The Role of Accounts Payable Automation in Modern Accounting Practices

For every expense, teams maintain extensive documents like purchase orders, goods received notes (GRN), invoices, etc. With each increasing expense, the finance team has to spend more and more time on spend management — maintaining these documents, syncing data across accounting systems, ensuring proper approval, categorizing accurately, etc.

This manual process is time-consuming and prone to errors like missing receipts, employee fraud, unrecorded expenses, data entry typos, etc.

As a result, teams have inconsistent data across company systems and spend more time fixing these issues than focusing on their core activities. So, when finance teams strive to improve budget allocations, streamline expense tracking, and enhance financial reporting, they find themselves dedicating substantial time to addressing discrepancies among different financial databases and systems.

This blog will cover improving the expense reconciliation process and replacing manual and old methods with an improved solution.

What is Expense Reconciliation?

Expense reconciliation is a process that matches the actual expenses with the corresponding book entries. It involves comparing two sets of financial records, such as bank statements, credit card statements, receipts, etc., to identify and rectify discrepancies between them.

So, for every expense, you have an entry at an external source and in the internal systems. You match them together to ensure the accuracy of financial reporting, compliance with accounting standards, and prevention of errors or fraud.

However, companies rely on outdated systems — entry-level accounting tools, spreadsheet-based solutions, or legacy ERPs, which cannot handle end-to-end reconciliation processes. These compel finance teams to spend valuable time on manual tasks like data entry and receipt management, hindering reconciliation efficiency and increasing the risk of errors in financial data. 

Hence, submitting and tracking expenses becomes cumbersome for employees, while finance teams face manual verification and reconciliation challenges. Managers struggle with delayed approvals, and the overall process becomes susceptible to errors, affecting accuracy and compliance.

How to Reconcile Expenses Faster

Invest in spend management software to reconcile expenses faster. With spend management software, you can track and monitor each transaction on a centralized platform in real time.

The automated process makes reconciliation simpler and faster by providing a single source of information and enabling advanced controls. You can create customizable approval workflows and specify spending rules to suit complex hierarchies and ensure compliance with company policies. 

Especially with Pluto, each expense triggers the approval workflow and notifies employees to upload the receipt through WhatsApp. The accounting system integration syncs data across the financial systems to provide a consistent and accurate database.

Here is how switching to Pluto helps you reconcile efficiently and close your books of accounts ten times faster:

1. Easy to Identify Discrepancies

In a traditional manual reconciliation process, identifying discrepancies involves sifting through piles of paperwork or navigating complex spreadsheets.

With Pluto's automated system, this cumbersome task is simplified. The platform's alert system actively flags potential issues, promptly notifying users of duplicate receipts. It not only streamlines the identification of irregularities but also introduces a proactive layer of fraud prevention.

You can visualize and interact with discrepancies directly on the centralized platform, turning what used to be a tedious task into a more intuitive and efficient process.

2. Speed and Accuracy 

Automation, real-time tracking, receipt capture (via optical character recognition (OCR)), approval workflows, and robust controls accelerate reconciliation cycles on Pluto. 

You need not spend a minute on a manual redundant task. The platform captures and extracts invoices from emails and WhatsApp on a centralized platform. The trigger-based workflows ensure prompt approvals without any friction. Matching documents for three-way and four-way matching simplifies with all the documents on a single tool. 

Therefore, the inherent accuracy of financial data, coupled with efficient discrepancy identification, ensures speed and reliability in the reconciliation process. 

3. Real-Time Tracking and Visibility 

Unlike conventional tracking methods, Pluto offers real-time insights through its centralized dashboard. This furnishes internal teams with immediate visibility into transactions, guaranteeing proactive adherence to company policies.

The agility provided by real-time tracking enables timely data-driven decision-making based on the latest and most accurate data.

4. Better Data Sync for a True Picture

Manual data entry is prone to errors and delays, leading to discrepancies in financial records. Pluto's seamless integration with major accounting systems like Xero, Zoho, QuickBooks, Netsuite, and Dynamics ensures that the financial data is up-to-date and aligns with the organization's accounting records. This synchronization eliminates the need for manual adjustments and corrections, providing a true and accurate picture of the organization's financial status.

5. Enhanced Controls Over Processes 

Building intricate approval workflows is simplified with Pluto. You can set up approval processes using simple if-then rules without the need for complex coding. Devise custom workflows that align perfectly with your company policies, creating a seamless and controlled process.

