Account Reconciliation Headaches?
Automate Your FI’s Accounts Payable

Take the tedium out of account reconciliation, save time and keep a flawless GL by automating your AP.

By: BankTEL

In addition to myriad other responsibilities, accounts payable professionals are tasked with ensuring that all of the numbers in the general ledger are consistent, accurate and complete. There’s added pressure for banks and credit unions, as account reconciliation is a key component of regulatory compliance.

Making sure various financial statements line up with your bank’s books at the end of each week, month or quarter can be a tedious process — especially when paper is involved. 

Challenges of Manual Account Reconciliation

While account reconciliation is crucial, it’s also time-consuming, inefficient, and even risky for banks that still use paper-heavy, manual methods.

Entering information into spreadsheets manually can open the door for error. And when you find a discrepancy during a bank rec, hunting down missing pieces of information like invoices and payment details can be challenging, not to mention frustrating. 

Digging through filing cabinets to locate the correct information, or having to go back into storage to find a file is quite simply not the most efficient way to work. Beyond that, manual account reconciliation can increase the likelihood of data security breaches, miscalculations and lost documents that are crucial for audits.

And what about tracking down vendors who hold onto uncashed checks beyond the due dates? Automating your accounts payable process can eliminate a lot of these headaches, and save you a significant amount of time on account reconciliation.

How Automating AP Eases Account Reconciliation

AP automation software alleviates much of the burden on busy AP professionals who are tasked with ensuring an accurate GL at the close of each month. Taking the paper out of payables can make bank recs much more efficient.

Beyond saving time and eliminating redundancies, automation also reduces the risk of human error. This allows you to reconcile your accounts faster and more accurately while mitigating the risk of compliance issues that may lead to an audit and a negative strike against your FI’s public image.

Whether you’re trying to get to the bottom of a discrepancy, or accessing information for an audit, having accurate data at your fingertips eliminates the need to sort through endless files in search of information that may have been misfiled, or is simply missing.

Achieve Greater Financial Control & Improved Compliance

Automating your accounts payable helps streamline bank recs by detecting discrepancies in the GL such as double payments, calculation errors and missed payments, which can cost busy AP professionals valuable time, and financial institutions significant money. 

Manual reconciliation leaves FIs more vulnerable to compliance issues. With automated AP, it only takes a few clicks to get a comprehensive look inside your books and take action — no need to sort through any paper files and track down missing documents.

AP automation facilitates an automatic reconciliation process at any stage of the month’s cycle and seamlessly tracks all reconciliation history, giving you the ability to record, validate and access all of the bank’s financial information in one easy-to-access repository.

This provides a comprehensive, accurate and up-to-date picture of the bank’s GL for tax preparation, audits and month-end account closures without the strain of managing a never-ending trail of paper files and documents.

Benefits Beyond Bank Recs

Are you responsible for servicing a large number of vendors that have different payment processes, preferences and penalties? Automating payments can dramatically streamline your workflow.

Physically printing and signing checks, waiting on approvals, and tracking down uncashed vendor checks wastes precious time that you could otherwise spend on more strategic initiatives. Automating accounts payable can fast-track approvals, and eliminates the need to manually input invoices, purchase orders and requisitions.

With an automated system, you can schedule transactions, pay bills and get payments approved remotely from anywhere with an internet connection. Beyond freeing you from being tied to the office, an automated system streamlines back-office operations to save you valuable time. How could tools like remote invoice scanning and easy access to a database of all vendors ease your workflow? 

BankTEL is the only software company that focuses solely on accounting solutions for financial institutions with built-in compliance. Learn more about how we help save you time by simplifying account reconciliation.