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Palette Software unveiled accounts payable (AP) automation technology that is designed for firms in the construction and engineering industries and run on the cloud, according to an announcement. Centsoft links with various enterprise resource planning (ERP) technologies such as NetSuite, SAP Business One, QuickBooks and Dynamics 365.
The technology works in the background to provide correct approval routing and generalledger (GL) coding at the bill as well as bill line level. The technology also is designed to identify and lessen the impacts of issues such as validating supplier profile and payment data as well as pinpointing possible fraud risk.
Account reconciliation is the matching and validating of balances in the generalledger (GL) to internal and external sources or other independent calculations to accurately close month-ends and year-ends. Defining Account Reconciliation The basic steps involved in reconciliation transactions include the following: 1.
These systems are designed to automatically load data from multiple generalledgers (GL) and other sources – both on-premises and in the cloud. Cloud-based technology has transformed the year-end close process. You and your staff don’t have to worry about which information is correct and/or up-to-date anymore.
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