6. Traceable Audit Trail

Pluto maintains a traceable audit trail of all financial transactions and activities. It provides a comprehensive record of changes made to financial data. From the initiation of a transaction to any subsequent modifications, the traceable audit trail ensures transparency and accountability. This trail helps you avoid fraud and trackback discrepancies without friction.

Also, you can lock transactions post-approval, which adds an additional layer of security and integrity, facilitating smoother audits.

7. Save Time and Money

Automating financial processes, including procurement, expenses, and payables, significantly reduces manual steps in reconciliation.

Pluto's ability to capture general ledger and tax codes from expenses automates data entry. It reduces the time spent on routine reconciliation tasks. This efficiency allows finance teams to allocate resources more strategically, focusing on higher-value initiatives rather than repetitive manual tasks.

Timely financial insights help finance teams support decision-making processes with precision and confidence, fostering a data-driven financial ecosystem.

Internal Controls Strengthen Expense Reconciliation

Expense reconciliation burdens finance teams with time-consuming manual efforts and the constant threat of challenges like duplicate receipts and policy violations. These complexities lead to prolonged reconciliation cycles, hindering financial efficiency.

However, the actual progress happens when you strengthen internal control over financial reporting (ICFR), which is the anchor for successful automation in finance.  

When you embrace ICFR strategically, it bolsters internal controls, protects against risks and fraud, and sets the stage for smooth automation. The impact goes beyond just easing manual work; it promotes precision, reliability, and transparency in financial workflows. 

In simple terms, ICFR mitigates risks tied to financial inaccuracies. Read how to improve your ICFR framework for enhanced reconciliation processes.

The traditional procurement process is time-consuming, prone to errors, complex, and challenging to implement efficiently. From raising a purchase request to making vendor payments, multiple stakeholders are involved. In addition, securing approvals through various channels of an organization leads to chaos. Hence, 77% of companies are shifting to procure-to-pay solutions, also known as procurement software.

What is Procurement Software? 

Procurement software are tools that automate the procurement process. 

Instead of relying on multiple platforms and different channels to procure goods and services, the process is automated and brought together on a centralized platform. 

A powerful procurement solution helps you in:

• streamlining the request and approval process for purchases
• generating, tracking, and managing purchase orders
• creating, negotiating, and tracking supplier contracts
• managing and maintaining supplier relationships 
• automating invoice validation, approval, and payment workflows
• integrating with other systems for seamless data flow and coordination.

What Are the Benefits of Procurement Software? 

By automating your procurement process with a procurement management software, you can improve it in the following ways: 

• Once you enter data, it is auto-populated throughout the procurement cycle. This minimizes the risk of errors due to manual data entry in purchase orders, invoices, and other documents.
• You get real-time visibility into the procurement process. You can also track the status of purchase requests, orders, deliveries, and payments. 
• With built-in reporting and analytics tools, you can generate detailed reports on spending, supplier performance, and other key metrics. This data-driven insight enables better inventory planning and strategic decision-making.
• You can standardize workflows for purchase requisitions and approvals. Route the requests to the appropriate individuals for approval and reduce any delays. Notifications and reminders are automated, ensuring timely responses.
• Invoice processing and payment workflows are automated. This ensures that invoices are paid on time. This helps in taking advantage of early payment discounts and strengthens vendor relationships. 

Top 6 Procurement Software 

To help you select the procurement management software best suited for the needs of your organization, we have listed the top 6 procurement solutions:

1. Pluto 

Pluto is an all-in-one procurement software designed to transform your accounts payable (AP) processes. It reduces your finance team's workload and makes procurement easy. From automating purchase requests to setting multi-layer approval workflows and managing vendors, it is the ultimate procurement solution to transform a chaotic procurement process into a faster and more efficient one. 

