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
Get fully-automated, 100% accurate, daily reconciliations
Reduce the manual effort it currently takes to perform reconciliations
Realize unlimited scalability; a bot can handle endless transactions
Eliminate write-offs of unexplained differences
Improve financial statement accuracy
Enhance process visibility and audit trails
Multiple checks deposited together might show up as one transaction. Wire and ACH transactions can correspond to payment of multiple invoices.
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.
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.
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.
What Are CFOs Saying?
“With Plena's RPA platform, what used to take us hours is now completely automated. Our acc/fin team has been transformed to a forward-looking strategic partner within the organization. That wasn’t possible before Plena.”
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