Bank reconciliation involves the matching of an individual transaction between a bank statement and a business finance system.
Traditionally, this time-consuming and detailed process has been performed manually. However, with recent changes in the scale of business, increase in the volume of transactions, daily limitations, and evolution of accounting systems, account managers have been increasingly seeking ways to automate the entire process to reduce risk and drive operational efficiency.
Helping to record transactions, detect errors in case of mismatch and maintain exact balances on a specified date, an automated bank reconciliation process can seamlessly compare business transactions with balances on a bank statement. Managers harnessing an automated solution can also significantly reduce bottlenecks throughout the bank reconciliation process. Key benefits of an automated bank statement reconciliation solution include:
- An AL/ML approach to increase time efficiency
- Ability to easily reconcile a large number of transactions
- Robust audit trail
- Support for multi-currency transactions
- Autosave of records and session data
- Reconciliation of data from unlimited counterparties
- Support for all bank formats
- Adaptive matching rules
- Seamless integration with accounting, portfolio management, and order management system
Bank Reconciliation Solution is a flexible and user-friendly solution that aims to provide account managers with the best output possible.
