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White Paper
Getting Started with Automation in Finance and Accounting
How Reconciliation Automation Works
Your account team works hard tracking how your organization performs financially, but time-consuming manual reconciliation pulls them away from the critical aspects of their work, such as investigating discrepancies and balancing the numbers. Intelligent automation (IA) can streamline these business processes, improving your financial statements, speeding up the reconciliation process and limiting risks caused by human error. Get end-to-end visibility and control with your reconciliation processes through an intelligent digital workforce.
IA and RPA Solutions in Reconciliation
IA combines robotic process automation (RPA), business process management (BPM) and artificial intelligence (AI) to bring together critical financial information and help your account teams with better reporting and balancing. IA can perform account reconciliations, including accounts receivable and accounts payable, general ledger and sub-ledger data, bank statements and entry adjustments. Calculate and collate confidently with intelligent automation.
Manual processing
Better business decisions
The best of Intelligent Automation
Manual processing
If your account teams manually download, review and reconcile bank statements at the end of every month, that’s weeks of delay in receiving financial reports. Manual tasks like these are error-prone and eat up a lot of valuable time when your teams could be working on higher-value, strategic activities.
Automated Reconciliation Results
Customer Story: Balance Account Reconciliation
Riksbyggen automated their account reconciliation processes, something that took human workers 150 hours to complete, to digital workers only needing 10 hours to get the job done.
Read the Story
Automate Transactional and Account Reconciliation
The Benefits of Automating Reconciliation
Multiple data sources
IA can pull data from various sources including Excel spreadsheets, accounts payable and receivable systems, purchase orders (POs) and bank statements in real-time to update the general ledger and balance sheets automatically.
Better accuracy
IA handles large volumes of transactions and manual tasks like data entry, helping reduce error and flagging discrepancies for human intervention. This results in a faster financial close process and augments your team, saving time for higher-value work.
Improves compliance
IA keeps audit trails of every transaction and step taken within a process, giving you full visibility into your workflows in real time. With automated compliance checks, you can adhere to regulatory requirements and internal control standards more easily.
Reduces costs
By streamlining processes and reducing the need for manual intervention, automation can save on labor costs as well as potential savings by avoiding errors and rework. IA validates financial information across multiple accounts to decrease the time to financial close.
Instant reporting
Automated bank reconciliation allows your account team to deliver timely and accurate financial statements to the relevant stakeholders – on demand. This improves visibility and frees your account team’s time for other high-value work.
System integration
IA seamlessly integrates with your existing ERP systems, including legacy systems, to provide a unified platform for managing financial data and streamlining end-to-end processes. This reduces the time spent logging into various accounts and applications.
Use Cases of IA in Reconciliation Processes
Logging and crunching numbers are only some of what intelligent automation can do in finance and accounting. IA simplifies and speeds up reconciliation while helping your finance and accounting teams focus on the open entries or exceptions requiring their attention. Help your teams be more productive and keep your financial reporting on track.
Transaction matching
Exception handling
General ledger reconciling
Transaction matching
IA can automatically match large volumes of transactions between different systems or accounts. This includes matching invoices to payments, bank statements to cash receipts, or purchase orders to supplier invoices. IA facilitates:
- Data extraction and standardization, ensuring consistency and compatibility with various systems.
- Transaction comparing based on criteria such as date, amount, reference number and account code.
- Transaction matching with invoice numbers, purchase orders and so on.
- Identifying unmatched or partially matched transactions and flagging them to the right team or department.