Bank Reconciliations – Case Study

Midhun Menon P

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HLB HAMT - Accounting Firm in UAE

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    Regardless of their size or location, most financial organizations manually match transactions and submit journals to complete bank reconciliations. Problems with bank reconciliation are not influenced by the size of the organization, yet numerous mid-sized businesses have trouble balancing their books. Reconciliation is challenging for them mostly because of the variety of accounts and institutions they work with, as well as the different payment methods and time zones. The same holds true for the bills. Numerous human errors are caused by the volume of received purchase orders and the number of entries in each order that need to be reconciled.

    The Client:- The client is a financial institution based in Dubai, UAE

    Challenges Faced

     For our client, the clients and cash flows are complex & tedious as it is from various sources and banks. The staff had to spend longer work hours on the manual reconciliation, which was a tedious, time-consuming, monotonous task. It was also prone to human errors creeping in during the manual entry during the reconciliation process. Errors such as date & time discrepancies, and duplicate entries were also a huge issue, this of course led to delays in work and in one case almost led to a loss of reputation with a client. There were also multiple transactions to handle on a single invoice, which led to further delays.

    What We Offered

    Finding information about the funds received and spent to balance the final figures is made possible by automating reconciliation. By comparing payment information with bank data, RPA helps to automate this procedure. The accounts are said to be reconciled if the details line up. When there are differences in the data, RPA sends the records back for additional verification.

    These are the major features of the project we did for the client:

    • Retrieval of Bank statements: Automation to create reports and download bank statements, and to securely log into your online banking platform.
    • Transaction reconciliation: The bots sign into your desktop or web-based ERP/POS and compare the information in the bank/credit card statements to the transactions in your ERP/POS.
    • Verify transactions: A spreadsheet’s Y/N designation can be used to view the status of reconciliation.
    • Share reconciliation report: Email a reconciliation report to your accounting team each day, marking any unreconciled transactions as needing further investigation.

    How the Client Benefitted

     Month-end reporting in real time

    • The accounting team can promptly present correct financial statements to the firm’s leadership by using automated bank reconciliation rather than the traditional procedure, which can take an average company 12–24 days to complete.

    94% less time spent on human work

    • Manual bank reconciliation can take up to three hours of an employee’s time per day if it is done every day. The employee will only need to spend ten minutes examining unposted transactions thanks to automation.

     

     

     

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