Manual reconciliation is the least efficient process in the accounting cycle

Up to 59% of a financial department’s resources are spent on managing transaction-intensive processes. Around 95% of this effort is wasted on transactions that already match, rather than problem entries that actually require attention

What can a reconciliation robot do?

Plena’s reconciliation robot will log into your accounting system and perform the following reconciliations:

Benefits
Get fully-automated, 100% accurate, daily reconciliations
Benefits
Reduce the manual effort it currently takes to perform reconciliations
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Realize unlimited scalability; a bot can handle endless transactions
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Eliminate write-offs of unexplained differences
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Improve financial statement accuracy
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Enhance process visibility and audit trails
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Bulk deposits

Bulk deposits:

Multiple checks deposited together might show up as one transaction. Wire and ACH transactions can correspond to payment of multiple invoices.

Processing fees:

Credit card payments often incur 2.9% processing fees which makes the internal invoice amounts different than line items in the bank deposits. Without a bot, reconciliation under such circumstances is often bypassed in favor of one large adjusting journal entry at the end of the month.

Processing fees through reconciliation robot

Partial payments:

Customers don’t always pay invoices in full or on time. Historic, open invoices are paid first, requiring a ‘cash application’ process to be done before any bank reconciliation is performed. Add credit memos to the mix ... and the complexity goes up a notch. A reconciliation bot would smooth this entire situation over.

Lockbox:

Banks offer lockbox services for handling large volumes of checks. Scanned images of checks are supplied in a PDF that requires someone to manually apply each transaction towards an open invoice. A reconciliation bot can automate this entire process.

LockBox by reconciliation robot

What Are CFOs Saying?

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