Current account reconciliation is the process of comparing two sets of records at the end of the accounting period to ensure that their balances are correct at the end of the definition.
As straightforward and simple as it sounds, there is more to this definition than meets the eye.
Imagine that you are a small coffee shop owner and a new business owner with a handful of transactions and reconciling bank statements on your own. This may not be on your list of favorite tasks, but you still have to do it twice a month.
Think and imagine five years from now. Your business has grown into a well-known chain of coffee shops, famous for their unique coffee blends. You have branches all over the country and have just opened a new deli in France. You work with five different bank accounts in three currencies and process hundreds of transactions every day.
You have hired an accountant. Your accountant spends a lot of time on excel spreadsheets trying to adjust financial balances and looking for discrepancies. Your business has expanded, so you need a solution that can help you manage it effectively.
Manual reconciliation can be time-consuming, can even run out of time, and is highly subject to human error. A simple input error or accidentally deleting an Excel formula can result in significant costs for your business. Such inaccuracies are often uncovered during audits.
As a business owner, you don’t want to waste the time of your highly motivated, specialized employees with these tedious tasks. You would rather give them the appropriate tools so they can focus on value-added activities, business development and management.
Melasoft e-Reconciliation offers you the solution you are looking for.
An important benefit of the Melasoft e-Reconciliation system is time savings. So accounting teams can focus more on researching and managing exceptions. In addition, end-of-period closing can be done more smoothly and with less stress.
Remember – you have a growing, multi-location business. Melasoft e-Reconciliation helps increase visibility and transparency in intercompany transactions, improves compliance and reduces financial risk.
Modern reconciliation solutions offer versatile, cloud-based platforms that streamline financial processes and increase audit readiness.
Melasoft Current Reconciliation software provides:
- Automatic reconciliation of bank accounts regardless of bank statement format (BAI, SWIFT, FIRD, ACH, CSV, Excel, XML, etc.) and currencies used,
- Transaction matching that follows your business processes and logic,
- Options to transform and enrich your data,
- Automation of every step of the reconciliation process, including data import and export and report generation,
- Integration with different ERP systems,
- A detailed audit trail and internal checkpoints that reduce the vulnerability of the audit.
Thanks to the software’s features, minimal IT effort is required and the features are business user-oriented, so new processes and rules can be defined without external support. Melasoft e-Reconciliation Solution is cloud-based and we continuously invest in product development to meet customer and industry requirements.
So keep up with the times and let us take care of your new business, you better go to the French beaches and don’t worry about Reconciliation.
Please feel free to contact us if you need any further information.