AutoReconBank Reconciliation

Understanding Bank Reconciliation

Financial settlements with high accuracy are the need of the hour for BFSI & other sectors across the globe. The revolution of adopting new technologies and methodologies for mundane bank reconciliation is changing the global approach towards day-to-day financial closings.

Ascent AutoRecon© banking reconciliation software is highly focussed towards bringing this financial harmony. It is highly configurable, ready to use and easily customizable to any complex systems.

Why Banking Reconciliation so important?

The financial control of a bank depends on accurate reconciliation of bank reconciliation statements, where a perfect balance with internal books makes every CFO of an organisation to smile for an obvious reason.

Proper reconciliation is vital for any businesses, especially for smaller. One should keep a track of their bank records, check, recheck and double check every single transaction.

However, many transactions go unnoticed due to outstanding checks and other exception cases. This overlook may put banks into unforeseen situations, leading to bankruptcy.

Some of the factors of bank reconciliation, which may help small businesses to continue include:

  • Catching human errors
  • Following up on Transactions
  • Regular monitoring of cash flows
  • Close eye on additions and deductions on statements
  • Day-to-day reconciliation
  • Bringing certainty on cash records

The above factors are applicable only in case of a guaranteed monitoring of accounts and deployment of trustworthy staff.

In addition, the reconciliation is more vulnerable to double entry accounting or book keeping methodology. Here, any omission of a transaction in the main general ledger is reflected by default in another ledger.

This often leads to generation of incorrect income balance sheet, showing incorrect cash and retained earnings and incorrect income statements reflecting low expenses and high net income.

Changing the financial reconciliation scenario

It supports in avoiding repeated manual reconciliations and allows dashboard creation. The solution has a strong GUI based interactive software components for data source integration, data extraction, reporting, dashboard creation, analytics, visualization, low latency which enables the Business User/ System administrator to make changes to the business rules and implement newer modules (post training and knowledge transfer).

The bank reconciliation software tool is designed to offer the highest level of automation, featuring multiple match rules, rules driven by exception processing and automated follow-ups to eliminate unnecessary manual effort and reduce errors, risk and exposure.

In a nutshell, the dynamic solutions like AutoRecon© are changing the bank reconciliation scenario and helping every organization, irrespective of their size, to fight against manual errors, revenue leakages, incorrect balance sheets and account nightmares.

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