Bank Account Reconciliation Software
It’s time to close the books on manual account reconciliation processes. FinLync bank reconciliation software automatically helps you reconcile transactions with fewer errors, and in far less time.
Problem
Manual account reconciliation is slow and error-prone. Accounting teams spend too much time logging in to multiple portals to reconcile bank statements with general ledgers because invoice references and remittance data is hidden in fields inside the ERP. The process is slow, tedious and open to errors, especially when discrepancies must be investigated to close the books each month.
Solution
FinLync account reconciliation software automates action. Embedded directly in your ERP, FinLync’s account reconciliation software reconciles your receivables, payables and general ledger with real-time bank account data. Using AI fed with the ocean of invoice data in the ERP, payment remittance data and acquirer statements, FinLync accelerates the process while directly offsetting any payment differences and clearing open items in real-time. All of this allows for credit limits to be freed up as payments are received, deliveries released and more sales orders to be taken.
Treasurer & Assistant Treasurer
See current balances in real time; make sound decisions on accurate information, not estimates
Accounting
No time spent on transaction-matching; more time available to investigate discrepancies or improve reconciliation processes
IT
No separate account reconciliation or treasury management system to maintain; leverage existing ERP with embedded account reconciliation tools
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Process Comparison: Reconciliation and Exception Resolution
Without FinLync
With FinLync
Without FinLync Step 1
Log into each bank portal
With FinLync Step 1
Transactions are received as they happen
Without FinLync Step 2
Download previous-day bank statements
With FinLync Step 2
AI automatically matches and clears open items and posts to the general ledger
Without FinLync Step 3
Load previous-day bank statements into ERP for each bank
With FinLync Step 3
Receive same-day exception alerts
Without FinLync Step 4
Review postings and identify exceptions
With FinLync Step 4
As exceptions are resolved, the AI learns to automatically post similar items going forward
Without FinLync Step 5
Canvass the wider team to resolve each exception
With FinLync Step 5
Exceptions are automatically bucketed by reason, allowing for prioritized process improvements
Without FinLync Step 6
Wait for responses
With FinLync Step 6
AI/machine learning continues to improve hit rate; exceptions become rarer, dramatically improving reconciliation efficiency
Without FinLync Step 7
Manually resolve exceptions by entering and attaching pertinent matching information to the record to reconcile
Without FinLync Step 8
Repeat for each exception
Without FinLync Step 9
Manually identify new logic to improve reconciliation efficiency
Without FinLync Step 10
Define rigid new rules to apply going forward to improve efficiency
Common Questions About Account Reconciliation and Reconciliation Software
First, it’s about time: Transaction matching, line by line, is a thankless time-consuming task to complete. Worse, when exceptions are found, the analyst (or other designated treasury authority) has to search and hunt down people, reports, payments and/or invoices—often desk by desk, spreadsheet by spreadsheet —to determine the cause of the discrepancy. Given the variability of scenarios and reporting —understanding which financial data is needed and with what kind of handling—it’s nearly impossible for even the most determined of analysts to find, remember, and apply, the appropriate exception rules and deliver what is needed to the business.
Until now, there were no great solutions. Without bank reconciliation software or account reconciliation software, analysts and/or accounting personnel must perform their work manually using archived emails, saved documents and binders of support references. Accuracy and consistency are compromised by variations in individual approaches and lack of an automated way to manage and apply exception rules.
For payment reconciliation and account reconciliation among multiple banks and accounts, the software must be embedded in your ERP for maximum accuracy and efficiency, and minimal risk. Embedding the app minimizes the number of connections necessary for importing and exporting data, and allows teams to work simultaneously with the most up-to-date information across the enterprise, reducing delays. Direct ERP connectivity brings real-time data into play, allowing treasuries to work off the most up-to-date information available, whenever they need access to it.
Look beyond the basics. Automation, including machine learning or a rules-based approach, allows your system to learn from past events. Over time, the quality of predictive analytics improves, allowing the system to make more transaction matches over time, and to make informed recommendations when an exact match is not found.