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BusinessWhat is the purpose of payment analysis?

What is the purpose of payment analysis?

In businesses large and small, business analysis is an integral part of the workflow. It not only helps to identify and eliminate emerging problems and risks in a timely manner, but also to optimize and adapt production.

Payment analysis steps

Business analysis at Corefy https://corefy.com/ consists of the following steps:

  • combine all data on financial movements in a common system;
  • standardization and classification of information;
  • automatic reports;
  • provide data in the form of accessible visual content.

Business analysis tools

Developers are constantly improving and coming up with new tools, without which payment analysis is impossible. These tools are computer programs that collect, aggregate, process and display information on electronic or paper media.

The main business analysis services are Google Data Studio, Microsoft Power BI, Yandex DataLens, Business Intelligence Cloud Service and many others.

Payment analysis capabilities

The main features of business analysis include:

  • rapid transition from common indicators to specific figures;
  • the ability to compare general and detailed data in order to identify and eliminate problems, optimize costs, expand the scope of activities;
  • rapid compilation of reports;
  • facilitate internal communication;
  • real-time assessment of business performance;
  • provide timely labor information to employees and business partners.

By outsourcing payment analysis to professionals, you can protect your business against late-identified financial losses and misunderstandings with banks or vendors.

Creation of reports for individual tasks

Through the interface of the multifunction reporting software, you can select specific data, group it together and define a number of results.

Benefits of the program:

  • instant response to SQL queries;
  • the presence of templates for the most common queries;
  • the ability to modify ready-made templates for your own request;
  • connecting other payment analysis systems to create a single point of access to financial information.

Benefits of payment analysis

The main strengths of business analysis are:

  • systematic control of the conformity of the transaction data with the statements of the PSP payment system;
  • full control over the movement of finances;
  • identification of hidden transactions;
  • automatic comparison of data received from different suppliers and accounts;
  • timely identification and elimination of fraudsters or any deviations;
  • the possibility of receiving extracts and logs in case of emergency situations.

The use of payment analysis tools also increases the success rate of transactions.


Interesting Related Article: “How To Build Your Tech Stack In 2020: 10 Essential Applications For Small Businesses”

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