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

Customized Instructions
We customised a set of instructions for Gleematic to follow.
Required Records
Gleematic extracted the required records and details, such as bank data files and data from ERP/ Accounting system.
Automatic Excel
 
The extracted details are automatically compared in Excel. Then, it ran a short search to see if there were any inconsistencies.
Client Consent
The findings are sent to humans to make the necessary updates or other actions.
Corrected Mistakes
Gleematic inspected the reconciling objects and corrected any mistakes.
Identify Anamalies
 
Data is checked to identify any anomalies. A.I. is used to check names (sometimes might be mis-spelled) and amounts.
Customized Instructions
Within client needs, we customized a set of instructions for Gleematic to follow.
Required Records
Gleematic extracted the required records and details, such as bank data files and registered data files.
Automatic Excel
The extracted details are automatically typed in Excel. Then, it ran a short search to see if there were any inconsistencies.
Client Consent
The submissions were finalized and changes were closed after receiving consent from the client committee.
Corrected Mistakes
Gleematic inspected the reconciling objects and corrected any mistakes.
Identify Anamalies
Data were compared at the transaction stage to identify any anomalies.

Gleematic can perform/automate Bank Reconciliation tasks including:

Results

neuromorphic-computing

Degree of Robotization: 75% Effort Automated

financial-statement

ROI: 3 Months

Human Error Rate Reduced

tester

Manual Effort Reduction to 75%

real-time

Faster Processing Time: Reduction of 65%

workflow

More Standardization

information-technology

High-Quality Improvement

working-hours

No More Repetitive Administration

free_ebook_cognitive_automation_case_studies_page

Get Free eBook​

Cognitive Automation:
What is it and how to implement it successfully

free_trial_cognitive_automation_case_studies_page

Get Your Free Trial