Mitigate Risks and Boost Efficiency with Automated Bank Reconciliation
Asset managers that depend on spreadsheets to perform the bank reconciliation process open the door to the possibility of error and fraud. On top of this, manual bank reconciliation is both time consuming and overwhelming, leading many to seek solutions that can automate the process entirely.
Traditional Bank Reconciliation Process Challenges
Before making the decision to automate the bank reconciliation process, let’s first examine the challenges that managers often face with the traditional method.
The core purpose of bank reconciliation is to ensure that a firm’s bank account balance matches its book balance. However, when the process requires accountants to examine multi-tab Excel spreadsheets containing hundreds or thousands of line items, errors become commonplace. Furthermore, a manual bank reconciliation process can result in fraud going unnoticed, which can become a severe threat to firms in more ways than one.
Other factors that pose a challenge include changes in the size of business, the growing volume of transactions, daily constraints and the rapid evolution of accounting systems.
The above challenges associated with manual bank reconciliation are why automated reconciliation solutions are needed to help firms mitigate risks and boost efficiency.
IVP’s Reconciliation Solution automates key steps in the bank reconciliation process and removes the burden of manually matching transactions, allowing accountants to focus their attention on analyzing discrepancies. Key benefits of the solution include:
- Robust audit trail
- Ability to easily reconcile a large number of transactions
- An AL/ML approach to increase time efficiency
- Support for multi-currency transactions
- Auto-save of records and session data
- Reconciliation of data from unlimited counterparties
- Support for all bank formats
- Adaptive matching rules
- Seamless integration with accounting, portfolio management and order management systems
To learn more about the IVP Reconciliation Solution, visit https://www.ivp.in/products/reconciliation-solution/ or contact email@example.com.
AI and machine learning increase efficiency, accuracy, and flexibility. Features include “any-to-any” reconciliations and an ultra-fast engine that processes millions of transactions in minutes, all in a cloud-based solution that can go live in one day.