Streamlining Financial Reconciliation with Pitchbooking Manager Software

Managing sports facilities and their bookings can be complex, especially when it comes to reconciling payments. Financial reconciliation is crucial for maintaining transparency, ensuring accurate reporting, and supporting efficient operations for local government and commercial sports organizations.

This blog focuses on streamlining financial reconciliation using the Pitchbooking Manager Software. With automated processes, cost code allocation, detailed payout reports, and seamless system integrations, Pitchbooking is the ultimate solution for simplifying financial management.

Key Features for Streamlining Financial Reconciliation

Pitchbooking Manager Software is designed to take the hassle out of financial reconciliation. Its standout features include:

Automated Payouts
Set your preferred payout frequency through Stripe, with all payout details accessible via the Stripe and Pitchbooking dashboards.
Automatic Reconciliation
Payments and payouts are automatically reconciled and compiled into detailed reports for easy financial tracking.
Cost Code Allocation
Assign cost codes to facilities and events for precise tracking and streamlined reconciliation processes.
Full Payment Management
Gain comprehensive oversight of all transactions with an intuitive dashboard.
Seamless Integrations
Export reconciliation files in CSV format for compatibility with all major finance and accounting systems.

How Pitchbooking Simplifies Payouts

Pitchbooking works seamlessly with Stripe to handle payments and streamline reconciliation. Here’s how the process works:

Payment Processing
All online payments—whether for facility bookings, events, subscriptions, or invoices—are securely managed via Stripe. Funds are deposited directly into your Stripe account, ensuring you maintain control over your finances.
Flexible Payout Schedules
Choose how often Stripe deposits funds into your bank account. Payout frequencies can be set to daily, weekly, or monthly. Most customers opt for monthly payouts to ensure adequate funds for potential refunds. Learn more on Stripe’s payout guide.
Consolidated Payouts
Stripe groups payments into a single lump sum payout, significantly reducing the complexity of managing individual transactions.

Advanced Reconciliation Features

Pitchbooking’s integration with Stripe provides advanced reconciliation tools, ensuring your financial operations are smooth and transparent:

Comprehensive Payout Reports
Every payout includes a breakdown of individual payments and their assigned cost codes. This detailed reporting provides complete traceability across your facilities and events.
Transaction Fee Reporting
Stripe transaction fees are transparently included in the reconciliation files, ensuring all costs are accounted for.
Accessible Dashboard
Reconciliation files are easily accessible via the Payouts tab on the Pitchbooking Manager Dashboard, keeping your financial data at your fingertips.

Seamless Integration with Financial Systems

Pitchbooking ensures your financial data integrates seamlessly with existing systems:

Universal CSV Format
Reconciliation files are generated in CSV format, which is compatible with virtually all accounting and finance platforms.
Proactive Reporting
Reconciliation files are available up to five days before payouts are deposited into your bank account, giving you ample time to prepare for bank reconciliation.

Frequently Asked Questions (FAQs)

What is financial reconciliation, and why is it important?

Financial reconciliation involves matching payment records to ensure accuracy and transparency. It is vital for tracking revenue, identifying discrepancies, and maintaining financial accountability.

How does Pitchbooking streamline financial reconciliation?

Pitchbooking automates the entire process by reconciling payments and payouts through Stripe, generating detailed reports, and enabling cost code allocation for better financial tracking.

What are the benefits of automated payouts?

Automated payouts simplify payment handling by consolidating multiple transactions into a single payout. This reduces administrative work and ensures a smooth reconciliation process.

Can reconciliation files integrate with my accounting software?

Yes, all reconciliation files are provided in CSV format, making them compatible with all major finance and accounting systems.

How do I set my payout frequency?

You can set your payout frequency (daily, weekly, or monthly) directly in your Stripe dashboard. Most users prefer monthly payouts to better manage refunds and finances.

Does Pitchbooking handle VAT?

Yes, Pitchbooking ensures that VAT (if applicable) is included in all payments and accurately reported in the reconciliation files.

What happens if I need to issue a refund?

Refunds can be issued directly through Stripe. To cover potential refunds, we recommend keeping sufficient funds in your Stripe account.

The Wrap-Up

Streamlining financial reconciliation is effortless with the Pitchbooking Manager Software. By automating payouts, providing detailed reconciliation files, and offering seamless integrations, Pitchbooking enables sports organizations to focus on what matters most—delivering excellent services to their communities.

For more information about how Pitchbooking can simplify your financial reconciliation processes, contact us at info@pitchbooking.com or visit our solution page.