Bank reconciliation is a critical process, but how long does it take businesses to identify discrepancies between data? It could take weeks or even months.
With help from Gleematic, automated bank reconciliation reduces running costs and errors simultaneously, resulting in saving M&P International Freights thousands of dollars.
With the continuing increase in transaction processes, the client had to address several issues, including:
Reconciliation is also a time-consuming and labor-intensive procedure in many businesses. Until transactions may be compared, it could be necessary to enter a banking system, download a statement, and import it into an ERP system. However, since banks use different formats, a user must first align and standardize files before uploading, which is time-consuming.
The entire loan 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 loan processing.
Our first approach was to understand the processes and system implemented by M&P International Freights. Within their needs, we customized several “scripts” (a set of instructions for the bot to follow). Our bot extracted the required records and details, such as bank data files and registered data files. The extracted details are automatically typed in Excel. Then, it ran a short search to see if there were any inconsistencies.
Following that, data were compared at the transaction stage to identify any anomalies. After that, the bot inspected the reconciling objects and corrected any mistakes. The submissions were finalized and changes were closed after receiving consent from the client committee. Automating the entire reconciliation process has a number of benefits, including increased consistency and robustness; improved document matching with fewer exceptions; easy to use and manage set-up; and time savings.
Our robots can perform/automate Bank Reconciliation tasks for you including:
Gleematic’s Intelligent Automation (Artificial Intelligence & Robotic Process Automation) has delivered significant gains in productivity and accuracy for the client. Our implementation of RPA – AI delivered the below benefits which could not have been achieved through a simple automation program:
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.