Understanding How Automatic Bank Reconciliation Can Save Your Company Time & Money
Bank Reconciliation Feature with Lynnbrook
Automatic Bank Reconciliation Feature Webinar Recording
How many hours does your accounting team spend each month on your deposits and bank reconciliation? What if we told you that the majority of that work could be automated? If you think that sounds unrealistic, we are excited to share with you a brand-new feature available to you within your Streamline software system. Automated Bank Reconciliation provided to you by Lynnbrook is here and ready to transform your accounting process! We’re proud to integrate with Lynnbrook to offer a brand-new bank reconciliation feature that helps vacation rental companies match their accounting records with bank statements automatically. This latest offering saves property staff hours of time monthly while reducing the risk of accounting errors.
As Lynnbrook partners we are able to provide property managers with a state-of-the-art payment integration and a suite of payment products. Streamline customers get access to integrated ACH homeowner and vendor payouts along with guest ID verification to prevent fraud on last-minute bookings. And soon we will learn about a Lynnbrook upcoming product, Payment Wallets!
Our latest auto bank reconciliation feature simplifies the bank reconciliation process and takes most of the labor off your short-term rental team.
Watch the webinar recording below!
Here’s how it works:
- Ensure you are processing payments with Lynnbrook within the Streamline software platform. Unsure how to do this? Reach out to your account manager for more information.
- The software API then retrieves your company’s bank statement data to compare it to the accounting records within the Streamline records.
- Lynnbrook’s API then automatically identifies transactions that have not been recorded in the accounting system and then suggests adding them to the company books.
- The system identifies transactions that have been recorded in the accounting records but have not yet been cleared by the bank and will then mark them as pending until rectified.
- Lynnbrook’s API will match the remaining transactions in the bank statement to the accounting records and marks them as reconciled.
- Any discrepancies or errors between the bank statement and the accounting records can be easily identified and resolved and you’ll receive automatic alerts within the Streamline system if errors are detected.
What are the advantages of the automatic bank reconciliation for a vacation rental manager?
Auto bank reconciliation can provide several advantages for vacation rental managers. Here are a few key benefits of our newest offering:
Save hours of time: Auto bank reconciliation can save short-term rental managers a significant amount of time by automating the process of matching transactions to bank statements. This allows your property staff more time to work on other crucial business activities such as marketing and customer service.
Reduce Errors: Manual bank reconciliation is prone to errors, such as data entry mistakes, duplicate entries, and missing transactions. Auto bank reconciliation can minimize these errors and ensure greater accuracy in financial reporting.
Improve cash flow management: With auto bank reconciliation, vacation rental managers can quickly and accurately reconcile their accounts, which helps them better manage their cash flow. This means they can make more informed decisions about when to make payments and when to collect rent payments, avoid late fees, and lessen overdraft charges.
Provides financial transparency: By using auto bank reconciliation, vacation rental managers can have a more transparent view of their financial performance. They can quickly identify trends, patterns, and make data-driven decisions to improve profitability.
By automating the bank reconciliation process, vacation rental companies can save time, reduce errors, and have a more accurate picture of their financial performance. Also, you can more easily identify fraudulent transactions and ensure they comply with financial regulations and standards.
Overall, auto bank reconciliation can be a valuable tool for vacation rental managers to manage their finances more efficiently and effectively. We are proud to provide our customers with an integration that benefits them and is consistently improved.
Interested in learning more about our integration with Lynnbrook? Email us at [email protected]
Watch the webinar releasing this new feature for Streamline and Lynnbrook clients
Take a peek at how easy it is to set up auto bank reconciliation for your business with the Streamline system. Watch our webinar with Lynnbrook on the Auto Bank Reconciliation Feature available to you today!
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