Bank Account Reconciliation Process

Bank Account Reconciliation Process

Use Case Summary

Client specializes in expert design and development of large-scale manufacturing specializing in interventional catheter-based devices and implants.They were facing challenges in maintaining Bank account statement reconciliation. This process is time-consuming, prone to errors, and includes verifying variance against the bank statement's closing balance.

Current Challenges

Bank Account Reconciliation (BAR) process involves downloading the Bank Account Statement (BAS) monthly. Each month the business needs to create lines in Epicor application (ERP) in order to update the Finance Management for the previous month and verify the variance balance as per the closing balance in the bank statement. The business creates lines in Epicor depending on the transaction description, amount, and transaction type. This process is manual and is time-consuming and erroneous.

Solution Implemented

Proposed solution is to automate the Bank Account Reconciliation (BAR) process using inputs in Excel and PDF format, along with integration with Epicor, involves a comprehensive and technology-driven approach. Here's a breakdown of the key components. Solution: 1. The automated Bank Account Reconciliation (BAR) process integrates various technologies to enhance efficiency and accuracy in financial management within the Epicor ERP system. 2. Starting with inputs in Excel and PDF formats, the process employs Assist Edge RPA (AA360) for automated data extraction, ensuring a consistent and streamlined approach. 3. Operative Bank Account Statement (OBAS) files are downloaded directly from Epicor, and SQL queries are utilized to map transactions, aligning them with corresponding entries in the ERP system. 4. API integration facilitates seamless communication between the BAR system and Epicor, enabling the automated creation of transactions. The solution includes robust exception handling, automated data reentry processes, and comprehensive audit logging for transparency and accountability. 5. Additionally, reporting features provide insights into reconciliation status, variances, and exceptions, supporting informed decision-making. This comprehensive technological stack, including AA360, API, Excel-OLEDB, Python, and Epicor, collectively transforms the manual and time-consuming BAR process into an efficient and accurate automated workflow.

Business Benefits

The transition to an automated Bank Account Reconciliation (BAR) process has yielded substantial benefits for the business, particularly in managing the creation of approximately 500+ transactions in Epicor on a monthly basis. Time saving & Efficiency: The most significant improvement is the drastic reduction in processing time, plummeting from 12 hours to an impressive 5 minutes. This not only reflects a remarkable time-saving achievement but also ensures that financial data is promptly updated, providing near-real-time insights. Accuracy: Moreover, the automation initiative has resulted in a notable enhancement in accuracy, with errors reduced to an impressive 100%.

Outcome

500 +

Transactions Are Processed

90 %

Accuracy

5 Mins

Processing Time Reduced By 12 Hrs To 5 Mins

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