The process of transaction reconciliation can be a lengthy and daunting prospect for campus university administrators. But having a comprehensive reconciliation software in place can provide checks and balances, help identify errors and potential fraud.
To help make sense of things, a recent entry to TouchNet's blog delves into the topic of reconciliation software - specifically what to look for in a software. Reconciliation software is designed to help ease the accounting process, save the admin team significant time, and reduce human error by providing automated tools to reconcile campus transactions.
As any card office admin will know, the amount of transactions easily reaches the thousands, making the need for an effective reconciliation software a must.
TouchNet's 7 benefits of reconciliation software include:
1. Automates processes. Reconciliation software removes the manual effort your team spends entering data and resolving inconsistencies by automating many manual and repetitive tasks.
2. Improves accuracy. Thanks to automation and integration, human errors from manually inputting data can be reduced.
3. Strengthens controls. Tailored permissions keep unauthorized users from viewing, editing, and sharing data.
4. Enables insights. A unified dashboard coupled with detailed reports ensure you understand your overall performance.
5. Protects data. Reconciliation software only shows information needed to audit and balance accounts, protecting sensitive information as much as possible while still being able to access the needed transaction data.
6. Monitors transaction activity. Administrators can easily manage returns and credit card chargebacks, including notifying users of status.
7. Streamlines reconciliation. The software streamlines and accelerates the reconciliation process, expediting your reporting and planning.
TouchNet also offers its advice to campuses in the process of selecting a software, including the importance of a centralized dashboard, integration needs, reporting capabilities and more.
For the full list of benefits and features to look for when selecting a reconciliation software, visit TouchNet.com.