Automate your Monthly Accounts Statement Reconciliation

8th January 2019 | By Jan Cahill

Monthly Account Statement Reconciliation is about to become easier!  Robocloud’s new robotic process automation service can perform two way matching for you, helping to reduce exceptions by 70 – 80%, using our team of cloud-based software robots.

Change the way you work and avoid the monthly statement headache. Our digital workforce will do the hard work for you, freeing up your time to do more profitable activities.

Robocloud’s account statement reconciliation service can be used by businesses of any size, via a simple monthly subscription, no need for software investment or extensive programming. This is an out of the box service, we just need to configure the type of financial software you use and the key validation rules to suit your business.

Our robots will be the investigators for your AP Team, working 24/7 to get the job done, ready for you to review or process.  They’ll act as your data scientists, performing tasks which provide you with the information needed to identify any bottlenecks or ongoing issues with suppliers.

So how does Robo Reconciliation work?

Our digital team will need your accounts system ledger report and electronic supplier statements to get started. These can be in spreadsheet, PDF or word format. If you’re working with paper statements our secure scanning bureau can digitise these for you.

The robots can then perform two way matching of the ledger and statements to validate the data supplied.  For example

  • Amounts match and correct
  • Right currency
  • Recognised supplier ID
  • Any missing data
  • Invoice number valid
  • Any duplicates
  • Check for invoices against accruals

On completion, matched invoices can proceed to payment and non-matched invoices can be flagged to a person in your AP team to investigate further.

You’ll be provided with a spreadsheet containing all the information, with filters available for you to identify invoices by their relevant status.  Allowing you to

  • Keep your invoice processes moving and compliant
  • Avoid costly errors such as duplicate payments, overpayments or even paying for goods you’ve not received.
  • Identify and resolve issues with suppliers who are regularly providing non-compliant invoices.
  • Ensure suppliers are paid within terms

We can also carry out more bespoke projects, for example if you need additional matching for PO’s or goods receipt notes.

Interested? Contact Robocloud today to find out more about our accounts statement reconciliation services. We’ll be happy to provide a demo based on your accounts data to show you how it works. Call 0800 046 8081 or visit www.robocloud.co.uk