In that manual environment bank reconciliation present a real challenge – being time consuming, costly and prone to human error. High volumes, different types of transactions, inconsistent reference data, multiple currencies and different bank file formats only add to the problem.
Bank reconciliation errors can have potentially major consequences to your organisation’s financial well being, compliance or reputation, which is why total accuracy and fast identification of errors are so important.
Adra Match Accounts will help you
take control of your bank reconciliation process, however complex your banking arrangements or needs. It works with your cashbook and downloaded bank files to provide automated process management including file convert, file load, automatic transaction matching based on your business rules, interactive exception management and powerful reporting. Powerful XML-based file management capabilities mean you can work with most file formats from your internal and bank systems including BAI2, EdiFact, LM, OCR and Swift/MT940.
Key benefits include of automated bank reconciliation:
- Process automation and standardisation
- Reduced costs
- More timely reconciliations
- Greater financial control
- Improved compliance
- Improved visibility
- Better reporting
Return on investment is often realised within a year of implementation.