Key Features:

• Features fully customizable and automated workflows for raising purchase requests and purchase orders, requiring no technical expertise
• Offers flexible approval engine capable of managing intricate hierarchies
• Enables multi-layer invoice approvals with policies to align with your company's structure
• Ability to upload invoices easily via WhatsApp images, eliminating the need to search for invoice details. Also, facilitates invoice capture via emails directly to speed up the receipt capture process.
• A centralized dashboard to gather bills in one place and track the status to avoid double payments
• Vendor-specific corporate cards to control budgets and detect irrelevant expenses
• Supports local and international wire transfers to make payments 
• OCR technology minimizes manual data entry by creating and populating bills from invoices
• Supports ERP integration to synchronize your vendors, POs, and bills and integrates with accounting software, such as Oracle, NetSuite, Zoho, Quickbooks, Wafeq, Xero, etc.
• Raises alerts for upcoming payments and enables scheduling payments in advance and automate invoices 
• Provides a complete audit trail of the process to ensure visibility at each step
• Shows real-time analytics to facilitate deep insights for supporting budget control

Pricing:

‍Request the sales team for a custom quote

Pros:

• More financial control with vendor-specific corporate cards 
• Better Forex rates than most local banks 
• Multiple integration options

Cons:

• Slightly longer on-boarding due to corporate card offering 
• Integrates with all other major ERPs except Tally

2. Yooz 

‍

Yooz optimizes the AP process, specifically focusing on invoice management. It is a cloud based software that uses artificial intelligence (AI) and machine learning technologies to enhance security and control in AP automation. It is suitable for mid-size companies of all sectors wanting to automate procurement with a cloud-based procurement solution. 

Key Features:

• Enables online, real-time management of supplier relationships, improving communication and collaboration
• Provides mobile access for invoice approval and communication
• Maintains regulation-compliant traceability, ensuring adherence to relevant laws and standards
• Automates real-time GL coding and purchase order matching
• Captures all types of documents through various channels, such as email, drag-and-drop, mobile, scan, and sFTP, supporting multiple formats, including PDF, Factur-X, UBL, CII, and EDIFACT
• Integrates with accounting software and  and ERPs
• Allows users to approve and pay invoices in batches, offering multiple payment options, such as Virtual Credit Card, ACH, eCheck, and Paper Check
• Offers a range of services, including consulting, configuration, training, and user support

Pricing:

Free trial for up to 15 days followed by a "pay-as-you-use" model.

Pros:

• Integration with Sage Intacct
• Ability to tag people in the comments and email them directly from the invoice
• Numerous criteria available for setting up the approval workflows

Cons: 

• Doesn’t offer payment services in UAE, so you need to carry out payments on a different platform
• Doesn't have integrations with major suppliers as a form of punchout
• Time-consuming to download and export files
• Hard for vendors to send the invoices through Yooz

3. Procurify

Procurify speeds up the procurement process, enhances internal communication, and reduces financial risks. It is an easy-to-implement tool that saves time for finance and operations teams. From catalog management to custom user controls, it helps to track the procurement process in real-time. 

Key Features:

• Tailors purchase orders to match your internal processes and vendor expectations
• Creates, tracks, and maintains an audit trail of all procurement transactions for transparency and compliance.
• Enhances financial controls by enabling purchase order-based purchasing
• Ensures that requested items are approved against budgets before procurement.
• Sync purchase orders with your accounting system or ERP, whether via API, CSV, flat file, or direct integration
• Integrates with trusted suppliers through PunchOut catalogs to streamline the ordering process.
• Enables blanket purchase orders, which involve making multiple purchases against a single purchase order, even when details of future purchases may be unknown.
• Purchase order workflows to save on shipping costs, unlock vendor discounts, and reduce paperwork 

Pricing:

Starts at $2000/month with a custom pricing tier

Pros:

• Easy to make amendments in the original purchase order
• Enables ordering from multiple websites for resources, including Amazon
• Makes it easy to upload documents to support expense and order reports

Cons:

• Doesn’t offer payment services in UAE, so you will need to carry out payments on a different platform
• Isn’t catered to the UAE market, and does not support UAE specific workflows such as VAT management
• Cannot edit orders once they are approved
• Cannot see the order history for a catalog item without running a report
• Physical inventory has to be tracked outside Procurify

4. Precoro

Precoro is a cloud-based solution designed to streamline operations, automate tasks, and centralize purchasing procedures. It enables tracking discounts, monitoring corporate expenses, and enhancing cash flow transparency. It also provides analytics and reports for strategic procurement planning.

