Validating and reconciling financial data
When you use the Bank Feed (which we recommend) reconciliation takes seconds.
When finished with the bank reconciliation, examine the unreconciled transactions for errors and fix them quickly.
Another time-consuming process used to manage the balance sheets and income statement transactions, General Ledger is one of the processes financial that organizations automate to reduce the efforts of the employees.
In this process, the RPA implements account reconciliation standards according to the policies and procedures and reconcile the general ledger accounts according to the workflow.
According to a KPMG report, over 43% of the senior executives surveyed indicated their willingness to invest in Robotic Process Automation (RPA).
The trend was visible when CFOs of different companies started adapting Robotic Process Automation to their different processes to lower costs, increase efficiency, and minimize error.
Luca Net’s built-in status monitor makes the entire data collection and validation process transparent across all of the reporting units involved, giving you all of the material information you need for IC reconciliation.
Here are six reasons why you need to reconcile your bank statement each month: Clients often ask me when I use Bank Feeds why do I have to reconcile to the bank statement?
We often find omissions in a Bank Feed that would not be caught if we didn’t reconcile to the statements at the end of each month.
To make it uniform, it creates an invoice by filling the invoice form with the extracted data.
The invoice is then routed for payment via the workflow.