Automated Bank Reconciliation: How to Reduce Exposure to Financial RiskDownload Brochure
Businesses need to execute bank reconciliation procedures on a regular basis. Transaction inaccuracies need to be identified so that exceptions can be investigated and to ensure that financial reports are correct. The time-consuming reconciliation process of manually matching transactions against a general ledger and correlating this information with a bank statement exposes a business to errors and financial risk. Why waste your day manually processing reconciliation data when it can be automated?Download Brochure
Bank Reconciliation is a Necessary Evil
There is no escaping the fact that bank reconciliation is a costly and slow process. However, it’s a necessary evil that has to be done. Unfortunately, bank reconciliation is a manual process and people make mistakes. Once all transactions have been manually identified and exceptions are highlighted, deviations, miscalculations and, in some instances, fraud need to be investigated. Bank reconciliation is a critical process, but how long does it take employees to identify discrepancies between data held within your accounting or ERP system, your client billing system or your Payment Gateway Service Providers (PSP), such as, Sage Pay, Stripe, PayPal or Worldpay?
Reducing the amount of resources placed on manual bank reconciliation procedures through automated reconciliation processes reduces running costs and eradicates associated errors to enable you to focus on investigating exceptions quickly and efficiently.
Automated Bank Reconciliation
Operating a business comes with a variety of challenges and bank reconciliation is probably only one of them. Bank reconciliation software helps businesses by removing the manual monitoring and comparison of data between systems and applications. By automatically generating email and SMS notifications of any discrepancies that may occur, automated bank reconciliation can provide an added layer of security. Automatic bank reconciliation software achieves this by removing human intervention from the transaction process, reducing the potential risk of fraudulent activity.
The advantages of automated bank reconciliation can result in:
- Eradication of reconciliation errors
- 100% consistent exception management
- Reduced financial risk
- Removal of skilled employees from repetitive administration
- Improved and consistent despatch performance regardless of business volume
- Streamlined bank reconciliation procedures
Automating more than Bank Reconciliation
Automating bank reconciliation processes can often represent the beginning of an extended business process. For example, when a sale from an eCommerce web store has been reconciled and dispatched it may be company policy to run an upsell/cross-sell email marketing campaign “X” days after the sale.
Through your existing investment, automated email campaigns can be triggered via your email service provider offering a voucher code or product review request. This can then be updated in your CRM application accordingly – all without employee intervention.
Business process automation enables organisations of any size to reduce costs and improve performance through the automation of repetitive employee processes including travel expense management, bank reconciliations, credit control letter creation, distribution and more.
Data Integration and Automating Bank Reconciliation
For further information on automated bank reconciliation procedures or integration with a Payment Gateway or client billing system download the brochure below, or if you would like to discuss other business process automation or data integration requirements, please do not hesitate to call +44 (0)330 998 8700.
BPA Platform Brochure
The Business Process Automation (BPA) Platform enables you to quickly and easily build automated processes unique to your organisation through an intuitive drag and drop graphical user interface.Download Brochure