The Account Reporting process is often more complex and time-consuming than it needs to be. The simple task of retrieving real-time data and statements from banks and sending them to all functions in the organization that are relying on fresh data should not take any time at all, even in large international companies. Automation and transparency as well as digital accessibility of old account statements, should be key drivers for improving processes for companies of all sizes.
The coding of account statement transactions is an easy and consistent way to improve the efficiency of processing account statements. It helps companies perform matching accounting in accordance with Generally Accepted Accounting Principles. Automatic coding automates the processing of account statements, reduces the need for manual work and eliminates errors in the processing of recurrent transactions. The coding of almost all transactions can be automated by introducing a few simple rules. Users only have to code exceptional transactions, and coding accuracy improves as the number of human errors is reduced. A significant amount of time is saved as employees do not have to perform as many routine tasks as before.
By looking into account reconciliation there are multiple ways to make the process more efficient. For example, tracking and reporting coded account statement transactions enables entries specific to general ledger accounts to be reconciled between the multibank system and the accounting software.
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