5 Steps to Perfecting Your Bank Reconciliation Processes

5 Steps to Perfecting Your Bank Reconciliation Processes

The process for doing bank reconciliations is often far from perfect. This can be due to a whole host of reasons, including:

  • Difficulties Handling the Volume of Reconciliations
  • Bank Statements Lacking Information about the Transactions
  • Bulk Amounts in Statements/GL Comprising Individual Items
  • Timing Differences
  • Bank Charges/Fees Altering Individual Transaction Amounts
  • Exchange Rates Varying Between Internal Accounting Systems

5 Steps to Perfect Bank Recs

This paper breaks down the reconciliation process into the 5 basic, yet essential steps needed to perfect your bank reconciliation processes, irrespective of how complicated and voluminous your reconciliation and data management challenges:

  1. How to Source your Data in any Format from any Source
  2. Exploding your Data into the Underlying Transactions
  3. Enriching your Data Set
  4. Matching Transactions (on a Variety of Attributes)
  5. Escalation, Labelling and Analysis of Data

Please complete the short form to download this paper.

Download Title

Sequence Preloader IconThree orange dots increasing in size from left to right

Thank you for downloading: 5 Steps to Perfecting your Bank Reconciliation Processes - AutoRek

Request a Demo

Learn how AutoRek helps reduce costs, improve process efficiency and ensure on-going compliance with a range of regulatory reporting requirements.