Bank Reconciliation
Connect to your banks, download transactions without anyone exporting a file, and reconcile them automatically against receipts, payments and accounting entries.
Balancing the bank is one of those tasks that eats a whole morning every week and leaves nothing behind. Here the system matches most transactions on its own (by amount, date, reference and description) and leaves only what it could not match for review, which is where a person is genuinely needed.
The connection is established with the account holder's consent, renewed and revoked from the system itself: it is the standard European open banking access mechanism, not a username and password stored somewhere. Transactions are categorised as they arrive, so treasury is current every day and not just on the day somebody sits down to balance it.
No files to export
Transactions come from the bank, not from somebody's browser
The connection to your banks is established with the account holder's consent, which is renewed and revoked from the system itself. It is the standard European open banking access mechanism: no username or password stored anywhere, and permission can be withdrawn at any time.
From then on transactions arrive on their own, every day. That removes the preliminary step of logging into online banking, downloading a file, checking the format is the usual one and importing it, the very step that ends up turning reconciliation into a monthly chore instead of a continuous one.
Transactions are categorised as they arrive, so the statement reads as classified information rather than a list of bank descriptions.
Matching
The machine matches the obvious and leaves you what needs thinking about
Each transaction is checked against the receipts, payments and accounting entries that could correspond to it, cross-referencing amount, date, reference and description. Most match on their own, and those no longer need anyone to look at them.
What is left is exactly what deserves a person: the payment covering three invoices at once, the receipt short by a withholding, the transfer nobody was expecting. They are resolved by hand and remembered for next time.
The practical difference is one of scale. Balancing four hundred transactions one by one takes a morning; reviewing the twenty that did not match takes twenty minutes, and it gets done daily instead of monthly.
Treasury up to date
Knowing your real cash position on any day of the month
Reconciliation done at closing is good for balancing the books, but not for deciding. When the bank is reconciled daily, your cash position is a figure you can look up at any moment rather than an estimate somebody makes from memory.
Together with the receivables and payables ledger, that gives both halves of the same picture: what has already happened at the bank and what is expected over the coming weeks. With both in view, a cash squeeze can be seen coming with time to negotiate, which is while something can still be done.
And for accounting, closing no longer includes the chapter about balancing the bank, because it is already balanced.
Clearing things up
Frequently asked questions
Answers to what we get asked most.
Do I have to download the bank statement?
No. Transactions arrive on their own every day through the connection to your bank, established with the account holder's consent and renewed or revoked from the system itself. No username or password is stored anywhere.
How many transactions does it match on its own?
Most of them. Each transaction is checked against the receipts, payments and accounting entries that could correspond to it, cross-referencing amount, date, reference and description; only what could not be matched is left for review, which is where a person is genuinely needed.
What about a payment covering several invoices?
That is one of the cases left for manual review: it is split across the relevant invoices and recorded. The same goes for a payment short by a withholding or an unexpected transfer.
Is it useful for knowing the daily cash position?
Yes, and that is the difference from reconciling only at closing. With the bank reconciled daily, the cash position is a figure you can look up at any time, and together with the receivables and payables ledger it shows what has happened and what is expected on the same screen.
Accounting and finance
Invoices post themselves, AEAT tax forms are built from real data and the bank reconciles almost on its own. With Verifactu, TicketBAI and SII solved.
Verifactu
Compliance with the Spanish tax authority's Verifactu regulation: every invoice generates a signed invoicing record chained to the previous one, with its QR code and, if you choose that mode, immediate submission to the tax authority.
View moduleTicketBAI
TicketBAI compliance for invoicing to the Basque regional tax authorities: electronic signature on every invoice, chained records, QR code and submission to the relevant administration.
View moduleSII (AEAT)
Immediate Supply of Information on VAT: the record books of issued and received invoices are reported to the Spanish tax authority within the legal deadline, with no manual work.
View moduleReceivables and Payables
Every instrument and due date in one place: what is left to collect, what to pay, when each falls due and what state it is in.
View moduleSEPA Remittances
Direct debit collection orders and credit transfer payment orders, generated from outstanding due dates and ready to upload to your bank.
View module