Per an E&Y study, 59% of a financial department’s resources are spent managing transaction-intensive processes. And around 95% of this effort is wasted on transactions that already match. RPA can reduce reconciliation effort by 90%+ by allowing your accounting team to focus only on the transactions that don’t match.
Deploying Robotic Process Automation (RPA) to automate your bank reconciliation process has numerous benefits: reduced time to close, reduced labor usage (90%+), elimination of human errors, increased audit visibility, and improved financial controls.
RPA enabled automation to support bank reconciliation can be tailored to any banking setup:
Recon in the ERP System
A bot can log into the ERP/Financial system and automatically process matched transactions in the bank recon function. Unmatched transactions and/or unknown fees encountered are summarized and forwarded to the accounting team via e-mail to address.
Recon outside the ERP System
If the ERP/Financial system does not have a bank recon function or the reconciliation process is complicated (ex. multiple banks), bots can retrieve data from bank(s) and extract data from the Financials to execute the reconciliation. Creating and posting necessary reconciliation updates in the financials and sending exception reports for unmatched transactions and/or unknown fees encountered to the accounting team via e-mail to address.
RPA can quickly and easily upgrade your existing manually-intensive spreadsheet-based reconciliation processes, ensuring better data, a faster close, increased scalability, and the opportunity for your accounting team to focus on more meaningful and productive tasks.
Contact us to learn more about how to turbocharge your reconciliation process while accelerating the efficiency of your Accounting Team; allowing them to focus more on what matters most.