Key Features:

• Simplifies the approval by allowing users to approve from any device via email or Slack notifications. 
• Supports customizable approval workflows with multi-step and role assignment
• Facilitates creating, approving, and tracking purchase orders and transfer orders from Amazon Business via Punch-in
• Connects with various ERPs and business tools like NetSuite, QuickBooks, and Xero, or its API
• Ensures data security through Single Sign-On (SSO) and 2-factor authentication
• Offers an intuitive interface and guidance from a dedicated customer success manager whenever needed
• Gives a risk-free 14-day free trial with access to all features

Pricing:

Starts at $35 per user per month billed annually for teams with under 20 members and offers custom pricing for enterprises

Pros:

1. Provides flexibility for enterprise needs
2. Works well for budgeting procurement
3. Allows tracking invoices in a centralized environment

Cons: 

1. Requires training to customize complex workflows
2. Invoice processing is slow
3. Isn’t suitable for manufacturing industries
4. Difficult to collaborate on invoice drafting

5. Kissflow

Kissflow simplifies and enhances procurement processes while ensuring transparency and compliance. It helps to automate the entire process without requiring technical expertise or coding experience. It comes with 50+ ready-to-use applications, enabling unlimited automation applications.  

Key Features:

• Offers fluid forms to enable easy capturing, approval, and tracking of purchase requests
• Allows to register and maintain vendors effortlessly with access to multilingual catalogs
• Integration with accounting systems, ERP, and finance systems like Quickbooks, SAP, and Microsoft Dynamics 
• Accelerates the invoice approval process with timely alerts and automated checks. Connect invoices to contracts, purchase orders, and service entry sheets in a single dashboard
• Customizable reports to visualize data using charts, filters, and heatmaps
• Ability to define and manage budget restrictions with dynamic rules throughout the entire procure-to-pay lifecycle
• Customized approval workflows to ensure transparency with rule-based approval processes
• Smart alerts that provide real-time updates on the status of purchase orders and invoices to keep stakeholders informed 

Pricing:

Starts at $2499/month (billed annually). Pricing varies based on transaction volume and number of users.

Pros: 

• Intuitive interface with a relatively short learning curve
• Allows automated workflows to be created with limited technical expertise

Cons:

• Not built specifically for procurement teams
• Does not support payment flows in UAE
• Cost of its license is high (particularly for SMBs)
• Can not handle intricate processes that require a high degree of customization or involve multiple conditional branches
• Customization options are limited, including specific integrations, advanced business rules, or more sophisticated automation capabilities

6. Vendr

Vendr is a practical solution for streamlining SaaS procurement. It simplifies the entire process, from intake requests to contract management. It provides essential SaaS insights, negotiates expert advice, and integrates with core business tools for procurement and vendor management. 

Key Features:

• Buyer guides to provide negotiation insights and gain the upper hand in software purchases
• Negotiation advisory to provide personalized guidance on negotiating like a pro and enter negotiations with confidence
• Simplified intake forms to ensure company-wide compliance and visibility
• Integration with different accounting and finance tools, such as Oracle, NetSuite, Intuit, Quickbooks. 
• Integrates with platforms like Rippling Workday to include correct stakeholders. Additional integration with SSO providers such as onelogin.
• Comprehensive renewal dashboard to receive early alerts and streamline the renewal preparation process to maximize savings.
• Vendr Slack integration for quick answers and timely notifications to collaborate in real time with your team, minimizing approval cycle times

Pricing:

There are 2 packages—the basic one starts at $15,000/year and the pro package starts at $20,000/year.

Pros:

• Offers assisted buying with a team who negotiates on your behalf
• Comprehensive database of vendors in one place
• Helps standardize procurement workflow 
• Provides insights about fair market value 

Cons:

• Restricted to SaaS procurement only 
• Multilingual services are limited 
• Navigating multiple workflows is not as fluid as desired
• Doesn't support multiple currencies 

Find the Right Procurement Software 

When choosing procurement software, focus on user-friendliness, scalability, and integration capabilities. Make sure the software aligns with your specific needs.

Finding the right software for accounts payable automation will be crucial for your business. For instance, if you frequently deal with multiple suppliers and have a complex approval process, ensure the software can accommodate these intricacies. Similarly, if you're in the healthcare industry, look for procurement software that complies with industry regulations like UAE Healthcare Law and the Dubai Health Authority (DHA) regulations. This ensures the privacy and security of patient data and adheres to local data protection standards. Moreover, check if the vendor offers active support and training. In case of a technical issue, having an unresponsive support team can disrupt the process and create bottlenecks.

Don't rush the decision. Thoroughly evaluate multiple options. Investing in an appropriate solution will save you money and headaches in the long run.

