Bank Reconciliation Process Automation
Pain points:
1. Requires a lot of manual operations between banking & ERP system, which is time-consuming and labor-intensive.
2. Finance personnel need to process multiple excel documents, which are prone to errors and cannot be processed concurrently.
3. Workload increases sharply during centralized recon at the end of the month or quarterly which often leads to overtime.
Solution:
Automated bot to run process on a daily schedule. Bot to log in multiple systems such as online banking and ERP to export data and perform automatic recon according to the rules. Bot will then generate balance adjustment tables and payment reconciliation results. Bot will proactively prompt the recon personnel to sort out the data with discrepancy.
Benefits:
1. Daily settlement and monthly settlement
2. Save manpower
3. Risk reduction
4. Reduce overtime
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