Financial reconciliation and audit preparation

Purpose

1.1. Automate financial reconciliation between sales, donations, grants, and expenses for art centers.
1.2. Automate collection, matching, and validation of financial data from ticket sales, grants, memberships, donations, and vendor payments.
1.3. Automate compiling bank statements, system exports, and receipt uploads for monthly and year-end audit-ready compliance.
1.4. Automatedly flag discrepancies, duplicate entries, and missing transactions.
1.5. Automate generation of audit reports, attachments, and supporting documentation for external auditors.

Trigger Conditions

2.1. Automated nightly or weekly scheduled runs for reconciliation.
2.2. Manual trigger by Financial/Administration team for month-end close.
2.3. Automatedly triggered on detection of new bank statement upload or financial export file.
2.4. Triggered when auditor request is received or new grant/funding record appears.

Platform variants

3.1. QuickBooks Online
• Feature/Setting: Reports API – automate pulling transactions, accounts, and reconciliation data.
3.2. Xero
• Feature/Setting: Accounting API – automate fetching bank statements, matching, and reconciliation endpoints.
3.3. Zoho Books
• Feature/Setting: Bank Reconciliation module – automate fetching un-reconciled transactions via API.
3.4. FreshBooks
• Feature/Setting: Automated Expense and Bank Transactions Sync API.
3.5. Sage Intacct
• Feature/Setting: General Ledger and Bank Rec APIs to automate journal and bank matching.
3.6. Wave
• Feature/Setting: Transactions API – automate pulling and matching bank and income data.
3.7. NetSuite
• Feature/Setting: Financial Management SuiteTalk Web Services – automate financial export and rec logs.
3.8. SAP Business One
• Feature/Setting: DI API – automate journal entry and bank statement reconciliation.
3.9. Microsoft Dynamics 365 Finance
• Feature/Setting: Financial Data Entities API – automate data pull for recon and audits.
3.10. Oracle Fusion Cloud
• Feature/Setting: Payables & Receivables REST API – automated data extraction for audit prep.
3.11. Blackbaud Financial Edge NXT
• Feature/Setting: Journal Entries and Bank Rec API endpoints – automate nonprofit-specific reconciliation.
3.12. Plaid
• Feature/Setting: Transactions API – automate syncing real-time banking data with core ledgers.
3.13. Salesforce Nonprofit Success Pack
• Feature/Setting: Accounting Subledger Connector – automate push/pull for donations/grants.
3.14. Google Sheets
• Feature/Setting: Sheets API – automate import, matching, and highlighting exceptions.
3.15. Airtable
• Feature/Setting: Automations + API – automate data collection from receipts, bank data.
3.16. Dropbox
• Feature/Setting: Files/Content API – automate polling for new financial data uploads.
3.17. DocuSign
• Feature/Setting: Signature Event Triggers – automate flagging and logging incoming signed receipts.
3.18. Slack
• Feature/Setting: Notifications API – automated instant alerts on reconciliation exceptions.
3.19. Trello
• Feature/Setting: Card Automation – automate tracking pending audit items and status changes.
3.20. HubSpot
• Feature/Setting: Workflow Automation API – automated reminders for missing financial paperwork.
3.21. G Suite (Gmail & Drive)
• Feature/Setting: Drive and Gmail API – automate ingesting emailed receipts/attachments to reconciliation queue.
3.22. Asana
• Feature/Setting: Task Automation – automate audit prep tasks for the finance team.
3.23. Box
• Feature/Setting: File Trigger API – automate intake of statements and receipts.

Benefits

4.1. Automates error-prone, manual reconciliation tasks, saving valuable staff time.
4.2. Automatedly increases financial transparency and audit readiness.
4.3. Automate anomaly and fraud detection with real-time alerts.
4.4. Automates standardized audit file packaging and delivery for compliance.
4.5. Reduces auditor intervention time through pre-categorized, automated evidence collection.