Automate Bank Reconciliation & Import BAI Statements – Time saver for your accounting team.
Bank Reconciliation is one of those regular administrative tasks that cannot be avoided and rather requires a meticulous resource to stay on top of things. Living in the 21st Century, organizations have started questioning why this process is not automated yet?
Based on multiple feedbacks from our clients that we served across North America, we at NICerp decided to develop an app that automates the process of bank reconciliation. With the right tool, bank reconciliation can take as little as a few minutes potentially turning into a quick daily task that significantly boosts your visibility of your business finances.
What is Bank Reconciliation?
Bank reconciliation is a process where you match your finances with your bank against your accounting software’s ledger. If the two balances match, you have successfully reconciled. Incoming and outgoing payments are considered in reconciliation, as are charges such as bank fees that might not appear in your accounting software (but will have to be added). Everything should always match up. If it does not, that is a clue that something has gone wrong and needs to be fixed.
Methods of Bank Reconciliation
Depending on whether you manage accounting manually or through a software and which bank you are signed up with, there are two methods of reconciliation.
- Manual Reconciliation:
This is typically a labour-intensive task by which most of the accountants simply put off. It involves matching your finances either against a printed bank statement or against an electronic statement downloadable through internet banking. - Accounting Software:
This will generally involve a paid subscription for an accounting software which allows downloading or importing bank statements into the software. This allows you to reconcile by matching entries from one on-screen table against another.
How to automate Bank Reconciliation Process with NIC Treasury Management Suite?
Performing the bank reconciliation process can be very time-consuming & laborious, but our product can help you automate this process.
Most banks provide BAI files which have transactions classified in standardized time codes and rich dated content with additional useful information. A single BAI files can contain bank statement information from multiple banks. Our app allows you to import these BAI files and automate the process of reconciliation.
With our BAI Electronic Statement & Bank Reconciliation module you can process advanced banking transactions. It gives you the ability to set up multiple bank schemas for different banks and you can customize the schemas to bring in whatever data you want from the BAI file.
This allows you to automatically create bank reconciliations. With our latest module BAI Electronic Statement & Bank Reconciliation become the master of the task and make full use of modern technology so you can reap the rewards of having a closer connection to your business finances.
BAI Electronic Statement Import & Bank Reconciliation is the 2nd module in NICerp’s Treasury Management Suite. Interested in saving time & money with an automated tool for bank reconciliation? Contact us today on Microsoft AppSource
