Why Reconciling Accounts Correctly Is Crucial For Your Business
4th February 2019 | By Jan Cahill
Do Your Business Accounts Add Up?
Account reconciliation is the process of comparing your finance ledgers with supplier statements and invoices, sales invoices, payments and goods received and for most businesses some or all of the above is essential.
Done on a monthly, quarterly or annual basis, account reconciliation ensures your records are accurate and determines just how much money your company has or owes. Other benefits include:
- eliminating accounting errors
- identifying money that you might be owed, or stopping overpayments before they happen
- helping you keep track of transactions
- ensuring your business deposits are correct – no human errors
- ensuring your invoices are paid
- saving you money
- identifying fraudulent activity
Whilst reconciling your accounts is fundamental to your business, it is probably one of the least favourite tasks within your accounts department – particularly when the books don’t balance – sorting out anomalies can be tedious and frustrating!
But how can you free your staff from this exasperating task so they can perform more valuable activities?
At Robocloud, we have a process automation solution for businesses of all sizes that can reduce manual effort when completing account reconciliation by as much as 80%.
Working to your rules, we will provide you with a digital workforce of cloud-based software robots who are fully trained to do any sort of repetitive, manual task including checking between multiple systems and escalating any issues to the relevant person within your accounts team. Our robots help you to:
- Keep your invoice processes moving and compliant
- Avoid costly errors e.g. duplicates, overpayments
- Avoid duplicate invoices
- Avoid paying for goods you have not received
- Identify and resolve any issues you have with suppliers
- Ensure your suppliers are paid on time – therefore maintaining good working relationships.
The robots carry out two way matching of your statement and ledger to validate data and can check things like invoice amounts, currency, missing data, valid invoice numbers, accruals, duplicates and much more – all to your rules! And if something doesn’t match, a report will be produced for your accounts team to check out.
Why not consider hiring our digital workforce for as little or as much as your need? No capital investment is required up front and you will only pay for what is processed.
Sound too good to be true? Then call our Robocloud team today on 0800 046 8086 for further details or contact us.