Using RPA to reduce manual efforts in Bank Reconciliation by 95%
Our Client
A leading finance & investment services company in India, engaged in gold loans, business loans, personal loans & financial advisory services.
The Problem
The client had 10 accounts with 4 different banks. The bank reconciliation process was time-consuming and difficult because it was performed every day by the accounting team.
The challenge was dealing with multiple accounts and manually matching each transaction recorded in the ERP with the bank statement, making the process complicated and time-consuming.
The chances of errors also increased the business’s risk of financial losses.
The Solution
To speed up and simplify the reconciliation process, RPA Unicorn developed an optimized bank reconciliation automation solution.
By accessing bank statements in xlsx format from emails, our bot logs into SAP and matches transactions recorded in it with bank statements at the transaction level. A file is then prepared that assigns users to work on unmatched entries based on business rules and emails it to the appropriate stakeholders.
Business Outcomes
Below are the business outcomes of Bank Reconciliation automation solutions:
