RPA speeds up, automates and standardizes the account reconciliation process during the financial close by streamlining the correctness verification of the balance sheets. With a help of ‘digital colleagues, accountants can compare GL with bank account and other data, quickly investigate discrepancies and follow the required workflow and leave digital traces. The typical processes that can benefit from reconciliation automation are:
The Month-End Close
The month-end close is all about closing the posting period and creating the financial status reports about the financial status of the company at the end of the month. This is a very important process in every company due to the necessity of inaccurate and instant reports that are globally growing. The financial departments are constantly under pressure of CFO’s and CEO’s to delivery of the month-end reports at request.
Of course, the month-end process is different for every company, but the are certain steps in common:
The second step is a real bottleneck in any company. Account and transaction data needs to be verified to make sure the balances are correct. In most companies, this process is done by humans in Excel spreadsheets and lacks control. In companies with high volume of transactions, it can become a real problem, because of the additional workforce costs.
Robotic Process Automation can be a real life savior in a back-offices of companies of any size. The “digital workforce” will instantly improve your month-end close process. Studies show that a human worker can reconcile around 8 transactions per minute. With the help of RPA – this number can be multiplied by 10’000.
Verification of the integrity of all account balances inside the company is the main task of the accounting team during the Balance Sheet reconciliation.
When the financial period comes to an end, accounting team matches the GL account balances with various data sources, such as bank, credit card, and merchant services statements to make sure that the Balance sheet is accurate.
Robotic Process Automation allows to streamline all steps of the account reconciliation to ensure the company’s balance sheets are accurate. The centralized dashboard will always provide the complete visibility of the status of the balance sheet accuracy verification process.
The biggest benefit of using Robotic Process Automation with CUDATO.com in Account reconciliation is reduced operational cost. The saving not only comes from freeing up the accounting staff but also from printing out and binding spreadsheets and storing them later.