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:
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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.
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.
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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Ready to schedule a demo?
Set a time with one of our RPA experts to learn how you can enhance your accounting team with Plena robots.
- hello@plenadata.com
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