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"Essential steps to build and automate Bank Reconciliation Processes"

5 Steps to Perfecting your Bank Reconciliation Processes

5 Steps to Perfecting your Bank Reconciliation Processes

White Paper: AutoRek

As we know, bank reconciliation is the process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement. The goal of this process is to determine the differences between the two, and to book changes to the accounting records as appropriate.
       
The challenge in automating a lot of complicated reconciliations comes not within the matching, but in gathering the information from the myriad systems and services and making ready them to create “golden sources” on either side of the reconciliation. It is the “golden sources” that make matching effective, aid the analysis and resolution of the unmatched items and allow effective reporting.

This white paper breaks the reconciliation method down into variety of basic tasks. Each of the five steps—Source, Explore, Enrich, Match, and Escalate—is applied to every reconciliation scenario to some greater or lesser extent. This white paper educates how building and automating simple reconciliations, as quickly as in Excel, allows automatic execution of the most complicated reconciliation and data management challenges running in ultra-high volume scenarios.

Read the following whitepaper that will address the following questions :

  • What are the best practices for Bank Reconciliation Processes?

  • What are the challenges in automating more complex reconciliations?

  • How to overcome the drawbacks of Excel-based solutions?

  • How this 5-step approach can build and automate simple reconciliations?

 

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