Bank Account Clearing
Optimising Account Reconciliation with RPA
Key Solution: Robotic Process Automation (RPA)
Challenge
Finance teams, especially in large enterprises, face significant challenges with bank account clearing:
Heavy workload and untimely reconciliation: Managing complex and time-consuming tasks, including reconciling large volumes of transactions.
Repetitive, error-prone manual processing: Handling over one million historical accounting records manually increases the risk of mistakes and consumes significant time and effort.
Complexity of clearing logic: The variety of clearing rules makes it difficult to ensure accuracy when processing large volumes of data manually.
Solutions – Automation Workflow:
Before Implementation:
- Manual clearing accuracy of only 70% – 80%.
- Requires significant manual effort and time to complete.
- High error rate and inefficiency.
After Implementation:
- Automated clearing achieves 100% accuracy.
- The automated process iterates through multiple clearing rules, completing data calculation and matching much faster than manual clearing.
- Saves on labour and solves backlog of historical data.
Impact
100% Accuracy
USD 200K Estimated Annual Savings
500 Cases Average Daily Processing
99% Success Rate*
*Success rate: Business personnel are required to fill in the abstract according to the rules to ensure accurate judgment of digital employees.