Accounts Statement Reconciliation

If your Finance team is overloaded with work and you’re looking for an automated approach for your monthly accounts statement reconciliation, consider using Cleardata’s automated reconciliation services.  Using the latest Robotic Process Automation, or RPA technology, our team can get this manual task completed quickly and easily.

Cleardata’s cloud-based software robots provide a reliable digital workforce, who work 24/7 to provide accounts statement reconciliation data ready for your team to action. They can complete the lengthy data validation jobs that nobody else wants to do, virtually working alongside your team to save valuable time and allowing them to focus on other key finance tasks. Tasks are performed in a logical, consistent manner and a full audit trail is available.

Our RPA Consultants will set up the robots to perform matching to meet your requirements.  The robots can do two or three-way matching if required. Comparing the statement against the ledger and other data feeds as required. Data will be validated using your organisation rules.

Once matched, the robots can provide a spreadsheet containing detailed exceptions, including information such as:-

  • Invoice Number, Type and Date
  • Supplier Name
  • Invoice Amount
  • Validation Status
  • Accounting Status
  • Paid Status
  • Unpaid Amount
  • Reconciliation Code
  • Action Required
  • Notes

See below an example of the spreadsheet output which can be provided to your team for action.

Reconciliation codes can indicate status and actions to be taken such as :-

  • MAI (Matched Against Invoice)
  • MIE (Matched in Exceptions)
  • FAR (Further Action Required)
  • VUA (Push Invoice to Validated)
  • UMI (Unable To Match Against Invoice – Investigate Payment)
  • RNI (Refer To Supplier – New Invoice Requested)
  • VFP (Refer Invoice To Supplier – Invoice Already Paid)
  • VUP (Push Invoice to Validated).

Cleardata’s RPA Services can be set up quickly and used on demand to suit your Finance Team’s needs. For further information about our automated accounts statement reconciliation services, call our team now on 0800 046 8086.

 

 

 

 Account Statement Reconciliation – Robocloud