RPA helps reduce manual efforts in Bank Reconciliation by 95% for a Global Natural Resources Company




Reconciliation automation

Our Client

Our client is a leading natural resources conglomerate spanning 4 continents. The company pledges to reduce carbon emissions as a diversified natural resources organization. Over the years, it has positioned itself with a broad spectrum in Oil & Gas, Zinc-Lead-Silver, Iron Ore, Steel, Ferro Alloys, Power, Optical Fiber, and Semiconductors.

The Problem

The client had 8 accounts in 5 different banks. The bank reconciliation process is tedious as it is performed daily by the accounting team. The challenge was dealing with multiple accounts and manually matching each transaction recorded in the ERP with the bank statement, thus making the process complicated, time-consuming, and repetitive. The chances of errors also could lead the business to financial risks. 

The Solution

RPATech evaluated the existing process in detail to develop an optimized bank reconciliation automation solution. The complicated and time-consuming reconciliation process initially involved manual data segregation from multiple accounts in different banks. The goal was to reduce the time required and manual intervention to reconcile large volumes of bank transactions.

Our scheduled RPA bot accessed bank statements in .xlsx format from emails. The bot logs into SAP and downloads the entries recorded in it. The SAP data is then matched with the Bank Statement at the transaction level, and a file is prepared. It then assigns users to work on the unmatched entries in the file based on business rules and emails it to the respective stakeholders for further action.

Business Outcomes

Below are the business outcomes of Bank Reconciliation automation solutions:

100% Accuracy Rate

95% Decreased Manual Work

Real-time Reporting