Bank Reconciliation Solution
BitCurb provides you with a single enterprise grade reconciliation solution to address your bank reconciliation needs.
What is Bank Reconciliation?
Bank reconciliation is a mandatory step in the financial period-end process that is relevant to businesses of all sizes and industries. It compares and matches the internal data (typically the General Ledger) against its counterpart bank statement data to ensure that the business’s financial data is accurate.
What Is the Process for Bank Reconciliation
At the account period end (typically every month), the bank statement report (detailed report) must be validated against the internal financial system data for that period.
- Get the internal data
- Get the detailed activity bank report
- Compare the data sources to identify any discrepancies
- Investigate the outstanding transactions and make the necessary journal entry adjustments
- Print out the reconciliation statement report
Bank Reconciliation challenges
The bank reconciliation process, despite appearing to be a simple process on the surface, is often a difficult burden for businesses due to the high volume of transactions, large number of accounts to reconcile, various data sources and financial formats, understaffing, or inability to efficiently maintain the reconciliation on a regular basis.
Sometimes the nature of the matching transactions requires complex reconciliation rules like one-to-many with adjustments, so high efficiency is achieved. Rather than manually comparing transactions that should have been matched, your team might focus on categorizing and investing in exceptions.
Why Is Bank Reconciliation Important?
A bank reconciliation should be completed at regular intervals for all bank accounts to ensure that a company's cash records are correct. It is crucial to the financial health of every business.
You won't be able to detect differences between your financial system and your bank statement if you don't do bank reconciliation. These discrepancies could be caused by currency settlements, bank fees, NSF checks, outstanding checks, or deposits in transit.
You can never have an accurate, hassle-free period end close for your accounts unless you have a consistent bank reconciliation process.
What solution does BitCurb offer for Bank Reconciliation?
BitCurb provides a single solution to address your bank reconciliation needs. You can navigate your reconciliation process without the assistance of IT staff.
BitCurb’s ETL engine provides flexibility to enhance and modify your data input, which prepares the ground for an accurate reconciliation. We support a number of predefined financial format readers, such as SWIFT MT 940 and SWIFT MT 950, to facilitate your data acquisition process and continuously add new financial file support.
Our robust reconciliation engine supports tailored rules addressing your specific data correlations. This is a crucial capability for addressing the complex transaction attributes’ correlations between dates that don’t coincide, reference numbers partially matching, and so on. BitCurb’s Crunch engine supports automated one-to-many reconciliation rules with adjustments. That’s a powerful weapon to address the charge of any bank fees and currency settlements on your bank statement when matching against the charts of account data.
As soon as your data is available, the automated matching lets you focus on the outstanding transactions rather than spending time manually reconciling volumes that can be addressed by BitCurb’s rules engine.
Our powerful reconciliation API provides unparalleled possibilities in the reconciliation world for 3rd party integrations with accounting software or leading ERP systems.
Data duplication and ownership dilution among third parties complicate your company's data governance. For a worldwide, fast-paced organization, file-based data acquisition and manual file format conversion are no longer sufficient. Integration with third-party systems and cloud-based applications has become a critical component of many businesses' daily operations. Due to the complexity of the application landscape, the matching API capabilities may be positioned at the core of your digital transformation map. Data egress and ingress capabilities massively facilitate data orchestration and governance. You can get a competitive advantage by integrating the advanced API functionalities we provide into your existing eco-system while remaining compliant with security regulations.
And last but not least, all actions taken are stored for audit purposes. Regardless the nature of your business expenses, rest assured this process cannot be a major headache for your day to day operations any more. Having BitCurb as a single reconciliation solution to streamline your bank reconciliation, tremendously reduces the time you spend today, providing accuracy and a well-defined process to follow.
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