Multi-clinic providers face complex 340B reporting challenges with contract pharmacies, Medicaid billing, and 340B ESP requirements. This blog shares strategies to simplify reporting through centralized governance, automation, and compliance tools with GATP Solutions as your partner for accuracy, savings, and audit readiness.
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The 340B Drug Pricing Program has grown rapidly, with over 60,000 covered entities as of 2025 and billions in drug discounts. For multi-clinic entities, accurate 340B reporting is critical to remain compliant and maximize savings. This blog explores governance, technology, and compliance strategies, while showing how GATP Solutions helps providers streamline reporting across all sites.
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Choosing between in-house and outsourcing accounting can shape how well your business grows and stays compliant. This blog breaks down both models, their pros and cons, and how to pick the right one for your company.
In-House vs Outsourcing Accounting: What Should Your Business Choose? Read More »
Introduction You are focusing on growing your business, getting more users, customers & revenue. However, when you see the balance of your checking account the numbers don’t somehow match up. This is where payment reconciliation plays in. As we know cash is king. Payment reconciliation can be called a kingmaker What is payment reconciliation? Payment reconciliation is a critical process for all businesses. It may sound like a complicated term, but it really just means making sure that all payments that were received and recorded by a business or organization match up with the actual money received in their accounts. The goal is to ensure that the business has received all the payments it is owed and to identify any discrepancies or errors in the payment process. In this blog post, we will explore the importance of payment reconciliation and provide some tips for conducting it effectively. Why is payment reconciliation important? In today’s fast-paced business world, it is easy to lose track of payments made and received. Payment reconciliation is the process of matching financial records to ensure that what was expected to happen did indeed happen. It plays a crucial role in maintaining the accuracy and integrity of your financial records. Here are some reasons why payment reconciliation is important: Prevents errors and fraud: By reconciling payments, businesses can catch any errors or fraudulent transactions, preventing financial losses. Ensures accuracy: Payment reconciliation ensures that the financial records are accurate and up-to-date, providing a clear picture of the company’s financial health. Saves time: Payment reconciliation helps businesses save time by identifying and correcting errors early on, reducing the need for extensive audits or investigations. Improves cash flow: By reconciling payments, businesses can identify unpaid invoices or delayed payments, allowing them to take appropriate actions to improve cash flow. Helps with budgeting: Payment reconciliation provides accurate financial information that can be used to create budgets and financial forecasts, allowing businesses to plan and make informed decisions. How does the payment reconciliation process work? There are two aspects to the reconciliation process: internal and external. Let’s explore these in a little more detail. Internal When a transaction, e.g., a bill or payment is posted or scheduled, the company records this activity. This can be done in a number of ways via accounting software like Xero, QBO, NetSuite, Zoho etc where transactions are entered and discrepancies handled. To streamline the reconciliation process, it’s best practice to use bank, merchant account, or third-party software that integrates with your current systems so that you can see all the payments made into your accounts and their reconciliation status on daily basis. The more frequent it is rather than after the effect, the more effective the reconciliation process is. Saving receipts and tracking billing paperwork. This method involves a high degree of risk since manual paperwork is error-prone and can be easily misplaced. External When transactions are processed, the bank records this activity. When monthly statements become available, companies check the statement of record. Every transaction is listed, including cost and vendor payment methods, as well as income. To reconcile transactions, the internal and external activities are matched up. In case of discrepancies, companies have to figure out if the errors are internal or if the bank is in error (possibly as a result of a breach). In any case, action needs to be taken as soon as possible when a discrepancy is detected. Why does your business need to do payment reconciliation regularly? Reconciliation is not just another chore on your to-do list; it’s a crucial process that protects your business, maintains compliance, and benefits your cash flow. Here are three benefits of payment reconciliation: 1. Reconciliation uncovers errors and unauthorized payments Reconciliation keeps you in tune with your business’ finances. By comparing internal and external records, you can catch errors sooner rather than later, ensuring a faster resolution and improved cash flow. What’s more, you can identify unauthorized payments or a security breach at your banking institution. 2. Reconciliation helps you chase unpaid or late invoices You sent the invoice out, but you didn’t get the funds in return – it’s a scenario familiar to businesses large and small. By regularly reconciling your accounts, you can make sure every missed or late invoice is followed-up and settled. Several merchant processor payments are not received in account on time due to chargebacks, percentage holding, escrow or any other factor which if known after the effect, taking own money becomes a chasing game 3. Reconciliation ensures your business’s financial records are accurate Without accurate financial records, you cannot keep on top of your business’s health, make informed business decisions, or easily demonstrate your financial standing to banks, investors, and lenders. Plus, some industries and sectors are subjected to record-keeping requirements and regulations. In these instances, accuracy is crucial to maintaining compliance and protecting your business against penalties. Payment reconciliation best practices Payment reconciliation once linked to the company’s important KPI acts as a very strong indicator of cash position & disciplined collection of funds Establish and follow policies. Standardize the payment reconciliation process. Define in a formal and transparent way how it will be conducted and then stick to it. This lends authority to the entire process. Automate. The sustainability of having regular payment reconciliation is only when it’s automated & tracked on regular basis. The lion’s share of payment reconciliation results in confirmation that internal and external records match. Automation can relieve staff of that time-intensive responsibility so they can focus on what doesn’t match and on other higher-level tasks. Set thresholds for unreconciled differences. By establishing a threshold, a company ensures that valuable time is spent on resolving larger dollar discrepancies. Reconcile regularly and frequently. It stands to reason that reconciling payments on an ongoing basis can help a company more quickly catch errors or possible fraudulent activity that may worsen the longer problems go unchecked. Doing so also increases the likelihood that a company can close its financial books on time. Improve
