Bank Reconciliation Automation

Automate your laborious bank reconciliation process to ensure all payments are accurately accounted for and reconciled

Advanced Financial Security

Closed communication loop keeps your information secure

Save More Man-Hours

Manual effort is reduced by automating the reconciliation

Reconciles Bulk Transactions

Select and categorize multiple transactions at a time

How does Bautomate streamline your reconciliation process?

Automatically extracts bank statements

OCR helps in capturing and extracting bank statements, invoices and other documents in seconds

Real-time reports on financial transactions

Oversee reconciliation processes with workflow status report for timely insights into financial activities

Captures missing transactions

Identifies duplicate transactions from the live feed before the bank statement is available. If available, it helps in identifying inconsistencies and captures missing transactions

Auto-matching with configurable rules

Bautomate uses 3-way document matching to match any documents automatically with high accuracy using rule based workflows

See How It Works

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Quicker Than Manually Reconciling

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Auto Reconciliation

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Reduced Human Intervention

Pipeline of the Reconciliation Process

Benefits of using an automated bank reconciliation solution

Automatically reconcile 90% of your transactions by speeding up the process

Four Major Sub-modules of the Reconciliation Process

Document Data Extraction

Bank statements usually are in either printed or in digital forms, performing manual data collections can be tedious. Bautomate automates the first step of the process by scanning the documents and extracting the data such as name and account numbers using OCR.

Matching

The next step is data matching, once the data is extracted it needs to be matched with the records in the core banking system. Matching module compares data in documents with records in other databases.

Reconciliation

The data needs to be reconciled once it is checked and confirmed. The reconciliation module performs data analysis, extracting matching data and then merging with data from other sources ensuring that all the data captured is correct.

Finalization

The last step in the reconciliation process is to finetune the collected data which involves checking accuracy, removing incorrect data, and cleaning up data.

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Frequently asked questions

Why does the bank reconciliation process need automation?

Reconciliation is the process of comparing bank statements against your accounting to make sure the amounts match each other. For small firms, reconciliation may be fairly straightforward whereas for larger corporations, it can become a tedious, time consuming, monotonous task. It is therefore necessary to use automation, a proven technology to streamline the whole process.

How to automate the reconciliation of bank accounts with RPA?

RPA has the ability to log into accounts, capture and process banking transactions, extract data from a shared folder as required, and reconcile accounts.

Can several bank accounts be added?

Besides adding multiple bank accounts, Bautomate lets you configure bank feeds for multiple banks to facilitate importing transactions from more than one bank account.

When should bank transactions be reconciled?

It is necessary to reconcile bank transactions once every month. For businesses with high transaction volumes and/or higher fraud risk situations, bank reconciliation should be done more frequently.