The bank reconciliation process is essential to having a clear understanding of business performance and to facilitate efficient business planning. However, many large organisations still conduct bank reconciliation processes manually, which ensues a long, frustrating, labour intensive process. With manual bank reconciliation comes a high propensity for human error too. This leads to inefficiencies in several other cash management processes and creates difficulties in the month end reporting process.
Cash application is a highly manual, repetitive, time-consuming process. One that is rife with inefficiencies, audit and compliance issues and increasing bank costs. Many organisations accept the implications of manual cash application as a “necessary evil”. However, organisations who avoid utilising cash application automation software are hurting their bottom line. In doing so, organisations are avoiding a key opportunity to streamline business operations. There are 3 indisputable reasons why organisations dealing with a high volume of transactions need to leverage cash application process automation.