The New Credit Card Reconciliation – Industry Chatter from HITEC
In today’s fast-paced business landscape, industries are constantly evolving and adopting innovative solutions to streamline their operations, and the hospitality sector is no exception. Leaders from across the industry recently converged at HITEC where the Evention team learned more about the challenges companies are facing in credit card reconciliation. This critical financial process can consume hours each day and leave financial teams grappling with incomplete or inaccurate data from existing reconciliation platforms.
Shared Challenges, Universal Solutions
Regardless of the industry segment or company size, the pain points associated with credit card reconciliation seem to resonate universally. From small-scale property-level management to large, centralized accounting environments, leaders are grappling with similar challenges.
“There are certainly differences in process and terminology, but they are really encountering the same challenges,” said Randy Gerrans, Evention sales account executive. “Matching can take hours each day and feel like finding a needle in a haystack, while existing reconciliation platforms send incomplete or inaccurate data, leaving teams to do most or all of the work manually,”
On top of that, managing the knowledge team members hold becomes an issue as well.
“Training new employees on complex reconciliation processes is difficult and time-consuming, and losing an employee who understands that process can be disastrous,” Gerrans said.
From Complexity to Simplicity
In centralized accounting and shared service environments, the benefits of automated reconciliation are magnified. By consolidating duties and harnessing the power of automation, these organizations can operate at optimal efficiency. Time-consuming manual tasks are replaced with swift automated processes, allowing teams to focus on higher-value activities that drive growth and innovation.
Hospitality leaders found that Total Recon solved all these points and more.
“This could really be a game changer and a great asset to help the properties research credit card exceptions,” said one hospitality director of finance in conversation with Evention. “I had to download 500 reports to find exceptions over multiple weeks that weren’t sequential – one week back, three weeks back. It was on report 492 that I finally found the transaction to match.”
Exception research when reconciling payment transactions is one of the largest bottlenecks that slow down the process of posting to the General Ledger. The team at Evention has been able to not only match the transactions in record time with proprietary auto-match logic but provides an industry-unique dashboard to efficiently match exceptions after the fact.
A Glimpse into the Future
As we navigate the ever-evolving landscape of the hospitality industry, it’s clear that Total Recon is not just a solution — it’s a game-changer that propels us toward a future of enhanced efficiency, accuracy, and productivity. Companies are no longer comfortable with searching for a “needle in a haystack” and are expecting automation to become a standard in whatever they use in their financial operations.
HITEC provided a great sounding board for the Evention Sales team to hear more about what hospitality leaders are expecting with accounting services and how Total Recon stacks up against competitors.
“For those managing this at the property level, that person(s) is likely in charge of much more than just credit card reconciliation, and Total Recon gives them those hours back to focus on other tasks,” Gerrans said. “One thing everyone has in common – wanting to have more time in the day, whether for work, family, or themselves. Evention is here to help make that possible.”
