Bank reconciliation workflow automation

Purpose

1.1. Automate bank reconciliation by matching payment records, receipts, and bank transactions in real-time across multiple accounts and corporate branches.
1.2. Automating error identification, duplicate transactions, and discrepancies for mobility companies, increasing finance transparency and reporting cycles.
1.3. Automate the generation and dispatch of reconciliation reports, automate notifications of mismatches, and automatedly request clarification from responsible teams.
1.4. Centralize reconciliation for elevator manufacturers operating in diversified financial environments and markets.

Trigger Conditions

2.1. Automated schedule (e.g., nightly, weekly, or monthly runs).
2.2. Newly imported or synced bank statement.
2.3. Receipt of ERP-logged financial transactions.
2.4. Automated alert for large transaction or anomaly detected.
2.5. Manual trigger from finance dashboard for on-demand reconciliation run.

Platform Variants

3.1. SAP
• Feature/Setting: Bank Interface (Electronic Bank Statement import); configure IDOC input and reconciliation BAPI module.
3.2. Oracle NetSuite
• Feature/Setting: Bank Feeds API; automate fetch and match with GL Transactions function.
3.3. Microsoft Dynamics 365 Finance
• Feature/Setting: Bank Reconciliation Journal; automate triggers for bank statement imports via Data Management API.
3.4. QuickBooks Online
• Feature/Setting: Banking API; automate matching rules and monthly reconciliation routines.
3.5. Xero
• Feature/Setting: Bank Transactions Endpoint; schedule automated bank feeds and reconciliation report generation.
3.6. Workday Financial Management
• Feature/Setting: Banking API integration; automate batch bank data ingestion and reconciliation job.
3.7. Intuit Mint
• Feature/Setting: Automated Transaction Download API; configure notification and auto-categorization rules.
3.8. Tally ERP
• Feature/Setting: Tally XML interface; automate transaction imports and reconciliation voucher creation.
3.9. FreshBooks
• Feature/Setting: Bank Reconciliation API; automate fetch and automated matching flow.
3.10. Zoho Books
• Feature/Setting: Bank Feeds and Statement API; automate matching, reconcile endpoint.
3.11. Plaid
• Feature/Setting: Transactions API; automate syncing and reconciliation webhook events.
3.12. Yodlee
• Feature/Setting: FastLink and Transactions API for automated transaction fetching and reconciliation triggers.
3.13. Sage Intacct
• Feature/Setting: Bank Reconciliation Object; automate the import and action on reconciliation status.
3.14. Wave Financial
• Feature/Setting: Bank Data Import API; automate transaction fetch and monthly statement comparison.
3.15. Stripe
• Feature/Setting: Balance Transactions API; scheduled automated reconciliation with sales receipts.
3.16. PayPal
• Feature/Setting: Transaction Search API; automate import and bank statement comparison process.
3.17. Revolut Business
• Feature/Setting: Transactions Endpoint; schedule fetch and automate GL reconciliation logic.
3.18. HSBCnet
• Feature/Setting: Balance and Transaction Reporting API; automate reconciliation hooks and notifications.
3.19. Wells Fargo Gateway
• Feature/Setting: Account and Transaction Inquiry API; automate transaction polling and matching routine.
3.20. JP Morgan Access
• Feature/Setting: Statement and Reporting API; automate export, ingest, and automated discrepancy alerts.

Benefits

4.1. Automates tedious manual matching, reducing labor and increasing accuracy.
4.2. Automatedly flags high-risk transactions and missing entries instantly, improving fraud detection.
4.3. Automation shortens the reconciliatory reporting cycle, enabling faster management decision-making.
4.4. Machine-driven automation provides audit trails, secure document retention, and regulatory compliance.
4.5. Scalable automator configurations allow for multiplatform, multi-currency, and cross-branch automating of finance ops.
4.6. Automation supports continuous improvement in elevating corporate agility and reporting in the mobility space.