Automate statement reconciliation using RPA

A simple guide to automate statement reconciliation using RPA in banking and financial services sector.

automate statement reconciliation using rpa

In this article, we’ll discuss about the different pre-built RPA tools and best practices involved in RPA automation.

RPA solutions that are powered by artificial intelligence can help speed up reconciliation processes in banks or finance organizations. Currently, we can see an overwhelming need to improve the efficiency in the traditional reconciliation process, which is very time consuming and prone to error.

With RPA, businesses can use automation solutions to upload all the statements that they receive in paper, PDF, and excel formats onto a cloud-based statement processing system. These statements are then automatically reconciled against data from the accounts payable ledger. Any credit notes and invoices that are missing or duplicated are flagged, so that immediate action can be taken. Any miss-postings and/or data errors are highlighted for the accounts payable team to investigate further.

How to automate statement reconciliation?

You can either use pre-built RPA tools or you can develop a custom RPA solution to meet your business needs.

Some of the most commonly used RPA tools are:

  • BluePrism
  • UiPath
  • Automation Anywhere
  • Custom RPA tools

To get deeper insights into the practical application of RPA, this article would provide you a much better explanation:

How to get started?

In the automation plan, you need to include the dependencies of a process, which includes, humans, dependencies with third parties, dependencies with other departments, etc. Once you have mapped the dependencies, you need to define the system integration. That is, the new RPA solution should seamlessly integrate into your existing business processes and software. After plotting the dependencies and system integrators, the solution provider can suggest the model best suited for automating your business processes.

If you’d like to know more about these steps, read this article:

Accubits Technologies is an enterprise solutions development company focusing on AI and Blockchain technologies, based in Virginia, USA. https://accubits.com/

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