Automated Balance Sheet Reconciliation

Keep your financials up-to-date and accurate. Let your software robot eliminate accounting bottlenecks, expedite review processes, and flag mistakes in a tenth of the time.

1. Identify balance sheet accounts

Bot creates that month’s folder

2. Create reconciliation template

A standard reconciliation template is made

3. Review and allocate

Bot reviews subsidiary ledger balances and brings them into reconciliation file

4. Generate back-ups

All backup files that make up the subsidiary detail are saved

5. Create summary file

Summary file is created for accountant review

Empower your accountants, unlock scalability

Reconciling balance sheet accounts can be time-consuming, tedious, and inefficient. Your accounting team spends days per account, every month, compiling and reviewing mountains of data. And this inefficiency only grows as your business does. Opt to harness the power of software robots to lower accounting costs, complete key processes in 1/10 of the time, and free up key resources for other projects.

The new way to handle balance sheet reconciliations

Oftentimes, balance sheet reconciliation is pushed off until the end of the month - and for good reason! It consumes so much time and energy, it’s simply not possible to manage the process weekly.

But what if your team could just plug and play the program in the click of a button? What if they could get access to all the relevant information, at their fingertips, in under an hour? And what if, thanks to this advanced insight, they could correct mistakes upstream 3+ weeks ahead of time?

That’s exactly what you can accomplish with a software bot. After the initial set up, the new and improved automation runs on your schedule, yielding results in the time it takes for an employee to take their lunch break

How balance sheet reconciliation automation works

Once your robots are built, they get to work accomplishing the following:

Finding relevant balance sheets

Your bot immediately discovers and logs the desired balance sheet accounts. They then create that month’s folder with a sub-folder, titled ‘Subsidiary backup files.’

Creating a template

This standard reconciliation template can be tailored to your organization, and it is formed with account details, as well as the GL balance.

Reviewing files

Bot reviews corresponding Subsidiary ledger balances, as well as all transactions making up each balance, and brings them into the reconciliation files.

Producing summaries

Bot creates a summary file which includes all reconciliation templates (labeled under individual tabs), a summary sheet listing the GL, and all subsidiary balances by account for easy review.

Problem-solving on demand

After initial set up, your bot will run the above process weekly. By shortening the review process and highlighting corrective action on a weekly basis, your accounting team can stay up to date, with all necessary information to action at their disposal.

Systems automated

Benefits of automated balance sheet reconciliation

Save time, energy, and resources

What previously took 3 laborious days of employee time to complete now takes your bot a couple of hours. By harnessing the power of automation, you can dedicate workers - and their productivity - away from administrative, routine tasks and into areas of high growth for your business.

Resolve problems in record time

The time when your accounting team scrambled to chase an entity 3 weeks after a problem first arose is long gone. By running and executing processes weekly, your bot can alert and flag any problems without lag time, so your team can begin troubleshooting immediately.