Automating Accounts Reconciliation
Accounts reconciliation is one of the processes that we consider a 'no brainer' for the implementation of RPA.
Accounts reconciliation is the process of ensuring that two sets of records are in agreement, most often comparing transactions and balances.
The process involves multiple steps in which an accountant must verify and certify information including; submission confirmations, due date reminders, approvals, rejections and completions. Most companies still manually reconcile their balance sheet accounts using Microsoft Excel which has been an accepted method for many years. However, this means that reconciliations are labour-intensive and come under pressure during month-end.
How can automation support?
As with any manual process, human errors can occur during account reconciliation. These can be as simple as typos, unsaved drafts or even simple miscalculations. These small mistakes can reduce the integrity of financial statements and forecasts. They are often difficult to uncover as they caused by erroneous data entry or issues with formulas.
In addition to this as spreadsheets are not linked to an organisation’s general ledger system, any changes to account balances that are made after the reconciliation is complete, will likely make the reconciliation invalid.
Even where businesses are using online accounting tools, time spent on account reconciliation can be dramatically reduced through the use of Robotic Process Automation.
You can find out more about RPA, read cases studies and find out the other 14 'no brainer' processes by downloading our whitepaper today...