If you ask any finance professional involved in the account reconciliation process, they will tell you that matching payments and incoming transactions against the general ledger are a tedious and time-consuming activity. The majority of financial companies devote the majority of their time to account management. Finance practitioners would have to spend time to manually checking and managing transactions and posting journals to complete the necessary bank reconciliation, regardless of the size or location of the company. Furthermore, bank reconciliation becomes even more difficult for mid-size and enterprise-level companies as they deal with an extensive range of account forms, institutions, payment types, time zones, and payment complexities.
Wait, RPA can help you. It is a transformational technology that lets your enterprise automate various processes across business areas. This technology co-exists with business systems and allows your enterprise to realize ROI instantaneously. RPA enables you to create software assistants who would help automate your business processes with minimal effort and investment. To help you overcome these challenges, an RPA platform coupled with AI & ML cognitive technology has arrived!
The finance professionals face quite a few challenges when it comes to matching payments manually. Some of them include:
- Duplicate entries
- Date/time discrepancies
- Human errors while matching data
- Multiple transactions
- Streamlined Workflow with RPA:
Robotic Process Automation provides an end-to-end automation solution with no room for errors. The revised automated workflow goes something like this:
- Extracting relevant documents and data
- Cross-referencing bank balances with the ledger
- Logging in with multiple bank accounts simultaneously
Benefits of RPA in Accounts Reconciliation:
Robotic Process Automation helps businesses a great deal in terms of cost savings and time. Apart from boosting ROI and customer satisfaction, automating accounts reconciliation with RPA has many benefits, irrespective of the size and location of the organization.
- Accurate Invoicing
- Simplified Reporting
- Faster Tax Accounting
IntelliBuddies® - RPA in Banking can support banking systems with a variety of process automation. These solutions will allow your core team to forget about repetitive and mundane tasks, thereby engaging them with more clients, which directly translates to improved business growth. IntelliBuddies® can assist your organization to overcome all the challenges in your Banking and Financial sector and, in parallel, provide you with the following benefits—Better Accuracy, Better Audit Trail, Reduce costs, Increase Reliability, Quick ROI.