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Bank Reconciliation

Supercharge Your Bank Reconciliation

Manual Bank reconciliation has always been s challenging task. With organizations going global –  multiple currencies, date formats, and time zones further add complexities to the process.

Labor intensive, rule-based, and accesses multiple systems or web interfaces. Bank Reconciliation is probably the most suitable candidate for RPA Automation

Key Challenges: Bank Reconciliation

Highly Labor Intensive

High Complexities

Dynamic Regulatory Scenarios

Despite the evolution of modern accounting solutions, Bank reconciliation still remains largely manual and labor-intensive. A small error may result 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. 

With fast changing regulatory requirements, organizational expansion, Merger & Acquisitions, bring more challenges to bank reconciliation

RPATech brings automation to Bank Reconciliation

Our automated bank reconciliation process has been designed to cater to the any reconciliation requirements. Its Industry agnostic, can process varying load of transactions and work for both small companies or large enterprise.  

Some of the key features of our Bank reconciliation automation process include:

 

· A powerful  rule engine to reconcile large volume 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

Improved Accuracy

Minimal Human Intrvention

Audit Trail and Governance

With minimal human intervention, accuracy is increased by 95%

With more than 90% transactions being reconciled automatically, your finance team focuses on more critical business requirements

Complete audit trail of reconciled transactions. Governance to ensure stakeholders have detailed insights of the process

Reduced TAT

Quick ROI Realization

Now perform daily/ Weekly/ Monthly reconciliation within required timelines – Thanks to superfast  reconciliation by RPA

With employees focused on value-driven tasks and less spend on expensive multiple ERP licenses, typical ROI realization is less than 6 months

Learn more about our Bank Reconciliation Solution