Being a finance professional has so many upsides but, let’s be honest: invoice reconciliation is not one of them. Traditionally, it’s a tedious, time-consuming task that is prone to errors and delays. But, it’s one of your finance team’s most important tasks, as it ensures that all incoming and outgoing payments are accurately recorded.
Get proven methods for speeding up your reconciliation process without compromising on accuracy, and 8 signs that indicate your process is in need of automation.
Invoice reconciliation involves matching invoices to bank statements to verify that all payments are accurate and accounted for. This process helps you maintain a clear overview of your company’s finances, detect discrepancies early and ensure that funds are where they should be. It’s also essential for preventing fraud, avoiding late payment fees and keeping cash flow steady.
Many commerce businesses still handle invoice reconciliation manually. This often involves working through piles of invoices, cross-referencing them with bank statements and entering data into accounting systems. It’s a time-consuming process, and there’s a lot that can go wrong: one typo in your data entry can lead to accounting errors that may go undetected only to cause unexpected budgeting or even compliance issues down the road.
As your company grows, you’ll handle large numbers of ingoing and outgoing invoices, as well as different bank accounts. Fortunately, you can now use automation to speed up and streamline every step of your invoice reconciliation process.
Instead of manually collecting and organising invoices, automatically import them directly into your financial platform as soon as you receive them. Juni collects and scans invoices automatically and pre-fills all the important payment details. This ensures that you never miss an invoice, and all your accounting data is accurately recorded.
Once invoices are imported, you can pay them quickly and automatically. With Juni Accounts Payable you can manage all outgoing payments from a single dashboard, including setting automatic payment dates from multiple accounts. This saves time while also helping you build a better reputation amongst your suppliers.
Matching each invoice to the corresponding transaction is part of what makes reconciliation so time-consuming. Automation simplifies this by automatically linking invoices to the right payments. Juni matches paid invoices to transactions seamlessly, so you and your team never have to waste time manually cross-checking.
Before invoice data reaches your main accounting software, it’s beneficial to organise and categorise it through pre-accounting. Pre-accounting can sort transactions, apply custom rules and prepare data for easy integration. This step reduces your team’s workload during the actual accounting process and minimises the risk of errors.
Integration between your invoicing system and your entire ecomm stack is key to a smooth workflow. Juni, for example, offers over 2,500 integrations, enabling it to seamlessly collect your payment data from platforms like PayPal and Stripe. It also exports invoice data directly to popular accounting platforms like Fortnox or Exact Online. This means that your financial information is synchronised across all your systems in real time, providing a clear and current picture of your finances.
If you currently do invoice reconciliation by hand or only automates certain parts of the process, you may be wondering whether full automation is worth the initial investment.
Here are 8 signs that it’s time to start automating more of your invoice reconciliation process:
If manual data entry and matching invoices to bank statements consumes a significant portion of your team’s time, it’s a clear sign that automation could help. Automation handles these repetitive tasks quickly, freeing up your team to focus on more strategic tasks.
Manual processes are prone to mistakes—typos, overlooked invoices or mismatched transactions. If you’re noticing inaccuracies in your financial records, automating tasks like importing invoice data and invoice matching could help.
Do you often wait until month-end to get a clear picture of your financial standing? Delayed information can hinder prompt decision-making and prevent you from addressing issues quickly. Automation provides real-time insights into your finances, so you can monitor spend and cash flow as transactions occur, not weeks later.
If managing cash flow has become challenging due to delayed payments or piling expenses, automation can help. Automated systems ensure timely payments and receipts, supporting a healthy cash flow. Solutions like Juni also offer flexible financing options, providing up to 120 days to settle invoices. This eases pressure on your cash-conversion cycle, allowing your business to operate smoothly even when incoming payments are delayed.
Inaccurate financial records can lead to compliance issues, audits and penalties. If maintaining compliance has become a headache due to reconciliation errors, start automating your process to ensure all transactions are recorded and matched correctly.
If working with international suppliers or freelancers complicates your payment processes, automation can simplify things. Automated platforms facilitate fast and secure transfers globally, handling different currencies and payment systems with ease. This ensures that international invoices are paid promptly, supporting global business relationships and reducing the complexity of cross-border transactions.
Does your team spend too much time manually entering data into multiple systems? If so, you can speed things up with software integrations. You can automatically sync your accounting tools like Fortnox, or get accurate exports in CSV, SIE and other formats, making integration straightforward and ensuring financial records are consistent across all platforms.
Every business has unique financial workflows. If your current system doesn’t allow for custom rules or categorisation, then it’s time to consider automation. Set up custom rules during pre-accounting, so transactions are categorised and processed according to your specific needs.
Invoice reconciliation is a vital task that ensures financial accuracy and supports cash flow, but the manual process is time-consuming and often frustrating. By automating your reconciliation process, you can simplify everything from importing invoices and making payments to matching transactions and integrating with accounting software.
Automation helps save time, reduces errors and provides real-time financial insights. As a result, your finance team is in better shape to make informed decisions. If your current reconciliation process is slow, error-prone or inefficient, now may be the time to explore automation and start streamlining your financial operations.
Juni is not a bank – yet. We’re a financial technology company providing e-money services and as such are not part of a deposit guarantee scheme. Learn more about our license and how we keep your business and money safe.
Juni Technology AB (company number 559248-0908) is licensed and registered as an electronic money institution with the Swedish Financial Supervisory Authority (Sw. Finansinspektionen) (license no: 64025). Payment Card Solutions (UK) Limited (company number 05941947) and UAB B4B Payments Europe (company number 305539054) are regulated by the Financial Conduct Authority (ref: 930619) and the Bank of Lithuania (licence no: 76), respectively. The Juni Mastercard Corporate Card is issued by Payment Card Solutions (UK) Limited and UAB B4B Payments Europe pursuant to a license by Mastercard International Incorporated. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated. Juni Technology AB. Masthamnsgatan 21, 413 28 Göteborg, Sweden. © 2025 Juni. All Rights Reserved.
