BluePay: How to Simplify Payment Reconciliation for Your Practice - TaxAct ProAdvance

Generating new business is always exciting, but sometimes managing the increased income isn’t — especially if you accept payments through many different channels.

When you have to look at cash receipts, credit card statements, and electronic transfers, it’s hard to know how well your business is doing:

  • Is your cash flow positive or negative?
  • Do all of the invoices and transactions add up?
  • Have any refunds slipped through the cracks?

And you know better than anyone that when tax season arrives, you’ve got to sort through this mess all over again. With the right payment environment, however, it’s possible to bring order to this chaos.

Introducing Payment Reporting

Payment reconciliation reporting allows you to see every transaction processed through your omni-channel payment gateway in one centralized location. Instead of sifting through different reports and documents, reconciliation presents a unified snapshot of how your business is doing.

At a glance, you can see all the transactions generated for that day — regardless of how each client paid.

In fact, it’s possible to view whatever information you want, depending on how much you choose to pass through on each transaction.

The Advantages of Payment Reconciliation Reporting

The primary benefit of reconciliation is that you’ll spend less time managing transactions and more time expanding your client base. By freeing employee hours, you can invest more resources into value-adding activities such as client retention or marketing initiatives.

What Types of Businesses Benefit Most From Payment Reporting?

Payment reporting is best suited for any business that generates revenue through multiple payment streams (e.g., eChecks, credit cards and cash).

Even if you use only a single payment type, reconciliation and reporting can provide deep insights into your practice. Depending on how you segment the data, you can easily determine:

  • The most effective associates in your practice
  • The busiest times of the day, month or year

You could glean this information by manually going through every invoice and creating detailed spreadsheets by hand, but payment reconciliation automates the process for you.

Getting the Most Out of Reconciliation Reporting

Most payment processors provide at least some type of reporting with their services, but BluePay offers an additional feature to make reconciliation even more streamlined — i.e., payment integration with TaxAct Professional software.

With our payment integration, all transactions are automatically reflected in the business software your team already uses. This seamless integration saves you the trouble of manually keeping your accounting, CRM and tax preparation records up to date. Again, this can be a huge time saver (and profit booster).

To learn more about BluePay’s reporting solutions, or if you have questions about payment module integration, contact our merchant support team today for a free consultation:

  • To reach us by phone, call (866) 495-0423.
  • To connect with us by email, fill out this contact form.
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