Cognitive Automation
for Bank Reconciliation
Reduces running costs and errors simultaneously.
Description of Problem
Bank reconciliation is a critical process at close of accounting month. However, it usually takes a long time (maybe many days or even up to two weeks) to identify discrepancies between data points in the bank system and accounting system. With the continuing increase in transaction processes, the client had to address several issues, including:
Slow Data Entry Processes
Bank reconciliation is a time-consuming and labor-intensive procedure in many businesses. Transactions from the accounting system need to be compared with those in the bank statements. Thus, the staff would need to log in to the banking portal, download statement for the month, and open up to see. The staff would also need to log in to the ERP or accounting system to generate report for the same time period. And then compare the data.
Human Error
The entire bank reconciliation process was being managed manually by the client’s team. This manual process of validating payment, matching credit and debit receipts, etc was leading to multiple mistakes in the bank reconciliation process. This gets more complicated as the company has multiple bank accounts, and some payments were in foreign currencies. Another challenge was the lack of reference numbers or different spelling of the payees’ names.
Client Overview:
M&P International Freights offers full-fledged international freight forwarding services to importers and exporters globally. With an extensive network of partners and agencies worldwide, M&P International Freights move goods along route, be it air freight, sea freight or transportation.
Industry:
Logistics
Processes Type:
Bank Reconciliation
How Gleematic Helps
Gleematic can perform/automate Bank Reconciliation tasks including:
- Month end account reconciliation.
- Checking for any duplication in payments.
- Validate payments.
- Match receipts for debit or credit card transactions.
- Check loans coming into the business.
- Money going out e.g. Expenses, Wages or Bills.
- Check money coming in from customers or other sources.
- Checking line items on your bank statement against general ledger.
Results
Degree of Robotization: 75% Effort Automated
ROI: 3 Months
Human Error Rate Reduced
Manual Effort Reduction to 75%
Faster Processing Time: Reduction of 65%
More Standardization
High-Quality Improvement
No More Repetitive Administration
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Cognitive Automation:
What is it and how to implement it successfully