Want a tool that is safe, fast, and transforms your chaotic procurement process into an automated solution? Book a demo today and see how Pluto can simplify procurement for your team.

Last day of the fiscal year, and you are closing the books. One of the employees writes a check for 50000 AED to a vendor. The internal records show a payment of 50000 AED, but your balance will not match your bank statement due to the time difference in check clearing. 

Account reconciliation addresses these differences and mismatches of records. It helps you identify any gaps in your accounting statement to make adjustments and ensure accuracy. 

In this post, we will discuss account reconciliation and how you can ensure compliance with proper reporting.

What is Account Reconciliation?

Account reconciliation involves comparing your internal financial statements to external and third-party sources, such as bank statements, to ensure the accuracy of financial records.  

The frequency of account reconciliation will depend upon your company's internal policies and industry practices. Generally, companies conduct account reconciliations every month or quarter. 

You can also automate this process and reconcile accounts in real time. The software integrates with your accounting systems and ERPs and facilitates record-keeping. Employees directly upload receipts on the software, and all the transactions are visible on a centralized platform for real-time tracking. Then, the tool automatically categorizes the expenses into different general ledger (GL) accounts and tax codes, making reconciliation simple. 

Why Invest in Account Reconciliation?

Account reconciliation is a standard accounting process. While it seems reasonable to continue using traditional manual systems for record-keeping and reconciling, having a unified accounting platform enables you to close books 10X faster. 

Imagine a single tool to manage reimbursement, petty cash, corporate cards, and end-to-end procurement. You eliminate the chances of errors and fraud with more visibility over your money. As a result, you get accurate financial statements, creating a transparent environment for stakeholders. 

How is Account Reconciliation Done?

Account reconciliation involves comparing GL account balances to supporting external sources and records. Here is a complete breakdown of the process: 

1. Identify Accounts for Reconciliation

Identify the accounts that need reconciliation. This depends on the nature of the business, industry regulations, and the company's internal processes. Common accounts include:

• Bank accounts
• Accounts payables and receivables
• VAT
• Inventory
• Intercompany transactions
• Revenue
• Expenses

2. Gather Relevant Documents

Collect supporting documents for the identified accounts, such as bank statements, invoices, receipts, and other relevant financial records.

3. Verify Opening Balances

Compare the opening balances in the company's records with the corresponding balances in external statements or supporting documentation. This ensures that the starting point for reconciliation is accurate.

4. Adjust Differences

Identify discrepancies and make adjustments as needed. Based on the types of accounts chosen, you are likely to have the following discrepancies:

1. Bank: Outstanding checks, deposits in transit, or bank fees
2. Accounts payable and receivable: For accounts payable, mismatch between the company's records and vendor invoices. On the accounts receivable side, payments not being accurately reflected in the company's records.
3. Value Added Tax (VAT): Errors in calculating input and output VAT, misclassification of transactions, or discrepancies between recorded and actual tax amounts
4. Inventory: Errors in recording stock levels, theft, obsolescence, or misclassification of inventory items
5. Intercompany: Errors in eliminating intercompany transactions, misallocating expenses, or differences in intercompany balances
6. Revenue: Unrecorded sales, errors in invoicing, or misapplication of revenue recognition principles
7. Expenses: Unrecorded expenses, duplicate payments, or errors in expense categorization

5. Review and Finalize

Review the reconciled accounts for accuracy and completeness. Obtain necessary approvals from management or relevant stakeholders before making adjustments and finalizing financial decisions.

Finalize the reconciliation process and document the adjustments made. Retain all relevant records for auditing purposes and future reference.

Top 5 Account Reconciliation Errors

Here are the top 5 most common errors that lead to discrepancies in account reconciliation: 

1. Omission

Omission includes missing certain transactions from the accounting records due to oversight. For instance, forgetting to record a payment received results in understating cash and accounts receivable.

Solution: Review transaction documentation, bank statements, and other supporting records to identify and record any omitted transactions.

2. Duplication

Duplication involves recording the same transaction more than once, leading to an overstatement of figures. For instance, recording a sales invoice twice causes excessive revenue figures.

Solution: Review transactions and eliminate any duplicate entries.

3. Timing Difference

Timing differences refer to situations where a transaction is recorded in the books at a different time than when it clears the bank or is recognized for accounting purposes. For instance, writing a check at the end of the month that doesn't clear the bank until the beginning of the following month.

