Manual Bank reconciliation has always been a challenging task. With organizations going global – multiple currencies, date formats, and time zones further complicate the process. Labor intensive, rule-based, and accesses multiple systems or web interfaces. Automated bank reconciliation is unquestionably a perfect solution to these problems.
Key Challenges: Bank Reconciliation
Highly Labor Intensive
Despite the evolution of modern accounting solutions, Bank Reconciliation remains manual and labour-intensive. Such processes are prone to human error, and a small error results in re-initiating the entire reconciliation process.
Duplicate entries, part payments, date-time discrepancies, multiple transactions for a single invoice, and human errors make the process even more complex. Additionally, various banks, accounts, and currencies lead to further complexity.
With fast-changing regulatory requirements, organizational expansion, Mergers & Acquisitions bring more challenges to bank reconciliation. Errors in the bank reconciliation statement put organizations financial integrity in question.
RPATech brings automated Bank Reconciliation solutions
Our bank reconciliation solution has been designed to cater to every reconciliation requirement. Its Industry agnostic can process varying loads of transactions and work for both small companies or large enterprises.
Some of the key features of our Bank reconciliation automation process include:
- A powerful rule engine to reconcile large volumes of complex transactions at supercharged speeds.
- Customizable rules to let users add/ remove matching rules without the knowledge of RPA
- Ready to deploy connectors for major ERPs and Financial tools
Benefits of Automated Bank Reconciliation
Increased Accuracy Rate
With minimal human intervention, accuracy is increased by 95%
Minimal Human Intervention
Using automation in bank reconciliation, human intervention decreases by 90%.
Audit Trail and Governance
Bank Reconciliation with RPA benefits in reconciling statements within the timeline.
RPA Bank Reconciliation benefits in reconciling statements within the timeline.
Quick ROI Realization
Expect quick ROI within 6-months with bank reconciliation automation.