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
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
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
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
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