Solution: Regularly compare bank statements with the company's records, adjusting for timing differences.

4. Fraud

Fraudulent activities involve intentionally manipulating financial records to deceive stakeholders and make personal gains. For instance, employees falsify expense receipts to inflate reimbursement claims.

Solution: Implement strong internal controls, conduct regular audits, and promote a culture of ethical behavior.

5. Misclassification

Misclassification occurs when transactions are recorded in the wrong accounts. For instance, adding a purchase of office supplies to the wrong expense account or labeling an incorrect GL code.

Solution: Review transactions to ensure proper coding and provide training to prevent misclassification errors.

Risk of Overlooking Account Reconciliation 

While account reconciliation seems a redundant task of matching accounts’ balances, small defaults can lead to operational, financial, and legal challenges.

You can face hefty fines or penalties imposed by regulatory authorities. You may also encounter disruptions due to legal investigations, audits, or even suspension of business activities. Moreover, failure to adhere to regulations can harm a company's reputation. 

In some cases, it leads to the revocation of licenses or permits, jeopardizing the company's ability to operate within the UAE. 

Here are some challenges you face when you do not pay due attention to account reconciliation: 

1. Manual Errors

The chances of errors are high if you rely on manual processes for account reconciliation. It can distort financial records, impacting decision-making and financial analysis.

Example: An employee records a sales transaction twice, leading to an inaccurate representation of the company's revenue.

2. Fraud

Detecting fraud becomes difficult when you lack real-time visibility or the accounts are not being cross-verified. As a result, fraudulent activities go undetected, causing financial losses and damaging trust.

Example: An employee manipulates expense reports to divert company funds for personal use.

3. Overdrafts

You lose sight of the funds available, leading to bounced checks or potential bank charges. This harms the company's financial stability and relationships with vendors.

Example: The employee wrote a check with insufficient funds, resulting in a bounced check and delayed vendor payment.

4. Inaccurate Reporting

You increase the chances of discrepancies in financial reports, providing stakeholders with misleading information. This undermines the confidence in the company's financial health and performance.

Example: An employee overlooking the balance between revenue and expenses leads to inaccurate profitability figures in financial statements.

5. Tax Issues

You can encounter inaccurate tax calculations or omissions, leading to tax filing errors. This leads to penalties, fines, and increased scrutiny from tax authorities.

Example: An employee's oversight of business expenses, like travel and meals, results in underreported deductions, leading to tax filing inaccuracies.

6. Affect Credit Score

You increase the chances of missed payments or errors that negatively impact the company's credit score. This further affects the ability to secure loans or favorable credit terms.

Example: An employee's oversight in paying a critical supplier invoice on time leads to late fees, strains supplier relations, and affects the company's credit score.

7. Audit Challenges

With incomplete or inaccurate reconciliations, you risk challenges during audits, demanding additional time and resources. This results in increased audit costs and potential legal implications.

Example: An employee fails to reconcile monthly bank statements, leading to missing documentation. The subsequent need for extensive audit adjustments increases audit costs and poses legal risks.

Automate For Ease 

Managing 1000s of expenses and individually categorizing and coding them is a big headache for finance teams. Leaving this to your accounting software will further require oversight during audit season, adding to the workload. Moreover, these software don’t help with record-keeping or real-time visibility, causing you to spend more on account reconciliation. 

Pluto makes this easier by bringing it all to a centralized platform. By shifting to the Pluto ecosystem, you close books 10x faster and simplify spend management. It is as simple as integrating your accounting software and ERPs and getting visibility over your money from Day one. 

Streamline your financial management with our all-in-one platform, integrating accounts payable software for comprehensive control. Manage categorization, reimbursements, corporate cards, and all aspects of accounts payable seamlessly from a unified dashboard.

The best part is that you can bulk export and import logs and even lock the transactions to avoid changes once approved. Further, with view-only access to external bookkeepers, you ensure transparency and security with no chaos during audit season. 

Reconciliation in Accounting Made Simple

Meeting compliance standards should not be an afterthought during the audit season. 

You must adopt the right processes, standards, and tools to get complete control over your accounts. This will ensure accurate records and build trust amongst stakeholders. Moreover, the teams will have a proper systems to reconcile without rushing at the end time. 

With automation, you make the process easier and more efficient. Pluto assists you with a centralized platform to automate your accounts payables and simplify account reconciliation without having to juggle multiple accounting software