RPA is available as a service, so this can be implemented quickly for businesses of all sizes including SME’s, via a simple monthly subscription.    All you need to do is provide our team with a sample of your vendor statement and a snapshot of your ledger to reconcile against the supplier. Contact our team now to arrange a demo.

Vendor Statement Reconciliation

The robots can verify and validate your vendor account reconciliation statement and provide a spreadsheet for your AP team to action. This will include an agreed reconciliation code so they can filter and action by issue. For example, duplicate invoices, errors, no purchase order or unmatched invoices.

Vendor statement reconciliation can be completed quickly and easily.  The robots work 24/7, providing data for your team to action immediately. As well as saving time, you’ll increase employee satisfaction, by removing the tedious checking and validation processes and increase processing speeds for invoice payment.  Supplier telephone queries chasing payment will also be reduced.

Here’s a quick video explaining how our robots perform vendor statement reconciliation

For further information about our vendor account reconciliation services contact our team now or call 0800 046 8086.

The post Vendor Account Reconciliation appeared first on Robocloud.

How Can These Problems Be Prevented?

Processes such as account statement reconciliation can help, however, this is traditionally a lengthy, manual process and – let’s be honest – can take so much time to manually check and match the ledger against the statement, let alone check additional documentation as well (e.g. purchase orders or invoices). Manual processes are simply inadequate to spot duplicate invoices and other accounting errors when you have a high volume of transactions, as well as different types of data e.g. paper and digital. So it’s time to consider transforming your finance operations using the latest tech.

Emerging technology such as robotic process automation can be utilised to validate, verify and analyse finance data automatically. Performing manual tasks such as automated accounts statement reconciliation to spot duplicate invoices, accounting errors and other issues such as invalid or no purchase order, or even unmatched invoice amounts.

Cleardata offers accounts statement reconciliation via its Robocloud Robotic Process Automation (RPA) services, using a team of cloud based software robots.  Don’t worry – our digital workforce won’t take over! They simply work alongside your employees to provide a reconciled spreadsheet of data ready for your next steps.  The data is output to any required format, generally csv or excel and will include a list of exceptions, along with agreed reconciliation codes for your team to action. Including details such as invoice number, date, amount and status.

Our Robocloud digital workforce ensure your statement reconciliation is completed frequently and consistently, to help identify accounting errors, duplicate invoices and payments without an authorised purchase order, saving your company both time and money and providing early warning signals for any fraudulent activity.

This automated solution can also help identify outstanding unreconciled transactions on your ledger, which is a common issue when a business may have received a credit note for an invoice, but it hasn’t been resolved. Robocloud has worked with several clients on automated statement reconciliation and has helped to bring clarity and insight to their ledgers which is making their ongoing statement reconciliation process much easier and cost effective.

RPA Services can be used as and when you need them via a simple monthly fee. This is a scalable solution, so if you have peaks and troughs in your volumes our digital workforce can cope, no need for additional training and recruitment costs.

We’re offering a limited number of free discovery sessions, combined with a demo to show you how automated statement reconciliation processes work using your data.  Our team will need to discuss and agree your reconciliation rules, along with a data feed of your statement and ledger.  Interested? Contact us or call 0800 046 8086.

Watch our automated accounts statement reconciliation video to find out more:-

Automated Statement Reconciliation Benefits

Manual accounts tasks are intrinsically prone to error due to the amount of digits and data involved. From disorganisation to mathematical errors, there are all kinds of factors which lead to issues whilst reconciling data. Below we outline some of the benefits of automating your statement reconciliation process.

Improve Accuracy
Robocloud’s validation/verification robots complete account reconciliation tasks in a consistent, logical manner and can perform two, three or even four way matching.  This means that checks are automatically conducted across multiple systems and reduces human error.

Save Money – Reduce duplicate invoices and payments
With our robots on your team, duplicate invoices or payments will be identified quickly and easily, saving your business potentially thousands in mispayments. We’ve already saved thousands for our customers using this automated service.

Identify fraudulent transactions
Early warning and monitoring to help identify fraudulent transactions based on your business rules.

Speed up statement reconciliation processes
Our robots work around the clock to perform statement reconciliation. They don’t get bored or distracted and will perform the task in line with your rules/requirements.  This means your reconciliation will be completed without fail as and when scheduled.

Free up employee time
Without having to dedicate their time to accounts reconciliation, your employees will have more time to perform more complex tasks. This will help to support business growth as well as improving employee satisfaction.

For further details about Cleardata’s Automated Accounts Statement Reconciliation Services call our team on 0800 046 8086 or contact us.

