Bank Reconciliation Automation. Yes, you read it right! Robotic Process Automation has entered every sector, including finance and accounting. It has helped to take away the mundane and repetitive tasks and has leveraged people’s lives.
As per Gartner, 80% of financial leaders have integrated RPA in finances or are planning to do so. The processes in bank reconciliation are rule-based, labour-intensive, and manual. Thus, making bank reconciliation an ideal candidate for robotic process automation (RPA). Moreover, RPA combined with Machine Learning (ML) facilitates performing complex tasks too.
Financial leaders are automating their processes to stay ahead in the competition. RPA in finance enables leaders to earn impressive ROI with its cost-saving benefits.
Before moving ahead, let us see what reconciliation automation is.
What is Bank Reconciliation Automation?
The reconciliation process is crucial as it brings accuracy to the business. Thus performing it in continuation avoids any gaps and losses.
Bank reconciliation automation is bringing RPA + AI technology to supplement human operations. By integrating RPA free your employees from mundane tasks and shift the burden to bots. The bots can tally and monitor bank statements with less to no human intervention.
Benefits of Reconciliation Automation
Business leaders, be it owners or CEOs, want a complete overview of the financial position. However, with manual bank reconciliation, timely and accurate data delivery is difficult. Manual reconciliation takes a long time and is prone to human errors. That is where RPA comes as a lifesaver.
In this section, we will look at the tangible benefits of reconciliation automation.
1. High Accuracy Rate:
The manual bank reconciliation process is gruesome and prone to human errors. But with RPA assuming command over rote tasks, human intervention is less required. With no to less human intervention, the accuracy rate increases by 95%.
2. Human Resource Employment:
With automation into finance and accounting, leaders can significantly use their human resources. With bots taking over the charge of rote tasks, humans will focus on more complex tasks.
Manual Bank Reconciliation and errors in Bank Reconciliation are costly for businesses. One mistake in reconciliation or missed transactions can lead to high expenses. Contrariwise, RPA helps in curtailing such costs by reducing the error rates. Additionally, it also saves processing and audit costs.
4. Reduced TAT:
The other benefit of RPA is the reduction in turn-around time. RPA allows organizations to reconcile statements frequently and within a timescale. Now, no more delay in delivering reconciliation statements.
5. Improved Financial Control:
Leaders struggle in having an updated and accurate financial status overview. Manual reconciliation not only results in delay but is also prone to errors. Such failure leaves room for poor financial control in an organization. But RPA gives business leaders a comprehensive view and control over their finances.
6. Increased Adherence:
RPA in finance assures that all recordings and transactions adhere to regulations. Corporate governance and regulatory compliance is another benefit of reconciliation automation.
7. Quick ROI:
Many financial leaders are reaping the benefits of quick ROI with RPA in finance. Therefore, automation in finance and accounting allows employees to focus on value-added tasks. It results in fast ROI in less than 6-months.
RPA is swift in finding loopholes like duplicity, missed withdrawals, and deposit fraud. It also protects your company from potential hazards, scams, forgery, and loss incurred due to carelessness. So, RPA helps reduce financial threats in a company.
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Streamline Your Bank Reconciliation Process, NOW!
Now, you must be wondering how to taste these reconciliation automation benefits. But wonder no more! Streamline your bank reconciliation process with RPATech, now!
RPATech is a top-rated organization specialized in delivering holistic and first-class RPA services. We assure you in getting customized and customer-focused RPA services from our experts.