Banking and accounting should be connected, yet popular software fails to realise this. Reconciliation is manual; cash pooling, payroll and budgeting - impossible. B2B Pay's virtual bank account integration makes accounting and banking a single entity to save your resources with zero implementation downtime.
Currently, most accounting software isn't connected to payment systems or bank accounts. Banks have yet to transition to opening their systems to take advantage of modern reconciliation technology.
With B2B Pay, a business could issue an IBAN per customer so that any incoming payment is automatically matched which means reconciliation problems would be a thing of the past. This kind of integration allows also for better cash flow management and more effective monitoring of project expenses. Additionally, large companies can allocate funds to subsidiaries while maintaining cash in one place.
Accounting software integration
Payment software integration
Easy B2B Accounting
Integration to B2B payment software
PSD2 changes the game for all banks in Europe. It provides the basis for standardisation of information transferred between customers and 3rd party vendors. This means that having properly modern software integration is more important than ever. With PSD2 new tolerances, systems can pull information on payments, instantly reconcile and integrate transactions to specific accounts.
B2B Accounting: why use accounting software integration
Accounting software integration and its cousin, payment software integration, are both necessary tools for an optimised financial environment. Your B2B accounting and B2B payment software can be integrated thanks to B2B Pay's virtual bank account technology.
This resolves many problems with reconciliation saving money and administration time better used in strategy and sales. It also removes strain from your entire financial operation because your working capital is freed up thanks to faster transactions in general: you pay less factoring fees, you can advance payments and your can discount your product offers.