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Solutions | 

Automated Reconciliation

Free up your team’s

bandwidth with

automated reconciliation

Leverage automated reconciliation to make cash flow management easier and enable your finance team to focus on more strategic tasks

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Accuracy

Visibility

Cost

Efficiency

Integration

Scalability

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The manual nature of data entry in the traditional method increases the likelihood of errors, such as typos, incorrect amounts, or misplaced entries. These errors can lead to discrepancies in reconciliation.
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EnKash's automated system significantly improves accuracy by minimizing human intervention. The advanced algorithms ensure precise data extraction and validation, contributing to a more reliable reconciliation process.

Reconcile records in real-time to

speed up decision-making

Multi-Bank Reconciliation

Automatically map transactions with bank statements using names, dates, and amounts. Effortlessly reconcile unmatched transactions, review mappings, and update transactions in your ERP

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Track and

Control

Manage records of vendor, rental, utilities, and tax payments from end to end, and easily track the payment status directly on the platform

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Manage Receivables

Improve overall customer experience by optimizing collection reminders via the platform with real-time updates of who has paid and who has not

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Accelerate

Audits

Access detailed transaction history, ensuring clear audit trails for enhanced accountability and compliance. Maintain thorough records of transactions and changes, promoting transparency and traceability

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Reduce

Fraud

Gain a clear view of all the transactions, easily identify duplicate invoices, and flag suspicious transactions. Enhancing security and reducing the risk of fraud

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Got Questions?

Don't worry! Our FAQs section will help you learn about automated reconciliation in detail

What is automated reconciliation?

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Reconciliation is a finance-related process that is carried out at regular intervals to track the payments made on behalf of the business and the amounts received. Automated reconciliation digitizes the process by tracking all transactions using technology to match transaction references.

Why is automated reconciliation critical for my business?

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Automated reconciliation not only ensures that all finance-related data is updated in real-time but also ensures that the finance team can concentrate on other critical aspects of the business.

Does the automated reconciliation module help improve the finance team’s performance? If yes, how?

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As inferred above, the process of reconciliation can be long-drawn and detail-oriented, taking a lot of effort and time of the finance team when done manually. Automating the accounting reconciliation process makes it easier for them to manage audits and plan cash flows.

Why should a small and medium business consider automated reconciliation?

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Small and Medium Businesses operate with minimal resources to make an impact and deal with intense competition. By automating a painstaking process like accounting reconciliation, you can maximize financial efficiency with optimum resources.

How does the automated reconciliation module help improve business operations?

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With the automated reconciliation module, there is increased operational efficiency and savings on resources. This, in turn, results in better business payment management and improved collections. When cash flow is optimized, then business operations become seamless and uninterrupted.

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Seeking further understanding of automated reconciliation?

The reconciliation process is essential to ensure optimum cash flow planning, meet accounts payable obligations seamlessly, and optimize the accounts receivable function. Automated reconciliation cuts down manual efforts and reduces errors to help improve customer experience, cut down interest costs, and ensure that you meet your business payment obligations.

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Explore our comprehensive guide
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Is it possible to automate bank reconciliation?

It is possible to automate bank reconciliation with the right software. The process of bank reconciliation involves going through each entry in the account statement and matching it against payments made and the payments received. The right software solution will go through all the entries from the bank statement and match them with the records your system has and the entries to identify where the payments have been made and the parties from which you have received payments.

What are the benefits of automated bank reconciliation

Automating bank reconciliation has many benefits, both direct and indirect.

Here are some direct benefits:

  • Quicker reconciliation
  • More accurate matching of records
  • Saving the team’s time
  • Quicker update of internal financial statement

Indirect benefits include:

  • Better customer experience
  • Lesser follow-up on collections
  • Improved payables management
  • Compliance with audits

Who prepares bank reconciliation?

The finance department is in charge of the bank accounts reconciliation process. In earlier times, the whole process of gathering records, seeking inputs, and asking for documentation was done manually. However, today the process of bank reconciliation has been automated. While it is a matter of using your spend management platform to run the bank reconciliation process. However, the finance department still has ownership of the entire process and is in charge of checking if the final bank accounts reconciliation is done properly.

What is the use of bank accounts reconciliation in Tally?

Bank accounts reconciliation within your core financial system like Tally helps ensure that all financial records are updated and all your financial stakeholders have a single source of truth. For instance, the finance controller will be able to access the current cash flow status with a few clicks. Your sales department will be able to check if all the customer accounts that were due to make payments against their respective sales have done so and take decisions on further credit sales. Your purchase manager can assess whether a particular vendor’s contract is worth renewing and if he or she is defaulting on the delivery of goods or services.