Every month, businesses receive bank statements which often initiates a tedious, time-consuming reconciliation process. Line after line, someone needs to manually check the data between the statement and the general ledger. Not only is this manual process fraught with the risk for data errors, it is distracting your accounting team from other important tasks. Add automation to bank reconciliations with a simple add-on solution.
Your accounting department is at the very heart of your business and reliable, current financial information is the lifeblood. However, every month bank statements come in and data must be reconciled and, many times, this is done by hand. Even small companies can have a significant volume of transactions to validate and the larger your business grows, the more time-time consuming this process becomes. The time that your accounting team spends on this task is time away from other important projects. Not only are you getting farther way from (near) real-time data, you could be at risk for inaccurate data. Save time, reduce the chance for mistakes, and put your financial data to good use by deploying or .
Bank transactions can be automatically imported using Advanced Bank Reconciliation and seamlessly integrated with or . Data is then automatically reconciled against the General Ledger bank transactions. You can establish your own set of matching and grouping rules upon deployment, then let the automated matching process do the work for you each month. Advanced Bank Reconciliation can support multiple bank accounts, multiple ledger accounts, and can manage multiple currencies. This powerful add-on solution also supports quick journals, recurring batches, and allocations. You can also consolidate general ledger transactions based on date, reference, amount, or check number. Armed with this new view into cash flow, you can identify ways to control spending and cut costs.
Cut down the amount of time that your accounting team spends on bank reconciliations and take advantage of the opportunity to get closer to the data you need to make strategic financial decisions. Contact Nolan Business Solutions for more information about using Advanced Bank Reconciliation to save time, improve productivity, and protect your financial data.
By Nolan Business Solutions,
