Automated banking reconciliation
Bank reconciliation is a tedious process that comes around every month for accounting teams. Let the robots reconcile your accounts, not humans.
1. Download bank statements
From the bank’s online platform
2. Reconcile transactions
In the reconciliation module of the accounting ERP
3. Check transactions
Reconciliation status can be viewed in a spreadsheet using Y/N designation
4. Email reconciliation report
Easily see which transactions are not reconciled
Real-time reconciliation
If your accounting team is manually downloading, reviewing, and reconciling bank statements at the end of each month, it can take weeks to get the financial statements to company leadership. In addition to occupying countless hours each month, delayed financial reports are not ideal. Automate reconciliation daily, so you can address the unreconciled transactions in real time.
Reconciling bank accounts with automation
How many financial transactions does your company make per month? If you wait for the end of the month to manually reconcile your accounts, it can take several weeks to complete the process. And it’s simply cost prohibitive for an employee to complete the process daily.
Robots can be set to complete the process daily and automatically notify your team when transactions are absent from your ERP. Your team can post the missing debits or credits immediately, leaving you with updated and reconciled financial records.
How the automation works
Once the robots are built, they:
Download bank statements
Robots can securely log in to your online banking platform, generate reports, and download the bank statements.
Reconcile each day’s transactions
The bots also log in to your desktop or web-based ERP and compares the data in the bank statements to the transactions in your ERP.
Log transactions and reconciliation status
For debits and credits that match in both platforms, the transaction is given a reconciliation status of “Y.” For transactions that are not posted in the ERP, the transactions are labeled “N.”
Email reconciliation report
The report can be sent to your accounting team daily, with the unreconciled transactions labeled for follow-up.
Systems automated
Web-based bank portal
Excel
ERP
Benefits of automated bank reconciliation
Instant month-end reporting
Instead of going through the manual process, which can take average company 12-24 days to complete, automated bank reconciliation allows the accounting team to immediately deliver accurate financial statements to company leadership.
Reduce human work time by 94%
If done daily, manual bank reconciliation can take up to three hours of an employee’s time each day. Using automation, the employee can spend 10 minutes reviewing only the transactions that have not been posted.