benefits_of_Payment_Reconciliation - Mindful Automations

5 Key Purpose and Benefits of Payment Reconciliation

Robotic Automation is key to building finance automation

Every business needs to maintain good financial records for internal book-keeping, audit and compliance. An up to date, well-documented accounting practice keeps companies healthy and poised for growth and operational efficiency. The best way to ensure good financial standing is to establish a payment reconciliation protocol across the finance department.

Starting with the Documentation Review

The documentation review process compares the amount in each transaction with the amount shown as incoming or outgoing in the corresponding account. It is important to ensure all the paper trials are captured in the system. Our solution helps you with automating the pdf’s into the financial system.

Reconcile Bank Statements

Main goal of reconciling bank statements is to ensure that the recorded balance of your business and the recorded balance of the bank match. It also helps you manage and monitor your cash flow. With automation, this gets done within a few minutes depending on the number of rows of data that needs to be reconciled.

Reconcile with Vendor Payments & receivables

With a list of payments to be received and paid, ensure you are upto date with all the payments that need to be dealt with. With automation, build an automated reconciled list of payments that have been made and invoices that have been raised and not received yet.

Reconcile with Third-Party Payments

Several third-party payments need to be reconciled and this takes time and manual effort. With automation, we help reconcile these payments at scale. With over 2000 records that be scanned and completed in hours, you can help your team focus on more critical activities.

Automated Reports on-time, every-time

For businesses, having the reports on-time is challenging. With an automated solution to create the reports, all departments can schedule reports. Lots of departments can build reports for vendors from the system an share these with suppliers and vendors.

With RPA (Robotic Process Automation), organizations can build custom solutions across processes. Many mundane processes can be streamlined into automated processes. Finance teams are usually the first to adopt RPA across the processes. Many finance process reconciliations are built into the systems within weeks. Our clients using the finance automation, have realized the benefits within the first few weeks.

We are more than happy to help you analyze your processes, workflows and challenges that you are currently facing. Feel free to reach out with the button below or email us