How Account Reconciliation Can Not Be A Major Headache Anymore

The biggest complexities that arise with running a business involve the complexities in the account reconciliation process. Business owners and accountants have to spend the last days of the month reconciling all of their statements, and this can easily take up days of their time, if not months. Bank statement reconciliation is something companies cannot function without nowadays; rarely can any business go ahead without interacting with a financial institution. There are a few different types of reconciliation processes that companies may have to undergo. Quite naturally, the entire process becomes very tedious, and after a point, the whole purpose of these statements becomes bleak.

Problems With The Conventions

When technology was in its infant stages, it made much more sense to rely on tools like Excel for your data reconciliation needs. Many tech-savvy businesses still stick to excel because of their customizability and their readily programmable nature. However, the most significant limitation of Excel is that it requires manual labour and regular upkeep.

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Relying on slow software for fast-paced business processes is unwise in today's time, and age and many new solutions have been introduced to help speed up the process. Human resources are valuable, and it makes no sense to occupy these resources in mundane tasks when their energy can be utilized elsewhere for further growth.

Problems With Balance Sheet Reconciliation

Financial reconciliations can quickly become an arduous task, and at times they might feel like an unnecessary chore. Here is a list of common problems that arise while carrying out reconciliations.

  1. Too Many Errors

  2. Due to the sheer amount of data required to create a reconciliation statement, you might suffer from a lack of visibility. A lack of visibility requires additional spreadsheets that can help track the completion of all accounts. Copies can often go missing, and specific data can be hard to find.

  3. Lack Of Visibility

  4. With most conventional methods, it gets difficult to figure out changes being made to the data, and it also becomes hard to track them through if you need to correct them. A simple number change can become a week-long task.

  5. Difficulty Tracking Changes

  6. With most conventional methods, it gets difficult to figure out changes being made to the data, and it also becomes hard to track them through if you need to correct them. A simple number change can become a week-long task.

  7. Expensive Licensing Costs

  8. If your business uses software like SAP or Oracle, most of your costs will go into the licensing for that system. Additionally, most of these systems have complex processes that take some time to get a grip over. For small to medium-sized businesses, these systems might not be such a great solution.

How Automation Can Help

As technology improves and becomes more and more specialized, financial reconciliation becomes a lot less tedious and overwhelming. Technological advancements have paved the way towards modern reconciliation solutions that help companies achieve a greater efficiency rate with decreased resources. BitCurb is a company working towards SaaS solutions that help automate and speed up financial data reconciliation, parsing, and transformation using API or Excel add-ins. The BitCurb solution is a single web-based solution that can cater to all sorts of reconciliation formats and reconciliation needs like account payables and account receivables, credit card reconciliation, bank reconciliation, inventory or entity reconciliation. The biggest benefit that BitCurb offers is that it can be your only stop; you don't need to purchase any additional software or anything else to take care of your financial data reconciliations. The Company also offers flexible pricing plans, and the software is fully capable of handling enterprise volumes and uses API to enhance usability. The software is designed to be easily customizable to your business requirements, and the teams at BitCurb are always available to make changes and adjustments to their systems so that your needs and preferences can be met in a better way. The solution can be easily integrated with any current software or with any programming language in use. This means that the need to train your employees on integrating this software will drastically decline. The API being used is data agnostic and is adjustable to your business and your industry.

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BitCurb is a company focused on personalization and offers solutions for any gaps in its models. As a business, your software can be tweaked and adjusted to fit your business needs better. Companies with privacy concerns would not prefer having all their data stored on a cloud or any center prone to attacks; therefore, the service can also be hosted on-premise. BitCurb is one such technology that caters to Excel lovers as well. If your employees are working and creating spreadsheets and reconciliations in Excel, then BitCurb can be a small add-in on the side that can help identify data, classify exceptions, and auto-generates reports. With the utilization of this software, businesses can optimize their performance by saving time, and they can also save a significant portion of their costs. If your employees are understaffed, this can help free up employee time and focus their attention towards more important tasks. The Company offers its clients flexible support, and the service can become a helping hand for situations where you find yourself in a fix. The software can implement your rules, and it also can change your existing processes and help facilitate your process efficiency. Flexible licensing is a feature being offered which can significantly help meet your business demands. The flexible licensing feature makes the software an affordable option for small and medium enterprises, and since the software runs on a subscription model, you only need to pay for the system as long as you use it. The reconciliation plans start from processing just 2,500 records for 24 hours, which makes the solutuon designed to serve well micro and small enterprises with reconciliation problems. Since the software can run on SaaS in the cloud, it is scalable, enabling you to scale it upwards and downwards. BitCurb also affords its clients a greater level of time efficiency, which means that small to medium-sized businesses can now achieve more significant economies of scale. The software helps businesses achieve complete visibility over their reconciliation processes. You can validate your organization's accounts records, match your credit card statements with your bank statements, automate your account reconciliation processes, and compare your inventory records with the physical inventory stock held in your store or warehouse.

Why Is Account Reconciliation So Tricky

Account reconciliation might seem like an easy thing, but in reality, many different factors go in while businesses are reconciling their accounts. However, the financial data reconciliations are highly prone to errors, and a recent study by transaction banking survey from 2016 revealed that around 7% of corporates have chosen to work with only one banking partner. This means that most corporations have multiple bank accounts for their transactions. Different parts of the world have different practices, which will need to be reflected in your accounts. For some companies, the volume of transactions they have to put in is too much, which can cause room for error, and it can also be more difficult for them to match these volumes. Complicated internal processes can also end up in many complexities and can also result in many complex transactions. For big businesses, this can translate into months of work and financial losses.

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Some benefits of BitCurb include:

  • Robust reconciliation engine that supports tailored rules addressing customer’s data correlations
  • Extensive reporting about all reconciliation operations and full auditability
  • Out of the box support for bank and financial file formats
  • New reports on demand

BitCurb also has an ETL API format that can help you with an enterprise-level conversion engine that can parse and transform your financial file format into an easy-to-read format. ETL API also allows you to introduce changes in your system whenever needed, preparing the ground for more efficient reconciliation. The software is fully capable of meeting your business needs. Additional reports can also be created on-demand to help meet any compliance and analysis purposes. With the use of API, BitCurb can offer additional flexibility to its clients, and because of its scalability, you don't necessarily need to switch software when your business conditions change.

Why Choose BitCurb?

If the above reasons were not reason enough to integrate BitCurb into your workflow, you could also audit the software for a while to make sure that you are investing your money's worth into the system. The software can be used by both small and large businesses, which means that BitCurb can match itself according to your growth rate as your company grows. As your company is growing and time becomes more valuable than before, you can rest assured that your time will not be wasted taking care of meticulous tasks, and you can focus your energy on things that will help bring up your business rather than on things that could slow the growth process. If you have an ERP or POS system, then BitCurb is also easily integrateable with that. The after-sales service for this facility is excellent, and the service is scalable, which means that it will grow with your business, and with their constant updates, you might not need to shift your business processes elsewhere ever again due to them being outdated and time exhaustive.