While the process of bank reconciliation may not be exciting, it’s something that’s absolutely essential for all businesses, large and small, across every industry. Bank reconciliation helps you ensure that your company’s internal records match those of the bank, and that no transactions or money have slipped through the cracks along the way. Keeping up-to-date and accurate records is, of course, imperative, no matter what type of organization you run.
Depending on the size of your company and the number of transactions you support every month, this process may be more arduous and involved than one might assume. Thousands of monthly transactions necessitate that each and every one be double-checked and reconciled, and that any discrepancies are flagged and addressed.
For these reasons, it’s simply not functional or efficient to complete reconciliation by hand. You need a best-in-class software solution that can help manage this process for you, while eliminating manual work and supporting accuracy. Let’s take a look at the different parts of a leading automated bank reconciliation platform and the role each feature plays in the reconciliation process.
The ability to integrate the solution with the internal software you already use is more crucial than you might think. Chances are good that your accounting team already uses a platform to manage your financial data, like Microsoft Dynamics AX. Instead of switching windows between your existing software and your reconciliation solution, your financial officers need an all-encompassing system, where they can ensure balance and accuracy from a single place.
Manual work, especially within accounting process, can be considerably time-consuming, and can lead to mistakes that require additional time and resources to correct. When it comes to your organization’s bank reconciliation, manual pen-and-paper activity simply isn’t feasible anymore, particularly if you’re a business with multiple accounts that need to be balanced.
A best-in-class reconciliation solution will include advanced automation, enabling it to import your bank current statements without the need for prompt. What’s more, this advanced technology can run in the background and continuously pinpoint any discrepancies. This not only means your balances are always up-to-date, but your accountants can work proactively to immediately address any flagged transactions that might not match internal or bank records.
Your banking information and associated details are highly sensitive, and these days, there’s no shortage of threats to this valuable data. Your bank reconciliation shouldn’t add to the risk – it should help protect your company financial details and transaction records. An industry-leading solution will offer end-to-end security, protecting data without releasing it into the cloud.
Treasury Automation: Bank reconciliation solution
Bank reconciliation solutions certainly aren’t one in the same. Your business needs a system that will support existing internal processes and software, help eliminate manual work while reducing errors and enable robust security for your sensitive data.
SK Global’s Treasury Automation Suite includes automated bank reconciliation that’s compatible with Microsoft Dynamics AX, AX7, AX2012 and AX 2009. Our advanced automation means the solution automatically matches each transaction against bank records, enabling accuracy and reducing the chance for any discrepancy. And our industry-leading security ensures that your most important financial information is protected.
Check out our whitepaper, and connect with SK Global Software today to learn more.