financial reporting is key to accurate tax submissions and growth forecasting within a business. Having all your ducks in a row when it comes to recording sales and payments can save you a lot of time and effort when it comes to tax season, and make for a smoother tax filing process.
In addition to a number of other accounting processes and best practices, order to cash (OTC) reconciliation plays an important role in ensuring financial accuracy with your business.
The purpose of order to cash reconciliation
OTC is the process of verifying that the payments you receive from customers match the amounts you’ve billed them. This process is critical not only to ensuring alignment in your bank statements and financial records, but it also plays a sound role in aiding your business to identify discrepancies that could be indicative of fraud, as well as bad and irregular payers.
Blue Onion is an accounting software with OTC functionality that aids to ensure that businesses get paid for every order. There are a number of other benefits that come with order to cash software, for example:
- Saves you time: you reduce the time it would take your accounting team to close the books as the manual-checking process is drastically minimized with the software’s ability to follow the money from order to cash,
- Increases financial accuracy: reducing the chances of missing transactions during the reconciliation process minimizes errors and ensure that revenue and profit figures are correct.
- Potential to attract investors: when your business portrays accurate financial records that showcase steady profit and potential for growth, you will have a greater chance of attracting investors for business growth.
- Aids in improving client service: when you can clearly separate good paying clients – that pay in full and on time, at a glance, then you can develop a client loyalty programme that rewards and recognizes good business.
Blue Onion and your accounting software
Blue Onion OTC reconciliation plugs into your NetSuite accounting software to verify the order dataset in NetSuite as it sets out to identify discrepancies for investigation. When using the software together you can automatically transfer sales, inventory and purchase orders data from Blue Onion to NetSuite, which can help streamline accounting and financial processes.
Blue Onion connects to the order and payment source data within NetSuite, to run a reconciliation between your NetSuite orders and the already reconciled Blue Onion data. This makes it easy to identify gaps and missing data, which can aid you in correcting financial records before they get out of hand. It also serves as a safeguard against fraud.
If your business makes use of accounting software to streamline operations and reporting, it is important to ensure that the software setup and integration are done correctly – this will save your business the headache of incorrect records and more. If your business would like to implement accounting tools to operate more efficiently, our experts can help. Schedule a discovery call with us for insights into how you can use technology to the advantage of your business.
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This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.
