Lockstep Adds Self-Service Portal to Connected Accounting Network

Lockstep has added a self-service portal to its connected accounting network.

The new Lockstep Self-Service allows companies’ customers and vendors to reconcile their statements, download documents, view transaction history and export accounting data, according to a Tuesday (Jan. 10) press release.

The application works with Lockstep Inbox to automate accounts receivable (AR) and accounts payable (AP) workflows online, helping accounting teams close their books faster, according to the release.

“Lockstep Self-Service is the next evolution of the Lockstep Suite,” Lockstep Co-founder and Vice President of Strategy Matt Shanahan said in the release. “Providing a secure, intuitive and password-free self-service portal allows a company to both improve their customers’ and vendors’ experiences and close their books faster by reducing the number of touchpoints required through email.”

Accounting departments hold high-level goals of promoting financial visibility and health across the enterprise, and AR is a natural component of that effort, but these functions are often siloed, Shanahan told PYMNTS in an August interview.

Embracing connectivity can overcome that barrier and help organizations elevate the transparency of cash flow data. But AR has a similar objective to achieve: bridging the gap that traditionally separates itself from business customers’ AP departments, Shanahan said at the time.

PYMNTS research has found that automating routine AR processes can be a critical step in addressing the traditional chores within the order-to-cash process.

In fact, among the firms that have deployed AR automation, 87% reported faster processing speeds, 79% said it improved AR teams’ efficiency and 75% said it resulted in a better customer experience, according to the “Working Capital Playbook,” a PYMNTS and YayPay collaboration.

The new Lockstep Self-Service portal eliminates the need for companies to exchange spreadsheets and PDFs. Instead, they can access data and documents in real time, at any time, with the click of a button, according to the press release.

The portal is available at no charge to new and existing customers as part of the Lockstep Suite. Electronic payment capabilities will be added to Lockstep Self-Service within months, the company said.

“With Lockstep Self-Service, accounting teams can easily remove bottlenecks from period-end processes to close their books faster,” the company added.

For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.