Account Reconciliation is performed by accountants to ensure error-free, accurate balances between accounts at the end of a particular accounting period. An account is reconciled by comparing the various accounts between independent systems, verifying the accuracy of statements and reports, inspection to unearth the presence of discrepancies and take corrective measures to curb these discrepancies.
Account reconciliation software automates the steps mentioned earlier by retrieving data from various sources like ERP systems, bank files, credit card processors, and bank statements. The software gives an automated review of the workflows with proper segregation which standardizes the process with reconciliation templates and checklists. It also links accounts to relevant policies and applicable procedures for easy reference.
The Strategic Advantages Of Accounts Payable (AP) Automation
White Paper By: Mineraltree
There is a rapidly growing demand for Accounts Payable Automation as the traditional process is very manual and labor intensive. An automated process reduces errors, eliminates fees incurred from late payment, and eliminates fraudulent charges by increasing visibility and improving controls. Be sure to choose a solution that integrates with your financial system of record and your bank...
The Value of Intelligent Capture in Accounts Payable Automation
White Paper By: ABBYY
Intelligent Capture is catching the attention of organizations and causing a fundamental shift in the way businesses read and process paper and electronic documents. It eliminates the tiresome work of manual data entry and its associated errors, driving the return on investment in Accounts Payable automation. Intelligent capture software that includes document imaging, separation and...
Mastering the challenge of Digital Transformation
White Paper By: Software AG
Digital business transformation is based on an IT architecture transformation with a roadmap for digital capability implementation. Based on the software platforms, digital companies create enhanced or totally new business models which offer completely new digital customer experiences. Established companies are building up software know-how and are acquiring software companies to accelerate...
Quantifying The ROI Of Mobile Marketing
White Paper By: Swrve
Today’s CMO needs to be absolutely sure that the decisions they make are right for the business, and that the resources allocated to mobile are delivering ROI - and more ROI than they would elsewhere. Creating personal, relevant and meaningful interactions within the mobile app- ‘mobile moments’ as they are sometimes called - is the new challenge in marketing. This...
Digital Banking and Fintech solution leveraging API Economy
White Paper By: Nexright
Application Programming Interface (API) economy is the key to provide great digital banking experience to the customers. API provides value in the context of Bank’s business & competitor strategy to meet demands of customer experience driving banking innovations. How do the banks benefit from APIs? Identify attributes which can provide individualized customer experience...
Creating Positive Customer Experience in Banking
White Paper By: Nous Infosystems
Across the globe, banks are witnessing a stagnation of customer experience levels due to rising customer expectations driven by the proliferation of technology firms. In the last few years, as the customer dynamics have changed radically, banking industry need to think ahead and anticipate the changing customer needs and consequently offer products and services suiting their needs. This...
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