What are Bank Reconciliations?
Bank reconciliation is arguably the most important financial control in any business. It ensures that money which leaves an organisation is fully accounted for and explained. They are the strongest type of control as they have an element of third party confirmation. Typically bank reconciliations compare and explain the differences between bank statements and cash books or general ledgers.
Why is Bank Reconciliation Difficult?
Bank reconciliations are difficult for a variety of reasons:
- They are often very voluminous
- Bank statements tend not to be open item and roll forward balances
- Bank statements do not include much information about the transactions
- Bulk amounts in statements making up many individual items in a company’s records
- Bulk amounts in general ledgers that comprise lots of individual items in the bank
- Timing differences can be quite significant
- Bank charges/fees added to individual transactions making the amount differ from what is expected
- Exchange rates may vary between the internal accounting systems and the rate the bank has used
How does AutoRek help?
Our automated bank reconciliation software reduces manual effort by over 75%. We import data from virtually any source (e.g. bank statement, cash book, general ledger, excel), we enrich it, we disaggregate (explode) it, we match it and we report and escalate the outcomes.
Our powerful matching capability allows most bank transactions to be automatically matched. Even if the amounts vary slightly due to charges or exchange rates, AutoRek can process the match and the required adjustment outputs (journals). in one bank we have achieved match rates on 5m records per month of 99.8%.
Find Out More
To discover how we can help your organisation’s bank sheet reconciliation processes, arrange a demonstration of AutoRek’s Bank Reconciliation Software.
Alternatively, download the following related resource: Why You Should Automate Reconciliations
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