Are Payment Processing Aftermath Giving You a Hard Time? Here is How Account Mein can Help!
Processing payments is an essential part of any company, yet it can also lead to annoyance and difficulties. Issues ranging from security worries to technical problems can create numerous challenges in the payment processing area for a professional service company. Therefore, you need to come up with a solution that not only smooths your process but the post payment processes as well.
And,here is how Account Mein can help you with crucial after processes. Today, we will be discussing two of these important processes that need your attention but can be easily dealt with by the use of our Payment Processing in Salesforce services.
Account Mein can Help with Payment Reconciliation Process
The process of verifying that the sums of money a business has received or paid, align with the receipts or bills it has issued, is known as payment reconciliation. This involves comparing bank statements, invoices, and other financial documents to ensure that the recorded and actual transactions are in agreement accurately.
This method aids in spotting any discrepancies, overlooked payments, payments made twice, and mistakes in the recorded figures. For maintaining the financial honesty for a company, Account Mein leverages accurate reconciliation methods.
With the help of our in-house financial reports accurately representing the company's financial health, we will help in uncovering fraud or mistakes, and support efficient management of cash flow. Without consistent reconciliation of transactions, you may encounter financial inaccuracies, which could lead to poor decision-making and potential financial losses.
The process of payment reconciliation that we help with are as follows:
1. Collecting financial documents
We help you collect all the necessary documents that support the financial statements, such as bank statements, reports from payment processors, invoices, and internal financial records.
2. Aligning payments with invoices
All the recorded payments received or made must match the invoices and bank statements. It's important to check the date, amount, and details to ensure they match.
3. Finding and investigating discrepancies
Look for any differences between the recorded figures and the actual payments received. These differences could be due to missed payments, incorrect amounts paid, timing issues, or errors in data entry.
4. Addressing discrepancies
Any discrepancies found should be documented and investigated to understand their cause. Once the cause is identified, the discrepancies need to be corrected by adjusting the financial records.
5. Updating financial records
After resolving any differences or anomalies, the adjustments made should be documented. This includes recording all inconsistencies and the adjustments made to balance the accounts. It's important to document reconciliation because companies need these records for audits or future reference.
6. Final review and approval
During the last stage of the transaction reconciliation process, a final review is conducted to ensure all records are complete and accurate. Our account teams must get approval from the relevant parties for all adjustments made to balance the accounts. These parties will also review the changes to ensure they are accurate and that all necessary adjustments have been made.
Managing Tax Compliances
Tax professionals are well aware that tax regulations are complex and keeping up with the ever-changing rules is a crucial aspect of their work. The growth of online shopping and digital transactions has made the field even more intricate. Account Mein understands how essential components of contemporary technology, with their usage spreading across various sectors, including tax need to be monitored and dealt with.
And that's not even considering the process of making payments. Many companies have found it challenging to make their tax payments on time for several reasons and here is how Account Mein helps you deal with it:
Costs and inefficiency: The costs associated with complying with estimated tax regulations can range to millions each year. Many businesses choose to hire Account Mein experts to handle their tax filings or jurisdiction payments. Some may lack the necessary staff to ensure compliance or manage payments efficiently, leading to a heavy burden on the tax-focused departments.
Large volumes of information:
The more a company owes in taxes, the more paperwork and jurisdictions are involved. This means keeping track of various records and mailing addresses or websites for payments. A company faces the risk of penalties and interest charges if it fails to stay organized and Account Mein, with the help of its in-house expert team, helps with large pieces of information.
Different jurisdiction payment requirements:
Each jurisdiction has its own payment requirements, and these can change. Some may accept paper checks with a printed return, while others prefer electronic payments. Keeping up with which jurisdictions require what type of payment and when is a daunting task, even for the most meticulous tax professionals. Therefore, outsourcing is the right choice where our company houses experts to help you deal with all sorts of transactions needless of the complexity or geography.
Remote challenges:
It's unlikely that your company is making the same type of payments to multiple jurisdictions. While online payments are preferred, many still require mailed checks or returns. Making payments remotely can lead to logistical issues. What was once a challenging process has only become more difficult. Hence, choosing the right partner in this ever changing arena is the key.
Upgrade to Account Mein!
We conduct bank reconciliation & statutory reconciliations (GST, TDS, etc.) on an ongoing basis. As a process, we open separate bank accounts for each of our clients to ensure transparency in the funds available to us. Apart from various types of payment reconciliations, we help you tackle with the aftermath of payment, tax related services and much more!