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You started your venture for growth, not to keep track of numbers. You’ve been scaling your business and keeping your books organized wasn’t at the top of your to-do list. This is where backlog & clean up accounting comes rescue. Once the business starts growing the importance of timely numbers starts increasing. Soon it’s realized that in addition to compliance requirements, timely numbers are required to make business decisions, pitching to investors for raising capital, bank loan, or financial relief. Many entrepreneurs also take a plunge in maintaining accounting on their own & very soon realize that it’s not that simple. Though accounting apps do their best in selling that running your own business accounts on the cloud is on tip of your hand, anyone can do accounting using our state-of-the-art app. But pretty soon it’s clear that the nuances do make this task more daunting than you thought. Which nominal code do you use exactly? Is it an expense or a liability? How do I know if I have somehow doubled up by raising an invoice and then marking a payment? Why do I have these extra transactions I don’t remember putting into the accounting software? Summary Understanding what bookkeeping backlog & clean up is Why do we have a backlog Who all need backlog clean-up accounting Software & Documents needed backlog accounting Process of clean up & Batch processing tips for a high volume of transactions Why GATP Solutions What is bookkeeping backlog cleanup? Bookkeeping means keeping a regular record of a company’s financial transactions. The indispensability of bookkeeping is not unknown to any business owner. Backlog and clean up accounting is the process of bringing financial records up to date by recording all past transactions that still need to be entered into the accounting system.. This can occur for various reasons, such as staffing shortages, lack of time, or poor bookkeeping practices. Clean-up accounting involves going through your financial records with a fine-toothed comb and identifying any errors, duplicate entries, or other mistakes that need to be fixed. By taking the time to clean up your financial records, you’ll have a more accurate picture of your business’s financial health. For example, let’s say that you run a small retail business, and you’ve fallen behind on your bookkeeping. You decide to do some backlog accounting and realize that you’ve forgotten to record some sales transactions from the previous month. Once you’ve caught up on your bookkeeping, you notice that your sales figures look off. By doing some clean-up accounting, you discover that you accidentally recorded some sales transactions twice, which was causing the discrepancy in your numbers. By correcting this mistake, you now have a more accurate picture of your business’s sales and can make better-informed decisions moving forward. Effect of backlog Backlog accounting can adversely affect your business in several ways: Misleading financial statements: Backlog accounting can misrepresent the financial health of your business by showing revenues that have not yet been earned. This can lead to an inflated sense of the company’s financial position and can mislead investors, creditors, and other stakeholders. Delayed revenue recognition: Due to the backlog of accounting, revenue is recognized only when the work is completed, which can be months or even years after the work is initiated. This can cause a delay in recognizing revenue, which leads to a high gap between perceived revenue & the actual revenue Difficulty in predicting future revenue: Backlog accounting makes it difficult to accurately forecast future revenue because it does not take into account the timing of when revenue will be earned. This can make it difficult to plan and make informed business decisions. Increased administrative burden: Backlog accounting can be complex and time-consuming, requiring significant administrative effort to track and manage backlog orders. This can distract management from other critical business activities and increase the risk of errors in financial reporting. Reason for backlog The most important reason can be that the company is not maintaining a proper bookkeeping record. Most companies have backlogs since their inception of the company. A few Common reasons observed are Lack of resources: If a company doesn’t have enough staff or resources to manage its bookkeeping, it may fall behind. Inefficient processes: Poor bookkeeping processes can lead to mistakes, delays, and backlogs. This may include not keeping track of receipts, invoices, or other financial documents, or not having a clear system for organizing and categorizing financial transactions. Rapid growth: As a company grows, its bookkeeping needs become more complex, and it may struggle to keep up with the increased volume of financial transactions. Who needs backlog clean-up accounting? Commonly backlog clean is needed for following reasons: During tax season: If a business has not kept up with their bookkeeping during the year, they may need to do a backlog cleanup before it can file its tax returns accurately and on time. When seeking financing: If a business is seeking financing, they need to provide accurate financial statements to potential lenders. If their financial records are not up-to-date, they may need to do a backlog cleanup before they can provide accurate financial statements. When founder need to see & predict growth path: if a business is rapidly growing they need to be in control of their finances to ensure their inflow is higher than outflow. Else they get in growth trap & soon realise that it was not backed up by proper margins. Actual or potential sale of business: If there is a sale of business, the new owners or managers will need accurate financial records to make informed decisions. If the financial records are not up-to-date, they may need to do a backlog cleanup. Software For Bookkeeping Catch Up Business accounting gets messy. When day-to-day operations take precedence, transaction entry, and reconciliations are put on the back burner. With the luxury of technology, no project is impossible. Accounting software shrinks the time you spend entering transactional data. Major tip: Use batch transactions in your accounting
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