July 16th, 2024
About Bank Reconciliation
- Data mapping from your ERP comes in. Cashbook brings in general ledger entries relevant to a bank account. Exchange rate information & Period tables are also imported.
- Cashbook loads banking data from bank formats such as BAI, MT940, CAMT and file formats like CSV, TXT, XLS, XML, EDI.
- Users have flexible reconcilers for auto-matching bank to ledger data automatically. We have incredible matching capabilities which we tweak in every project to get your match rate up to 95% automation. We store within Cashbook Bank & GL balances by day/week/month to guide cash management.
- Users can also adopt our auto cash application module to facilitate automation from a bank statement to specific general ledger codes for items such as sweeps, bank fees and transfers.
Streamlining Your Bank Reconciliation Process with Automation
Bank reconciliation is a critical process for any business, ensuring that the transactions recorded in your financial statements match those in your bank account. While essential, this task can be time-consuming and prone to errors, leading to potential financial discrepancies and wasted resources. However, with the advancement of technology, Cashbook being a dedicated accounting software company, we offer automated solutions that can transform your bank reconciliation process, saving you time and reducing errors.
Understanding Bank Reconciliation
Bank reconciliation involves comparing your company’s internal financial records with bank statements to ensure they are in agreement. This process helps identify any discrepancies, such as unrecorded transactions or bank errors. While it might sound straightforward, it often involves sifting through numerous transactions, matching each one, and resolving any differences. This process can present a number of challenges for a finance team.
How We Help You
We offer comprehensive solutions tailored to meet the specific needs of your business. We help automate your bank reconciliation process by integrating with your ERP system, our solution seamlessly integrates with the ERP system to pull in the data. Our software automatically matches transactions from your bank statements with those in your accounting records, flagging any discrepancies for the user to review. Cashbook is a user-friendly interface which makes it easy for your team to manage and monitor the reconciliation and cash management processes. Consider this case study below of Shaklee.
Since Makita started using Cashbook, we have reduced our time spent on cash management by about 45%. Cashbook completely automated the Bank Rec process for us, by connecting our ERP to our banking data. There is a great team working in Cashbook, they really listened to the issues we were having, then tailored their software to resolve these issues, and delivered consistently high levels of automation.
Automating your bank reconciliation process with Cashbook will revolutionize the way you manage your finances. By reducing manual effort, minimizing errors, and providing real-time insights, you can ensure accurate financial reporting and make more informed business decisions, providing peace of mind for all. Embrace the future of finance with automation and watch your business thrive.
Ready to streamline your bank reconciliation process? Contact us today to learn more about our solutions and how we can help your business achieve greater efficiency and accuracy.
Simply reach out to our team for a call to help you and your business team today…..
