Cash may be king, but there are several other ways to pay in today’s retail and restaurant marketplace. In addition to cash, consumers may pay by credit, mobile payments or online. Keeping track of cash flow can be challenging and so can reconciling these payments each month. Stay focused on important business matters and manage bank reconciliations with time-saving solutions, like Advanced Bank Reconciliation.

More Payment Options Can Create Complications for Retailers and Restaurants

Most retail stores may be familiar with multiple forms of payments; however, many restaurants are new to the process. In addition to accepting cash and checks in person, customers can pay by a variety of credit cards both in the store and online. Just like many retailers, restaurants are now accepting online orders and payments through their website. Consumers are also taking advantage of innovative new payment services, like PayPal and Amazon, and there are even more online services being developed to make payments easier for today’s consumers.

While such a variety of payments offers a great convenience to consumers, it also comes with new complications for retail stores and restaurants. Reconciling payments from such a variety of sources can take a great deal of time. Then, reconciling payments alongside bank accounts takes even longer. In addition, managing these financial processes by hand can lead to costly mistakes. Gain greater insight and control over financial operations and streamline complex reconciliation processes by replacing manual processes with stronger technology.

Use the Right Technology for the Job

Advanced Bank Reconciliation is a simple add-on solution that seamlessly connects with both NetSuite and Microsoft Dynamics ERP and automates complicated bank reconciliation scenarios. You can manage multiple bank accounts, multi-currency and multiple general ledger accounts with Advanced Bank Reconciliation. You create as many gateways as you need for credit card, online or mobile payments, then reconcile each gateway alongside the appropriate general ledger. Finally, you can then reconcile those payments with imported bank statements. Advanced Bank Reconciliation adds time-saving automation to a confusing, elaborate system, especially when it’s performed by hand.

Technology is rapidly changing and both retail stores and restaurants need to be able to adapt to changing conditions. Contact Nolan Business Solutions to learn how you can reconcile cash, credit and online orders with greater accuracy and efficiency.

By Nolan Business Solutions, an International Microsoft Dynamics GP ISV and NetSuite Provider