By far, manual reconciliation is the least efficient and most cost-demanding process in the accounting cycle. According to a survey by EY, up to 59% of a financial department’s resources are spent on managing transaction-intensive processes. To make matters worse, around 95% of this effort is wasted on transactions that already match, rather than problem entries that actually require attention.

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At the close of each month, Stellar Senior Living manually compiled bank statements and matched each transaction to their ERP System. They completed this chore for over 30 accounts housed in three different banking systems-each with a high volume of transactions.

Stellar Senior Living recognized that they needed a fast and consistent solution to their problem. Emma fit this need due to their easily deployed ERP Product Bots.

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Using Emma's technology, experts automated the company's process. While in the development stage, Emma's Project Managers worked closely with Stellar Senior Living to ensure all their requirements were met. Once through development, Stellar Senior Living employees could deploy their Bot with a simple click.

Stellar Senior Living’s Property Management Software Bot now reconciles all the bank accounts across the different properties they manage and saves their employees the chore of manually clicking one transaction off at a time.

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The bot begins the bank reconciliation process by logging into each of Stellar Senior Living’s bank accounts and downloading weekly transaction history.

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The Bot launches Property Management Software, Stellar Senior Living’s ERP, and matches each transaction on the bank statement to a match in Property Management Software using 1:1, 1:M, and M:1 matches. If any discrepancies are found, the Bot follows specific rules to handle it. If there are any missing, duplicate, or incorrect transactions in the ERP system, the Bot generates an exception report. This report is stored for audit purposes and increases visibility into the Bot's operation.

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Even with the high volume of transactions common in their industry, the Bot handles 100% of them and allows Stellar Senior Living to complete their reconciliation process weekly, instead of monthly.

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It’s no secret that account reconciliation is not the most pleasant part of accounting, so Stellar Senior Living is glad to have freed up their resources to focus their energy and effort on higher value-add work.