The post How Much Does Your Company Lose Due to Accounting Errors? appeared first on Robocloud.

1. Untimely Or Missed Reconciliations

Reconciliations should be done on a regular basis to ensure that all account balances agree and to give you a clear view of your financial position.  It becomes much more difficult to recall details should problems arise when you haven’t reconciled on a consistent basis.

2. Oversights 

Occasionally transactions (e.g. an expense or the sale of a product/service) may be forgotten about and never added into your ledger.  This could be due to invoices getting lost or mislaid. Such omissions can be very hard to detect.

3. Errors of Reversal

This can  happen when a transaction is accidentally posted as a debit instead of a credit e.g. an invoice is entered as a payment or refund.

4. Duplicate payments

Duplicates arise when you pay a supplier twice.  

5. Questionable timing 

Deposits not yet showing on bank statements or cheques not cashed that were sent a while ago.

But is there a solution that will save you time whilst allowing you to reconcile your accounts more efficiently and effectively?  A solution that will check your bank statements against your general ledger, check for duplicates and validate payments on accounts?

The answer is YES.  

Let us introduce you to Robocloud, our Robotic Process Automation Software that can transform the way you work. 

Providing you with your own cloud-based digital workforce, our robots can perform manual Account Reconciliation tasks for you including:

• Month End Account Reconciliation
• Reconciling your general ledger software e.g. Sage, Oracle, Xero or Quickbooks
• Checking line items on your bank statement against general ledger
• Money going out e.g. Expenses, Wages or Bills
• Checking for any duplication in payments
• Validate payments on account
• Check money coming in from customers or other sources
• Match Receipts for debit or credit card transactions
• Check Loans coming into the business

Working to your rules, Robocloud can: Reconcile Accounts Payable and Accounts Receivable against your Accounting Ledger for:-

• Supplier Statements 
• Customer Statements

Reconcile outstanding invoices, credits and payments by:

• Checking your ledger for matching invoice/credit/payment
• Checking EDM (Electronic Document Management System) for receipt of invoice/credit
• Checking dates, amounts and other information match between statement and ledger
• Sending automated emails to suppliers/customers to request copies of invoices/credits etc. not received
• 2-way or more matching e.g.:
  • 2-way: statement to ledger, ledger to statement
  • 3-way: PO to statement to ledger

• Be customised to check GRNI (Goods received).

Want to know more?  Then call our Robocloud team today on 0800 046 8086 or contact us. 

The post 5 Common Account Reconciliation Problems and How To Avoid Them appeared first on Robocloud.

Account reconciliation is the process of comparing your finance ledgers with supplier statements and invoices, sales invoices, payments and goods received and for most businesses some or all of the above is essential.

Done on a monthly, quarterly or annual basis, account reconciliation ensures your records are accurate and determines just how much money your company has or owes.  Other benefits include:

• eliminating accounting errors
• identifying money that you might be owed, or stopping overpayments before they happen
• helping you keep track of transactions
• ensuring your business deposits are correct – no human errors
• ensuring your invoices are paid
• saving you money
• identifying fraudulent activity

Whilst reconciling your accounts is fundamental to your business, it is probably one of the least favourite tasks within your accounts department – particularly when the books don’t balance – sorting out anomalies can be tedious and frustrating!

But how can you free your staff from this exasperating task so they can perform more valuable activities?

At Robocloud, we have a process automation solution for businesses of all sizes that can reduce manual effort when completing account reconciliation by as much as 80%.

Working to your rules, we will provide you with a digital workforce of cloud-based software robots who are fully trained to do any sort of repetitive, manual task including checking between multiple systems and escalating any issues to the relevant person within your accounts team.  Our robots help you to:

• Keep your invoice processes moving and compliant
• Avoid costly errors e.g. duplicates, overpayments
• Avoid duplicate invoices
• Avoid paying for goods you have not received
• Identify and resolve any issues you have with suppliers
• Ensure your suppliers are paid on time – therefore maintaining good working relationships.

The robots carry out two way matching of your statement and ledger to validate data and can check things like invoice amounts, currency, missing data, valid invoice numbers, accruals, duplicates and much more – all to your rules!  And if something doesn’t match, a report will be produced for your accounts team to check out.

Why not consider hiring our digital workforce for as little or as much as your need?  No capital investment is required up front and you will only pay for what is processed.

Sound too good to be true?  Then call our Robocloud team today on 0800 046 8086 for further details or contact us. 

The post Why Reconciling Accounts Correctly Is Crucial For Your Business appeared first on Robocloud.