Automated Bank Reconciliation with RPA
Most financial organizations, irrespective of size and location, devote most of their time in checking and matching transactions manually, and posting journals to complete the required bank reconciliations. Although the size of the organization doesn’t play a part, several mid-sized organizations find trouble in bank reconciliations. This is mainly due to the multitude of account types, institutions, payment types, time zones, and payment complexities they deal with that make reconciliation a daunting task. The same goes with the invoices as well. The amount of purchase orders received and the amount of entries in each purchase order that ought to be reconciled provokes a great deal of human errors.
- Duplicate entries
- Date/time discrepancies
- Manual errors during reconciliation
- Multiple transactions in a single invoice
- Longer work hours
Automating reconciliation is instrumental in finding information about the money spent and money received to balance the final figures. RPA comes as a lifesaver in automating this process by matching payment details with bank records. If the details match, the accounts are said to be reconciled. In case of discrepancies in the data, RPA sends back the records for further validation.