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Bank Reconciliation – Why it’s important to get it right!

Bank Reconciliation is an organisations most important financial process. Despite this fact, many businesses choose to manually reconcile bank accounts. Businesses often do this by checking through printed statements with a pencil and ruler or by checking multiple spreadsheets in Microsoft Excel. But these practices can be tedious, time-consuming and lead to errors. Any mistakes made or missed while reconciling bank accounts manually can lead to incomplete balances being listed in the cashbook ledger or back-office system or even cases of fraud going unnoticed.

Risks of a Mismanaged Bank Reconciliation Process:

  • Fraudulent transactions being made without your knowledge
  • Errors made by your bank going unnoticed
  • Failed payments not being identified and investigated
  • Not having an up-to-date value of the true amount in your accounts
  • Outstanding payments going untracked and being forgotten

It’s important to carry out your reconciliation process as often as possible. Most advisors/organisations would encourage accounts to be reconciled at least once a month, most often during period or month-end closing. For larger companies where fraud and errors are more common due to a high volume of transactions, a daily reconciliation isn’t uncommon.

Reconciliation Software

When it comes to matching transactions and balances as part of any account reconciliation process; automation is best. Groupit can manage any form of reconciliation, including Bank Reconciliation and Payment Service Provider Reconciliation - saving valuable time and preventing errors.

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It is vital to ensure that your Bank Reconciliation process, whether manual or automated, is robust and reliable enough to cope with undertaking reconciliations at this frequency. You also want to ensure the process is flexible enough to deal with increased work-load as your business grows.

Bank Reconciliation Software from Aurum Solutions
"Bank Reconciliation is an organisations most important financial process."

Why and how Groupit can help your reconciliation process…

Aurum Solutions’ Groupit software is flexible and powerful enough to adapt to any organisations bank reconciliations system, regardless of the perceived complexity or transaction volume. Groupit makes matching your transactions, keeping records and generating reports quick, easy and painless.

Key Benefits of Groupit:

  • Automatically download and import data from your banks or payment service provider
  • Streamline your workflow by defining custom rules and matching logic that automatically match transactions between your back-office system and your bank accounts.
  • Perform your reconciliations whenever and as many times as you require
  • Resolve exceptions and identify discrepancies with a simple and easy-to-learn interface
  • Generate flexible and fully customisable reports
  • Create custom notifications and alerts that can ensure users and managers are kept up to date
  • Mitigate risk with a fully detailed audit trail that is able to automatically record activity made by each and every user
  • Adapt to changes in workflow and processes quickly and easily
  • Benefit from a friendly and professional UK-based support team with extensive experience in data-matching software and accountancy processes

What sets Aurum Solutions apart from other providers of Bank Reconciliation Solutions…

Unlike other providers of Bank Reconciliation Software, we are dedicated to ensuring the success of every one of our clients. We know that every business is unique, which is why we don’t offer an out-of-the-box and ready-to-fit solution. We take time to understand your reconciliation process and individual users before we implement our software.

Why We’re Different…

  • Headquartered in Berkshire, United Kingdom, with a fully UK-based support team
  • Made up of a team ex-accountants and Reconciliation Technicians with years of expertise in Data-matching and Reconciliation Software
  • Offering honest consultation and in-depth support throughout the life-cycle of our product
  • Focused on building a relationship with clients and ensuring their financial processes are as effective as possible

Whitepaper

18 Oct

Reconciliation – Won’t a Spreadsheet Do?

Helen Belcher

If you’d like to find out how our software can help your organisation save time and money by streamlining your Bank Reconciliation process, get in touch with one of your experienced Reconciliation Technicians by arranging a free demonstration.

One of the best aspects of working with Aurum Solutions is that they always take a professional consultative approach. They are very practical, applying their knowledge of industry best practice to the process of improving the management of our reconciliations.
Eddie Inskip, Financial Systems and Forecasting Manager - The Nottingham Building Society Read Case Study