Bank Account Reconciliation

Streamlining reconciliation processes with RPA automation

 Key Solution: Robotic Process Automation (RPA) & AI Document Processing

Challenge

Manual reconciliation between online banking and ERP systems leads to multiple challenges:

1.Time-Consuming Manual Operations: Finance personnel are burdened with repetitive tasks between the online banking and ERP systems.

2.Error-Prone Data Handling: Multiple Excel documents need to be processed manually, increasing the risk of errors.

3.Inefficient during High-Workload Periods: Increased workloads during month-end and quarter-end reconciliation lead to overtime and delays.

Solution – Automation Workflow:

Before Implementation:
  • Time-consuming data reconciliation reliant on manual operations between multiple systems
  • Increased workload at month-end and quarter-end due to centralised reconciliation
  • Manual processes led to errors and increased risk of inaccuracies in financial records
After Implementation:
  • Daily bank balance reconciliation, eliminating month-end backlog
  • Saves an average of 51 man-days monthly, and frees financial personnel from repetitive tasks.
  • Automated reconciliation improves the efficiency and accuracy of the process, reducing labour risks and financial losses.
  • Automated processes for centralised reconciliation work prevent the need for overtime at the end of each month/quarter.
Impact

92% Accuracy

USD 46.6K Estimated Annual Savings

1440 cases Average Daily Processing


93% Success Rate*

*Success rate: xxx

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