Automate Bank Reconciliation with Deskera Books
Bank reconciliation is the process of matching bank account transactions with business accounting transactions. Bank reconciliation is done by the accountants frequently to know the company’s real cash position. It is an essential process for maintaining good financial health for your company.
Why is bank reconciliation so important?
Bank reconciliation is crucial for your business as it helps you to identify accounting errors and fraudulent transactions. Here I have listed some benefits of bank reconciliation:
- Know your real cash position and avoid bounced cheques or payments
- Identify accounting errors example- duplicate payments, missed payments, etc.
- Track any unauthorized transfers or cash withdrawals
- Spot any bank errors or fraudulent transactions
- Keep track of payments and expenses
- Keep track of bank fees and penalties
How to do bank reconciliation in accounting software?
Generally, in an ERP system, you can find one or more of the following methods for bank reconciliation:
Manual Bank Reconciliation
In all the traditional accounting software, users have to manually check and match each transaction between the bank account statement and accounting records in ERP software. It is a very tedious job for accountants as companies may have various bank accounts in different geographies. If a company has a large number of daily transactions, then it will be a very challenging and time-consuming process for accountants. They may not be able to reconcile bank statements regularly, which can lead to bounced cheques as they are not aware of the real cash position of their company.
Import Bank Statement
Some accounting software also provides the option to import bank account statements in their ERP system for reconciliation. This option is better for accountants, but the reconciliation data is not realtime. Also, accountants have to do a few extra manual steps to export bank statements and import them in their ERP software for reconciliation.
Automated Bank Reconciliation
The best and most straightforward way to reconcile bank accounts is by linking your bank accounts with your ERP software and automatically import all bank transactions for bank reconciliation. This method helps you to save time and reduce errors in the bank reconciliation process.
Streamline and automate bank reconciliation with Deskera Books
With Deskera Books, you can connect your bank accounts and automatically import all bank transactions for bank reconciliation. Deskera offers enterprise-grade authentication and connection to bank accounts. Your data is completely secured. Deskera provides the highest standards for your data privacy and security with their PCI DSS compliance.
Once your Bank account is connected with your Deskera account, then you can automatically import all your bank transactions and quickly reconcile in the system to know your cash position in realtime. Users can easily reconcile a large number of transactions within seconds.
Deskera Books allows you to automate the reconciliation process. It eliminates all the manual processes and makes your fiance staff happy by freeing them from all the manual work.
Visit our website to learn more about Deskera Books.
