For mid to large-sized enterprises, the travel expenses necessary for business operations should not be overlooked. The process of advance travel payments, cumbersome reimbursement procedures, and slow payment approvals often cause headaches for employees. Many companies are optimizing their travel reimbursement processes by implementing monthly settlement with travel platforms.
The result is that employees no longer need to make upfront payments, significantly reducing the报销 workload and improving efficiency. However, on the flip side, the reconciliation and settlement of expenses has shifted from the front desk to the back office, with the settlement lists growing increasingly lengthy.
For instance, after receiving the April reconciliation statement and order from a travel platform, the company's finance department must individually verify each item in an Excel spreadsheet and split the bill into 16 settlement units. Additionally, upon receiving the paper travel itinerary, they must match the itinerary with the detailed flight order receipts that have already been reimbursed...
This manual pairing process is extremely labor-intensive, and a slight oversight can lead to human errors. Should discrepancies in data arise, it necessitates tracing all business transactions and invoices, resulting in a significant amount of additional work.
The launch of Shengyi's Cloud Intelligent Reconciliation Solution for Expense Control effectively addresses this challenge. Utilizing advanced automation technology and intelligent algorithms, the solution streamlines the entire process from monthly reconciliation, payment, to archiving, through tools such as automatic reconciliation, multi-dimensional invoicing, intelligent matching, smart receipting, intelligent payment, and automated document processing.
One, Daily Automated Reconciliation and Anomaly Marking - Achieving "Rapid 26-Minute" Reconciliation Efficiency
Scenario: Large enterprise A has entered into a monthly settlement cooperation model with a travel and business platform, processing over 2,000 orders on average per month. At the end of each month, the travel and business platform provides orders and invoices to enterprise A.
During the reconciliation process, companies lack accounting books and must rely on returned invoices for verification. Factors such as ticket exchanges, phone bookings, and others often lead to discrepancies between orders and invoices, making information reconciliation challenging. Due to the large volume of orders, the process of manually searching for and correcting errors is both complex and time-consuming, requiring A Company to allocate four settlement staff members and spend an entire two days to complete this task each month.
On the Fee Control Cloud Platform, we have implemented daily automatic reconciliation. Businesses can connect with multiple suppliers through the Fee Control Cloud Platform, complete reservations directly on the platform without switching to third-party services, generate relevant reservation orders, and enjoy transparent and traceable official expenses throughout the process. All activities are conducted under platform control, forming a complete closed loop, and resolving the issue of suppliers having accounts while enterprises do not.
The platform automatically generates daily invoices and retrieves supplier spending data for automatic comparison, eliminating the need for manual intervention. This streamlines the lengthy monthly reconciliation process into daily automatic reconciliation, effectively reducing the financial department's workload at the end of each month.
Mismatched status or amounts? Anomalies are directly flagged, prompting suppliers to address discrepancies without manual verification of each piece of information.
After implementing the Shengyi Expense Control Cloud, Company A achieved a fully automated reconciliation and settlement process. It takes just one settlement clerk 26 minutes to complete the reconciliation work at the end of the month, which is both efficient and accurate.
Two-dimensional account opening, one-time rule setup – Achieve automatic billing segmentation
Due to separate settlements among various subsidiaries, manufacturing giant B must allocate travel expenses to each individual company upon receiving invoice information. To do so, the finance team needs to export detailed travel expense records, perform additional processing in Excel, which includes filtering and supplementing cost centers, departments, and other information, and then proceed with the expense allocation.
Moreover, financial staff must manually calculate the VAT input tax amount for tickets and train tickets, as well as separate the price from the tax, a process that is cumbersome and time-consuming.
Upon the opening day, the platform automatically opens accounts. The platform supports billing based on dimensions such as business occurrence time, departure time, reimbursement time, and trip confirmation time, and offers flexible options for group unified settlement or independent settlements by each legal entity or accounting unit. A single rule setup can automatically split the invoices.
Additionally, the system automatically separates the price and tax based on predefined input tax deduction rules. It supports refined type filtering, making it convenient for finance teams to search, export, and calculate key data such as tax amounts by category, thereby enhancing work efficiency.
If daily reconciliation is error-free, the monthly invoice will show a green light, allowing settlement clerks to easily review settlement statements and details. Each item of expense is clearly displayed, including consumption amounts, input tax deduction amounts, refund and exchange fees, as well as service charges. Any abnormal account will show a red light, prompting the settlement clerk to intervene and handle the situation. The supplier adjusts and reconfirms until the reconciliation is accurate.
III. Intelligent Matching of Images and Order Details – Achieving a 85% Efficiency Improvement in Matching
Due to accounting archiving and audit requirements, after reconciling with suppliers, Company C now requires the shipment of all travel invoices along with the payment. Under the previous working model, the company's finance staff had to manually match orders and travel invoices, ensuring accuracy before posting to the accounts.
As the company expands, the volume of data to be processed is increasing, yet the available human resources are not growing at the same pace. Additionally, with the integration of digital invoices, the collection, transmission, and settlement processes through digital invoices have become a challenge.
Subsequently, suppliers will match and organize the paper itineraries with settlement invoices one by one, and then mail them, making financial reconciliation more time and labor-saving.
Public Payment & Certificate Generation Automation - Achieving Integrated Business, Tax, and Finance Management
Additionally, financial staff must manually prepare transfer vouchers and payment vouchers, which are both time-consuming and繁琐, consuming a significant amount of their time.
Shengyi's Fee Control Cloud resolves the challenges of difficult corporate payments and complex accounting for businesses. Companies can configure accounting scenarios, subject mapping, and voucher definitions for the business nodes requiring accounting. After the operation of the business nodes, the system automatically generates expense voucher entries and directly pushes them to the financial system, eliminating the need for additional operations.
Upon reaching the payment milestone, the bank-enterprise channel is automatically triggered to execute the payment. After completion, payment vouchers are promptly generated, payment information and billing status are updated in real-time, suppliers confirm receipt, accelerating the entire settlement process from invoice receipt to payment, and achieving digital management across the entire chain of consumption, reimbursement, settlement, posting, and archiving.
Looking ahead to the future,Shengyi TechnologyCommitted to advancing the digital transformation of our financial operations, we delve into innovative applications of business and finance integration, setting the benchmark for industry transformation, and collectively driving efficient business growth. If you are interested in our Shengyi Cloud's intelligent reconciliation and settlement solution, please feel free to consult us for a customized solution.
