Business Bank reconciliation operations can be time-consuming and prone to manual errors, especially in particularly complex business contexts. The CLOUDERCAR rental management platform automates this task and, thanks to opportunities introduced by PSD2 and Open Banking, simplifies and enhances the effectiveness of business revenue reconciliation operations.
What is bank reconciliation? It is an accounting operation where the company verifies that the financial records match the transactions reported in the bank statement. In practice, all incoming operations made with a credit card are matched with sales invoices; the CLOUDERCAR car rental management platform native integration with the VivaWallet digital account avoids discrepancies and tracks all credit card payments, even made at separate times for the same transaction without manual intervention.
Advantages of the CLOUDERCAR Rental Management Software The bank reconciliation integrated natively into the CLOUDERCAR management system offers numerous advantages for rental companies:
- Financial accuracy: It allows verifying the accuracy of company financial data by comparing it with bank data for all credit card transactions without having to compare revenue in bank data and rentals in the management system separately. This process helps identify and correct errors, omissions, or discrepancies in the company’s financial records, reducing administration time.
- Fraud and error identification: Bank reconciliation can help identify unauthorized transactions or financial fraud, as suspicious or unrecognized transactions emerge during the bank data comparison process.
- Financial control: Provides greater financial control, allowing companies to closely monitor their financial activities and make informed decisions based on accurate data.
- Prevention of sanctions and additional costs: Reduces errors in payments, potential delays, or missed payments, which could result in unforeseen sanctions, interest, or costs.
- Support for financial planning: With accurate financial data, it is possible to plan the financial future more effectively by setting financial goals, budgets, and growth strategies.
- Regulatory compliance: Facilitates tax reconciliation activities, ensuring that transactions are recorded correctly and in compliance with regulations.
- Time management and efficiency: CLOUDERCAR radically cuts administrative time to reconcile every credit payment and associate it to the corresponding rental.
In general, CLOUDERCAR natively reconciles credit card transactions and is an essential financial practice that significantly contributes to operational efficiency, accurate financial management, and control of company finances. It helps reduce financial risk, ensure regulatory compliance, and improve the company’s ability to make informed financial decisions.