Financial management with bank reconciliation is indispensable for any business

By matching a specific transaction to a document, you can find out when it was paid and even detect errors easily. You are not limited to just marking it as paid.

Always know which invoices have been paid and which are unpaid.

By reconciling documents with transactions, you will always know which invoices have been paid and which are outstanding. With partial payments, you will even know exactly how much is outstanding at all times.

portal.magnifinance.com
portal.magnifinance.com

Smart suggestions for bank reconciliations

Whenever there is a transaction or a document is created on the platform, we automatically suggest matches with similar items and values.

This helps to save the manager’s time, as they only need to accept the smart suggestions.

Advanced filters to help with manual reconciliations

When matches between documents and transactions are not found by our artificial intelligence, manual reconciliation is sometimes required.

We have various on-screen filters available that can be applied to find specific documents and transactions. As a result, you can reconcile multiple documents and transactions at the same time.

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Simulation of manual reconciliation costs

Average time per day spent on manual reconciliation

Monthly salary of employee in charge of the reconciliation

TOTAL COST OF MANUAL RECONCILIATION

2

950

36.36

h/day

€/month

€/month

Notes: Amounts calculated on the basis of 22 working days per month, excluding labour costs and holidays.

How much does it cost your company to do bank reconciliations manually?

Manual reconciliation is an exhausting process. It requires going to the bank site, downloading all the statements and then manually verifying which transaction corresponds to which invoice.

We provide a simple example of calculations to help your company know what it costs to perform reconciliations manually. You will probably discover that you spend more on your employee’s time doing this manually than the total cost of all the features available in MagniFinance.

Automatic Bank Reconciliation with Multibanco generated references in the invoices or quotations

Whenever you issue a document with a MB Ref and the reference is paid, the invoice is automatically reconciled. Simply activate our integration with LusoPay to have this feature, which saves the accountant a lot of time.

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