Automate your bank reconciliation process using robotic process automation and cognitive technologies
Most accounting departments end up investing a lot of time in checking and matching transaction and posting journals. The staff may use programmed Excel sheets or computer applications to automate a part of the process, but several tedious activities like downloading bank statements, placing the data in the relevant format and matching the transactions is often performed by humans.
What if a major portion of this process could be automated? What if you could automate it close to 100%? QX’s Bank Reconciliation Automation solution, built on ADAM and EVE technology, uses robotic process automation to automate activities that were previously performed by humans.
In addition, it uses cognitive technology to record and understand the actions taken by the humans in cases of exceptions, and eventually automates the handling of such exceptions also.
Bank reconciliation automation – key activities
What does the Bank Reconciliation Automation solution do? It automates the most tedious, time-consuming and error-prone activities related to reconciling transactions. The process bots based on ADAM and EVE:
Log in to the respective bank websites to download the bank statements
Import the bank transactions in the accounting software
Log into the accounting software and reconcile transactions
Send notifications for transactions with errors, which are handled by the staff
Maintain logs regarding the execution of each of the transaction for analysis and reporting
Bank reconciliation automation for a leading UK-based student accommodation provider