Automate Bank Reconciliation Process with Cash Allocation

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Automate bank reconciliation to make a core part of financial management more efficient and reliable. For most finance teams, matching internal records with bank statements is a routine but crucial task. When done manually, it can take up valuable time and leave room for mistakes. By automating this process, organisations can save time, reduce errors, and gain a clearer, more accurate view of their financial position.

Why Automate Bank Reconciliation?

Automated bank reconciliation uses software to compare a company’s financial records with bank statements, identifying discrepancies and accurately recording all transactions. Unlike manual reconciliation, which is time consuming, particularly with a high volume of transactions, automation streamlines the process by using technology to perform these tasks quickly and accurately.

The process often involves the following:

Data importing: Transactions are displayed on one screen for easy access with Telic, and matches are reconciled in one click.
Matching transactions: Using algorithms to pair bank transactions with corresponding records.
Flagging discrepancies: Any differences are highlighted, ensuring unreconciled transactions are visible for quick correction.
Generating reports: Providing up-to-date reports to understand the business at any given time.

This automation reduces the need for manual intervention, allowing finance teams to focus on other tasks for the business.

Benefits of Automating Bank Reconciliation

Time saving: Automation accelerates the reconciliation process, enabling finance teams to focus on higher-value tasks such as strategic planning and forecasting.

Improved accuracy: Intelligent algorithms reduce human errors, ensuring precise handling of large transaction volumes.

Real-time: With live bank feeds and real-time data in accounting software, you have the most current overview of your balances.

Fraud detection: Real-time reconciliation helps detect and address suspicious transactions fast.

Regulatory compliance: Automated systems can generate reports that meet regulatory requirements.

Is it Right for Your Business?

As we’ve already mentioned, if your finance team spends significant time on manual reconciliations or if errors and delays are impacting your financial reporting, automation could be right for your company. For businesses, automated bank reconciliation offers powerful customisation and robust oversight across every stage of the process.

Working with Telic’s system, there are options to use customisable matching templates, such as tailoring rules to reconcile transactions accurately. At the same time, any inconsistencies are automatically flagged for easy review and correction. Thanks to strong login controls and network security, multiple users can safely access the system from anywhere.

Finally, when it comes to auditability, every action is logged in a detailed trail, with the option to add notes or reverse transactions if needed, offering complete transparency and control.

Ready to explore how automation can enhance your financial operations? Get in touch with Telic today.