Automate Your
Reconciliation
Offload Daily Reconciliation to Emma
The Curse of Manual Reconciliation
Manual reconciliation is the least efficient and most cost-demanding process in the accounting cycle. According to EY, up to 59% of a financial department’s resources are spent on managing transaction-intensive processes. Around 95% of this effort is wasted on transactions that already match rather than problem entries that actually require attention.
Once you start using Emma, you will never go back
Match Transactions
Match transactions from your bank feeds to records in the accounting system: Invoice receipts, Bill payments, JEs, Credits, Transfers, etc.
Match 1 to Many Transactions
The bot will intelligently compute totals using all possible combinations to determine the match. It will also filter transactions using date, description & reference number.
Match Between Any Sources
Match transactions between any two sources. AI can handle complex, multi-step tasks.
Custom Logic
Custom business logic and decision-making rules will be encoded in the robot.
Pre-approved Matches
Approve all pre-matched transactions (most accounting software suggest direct matches).
Flag for Human Review
If no matching record is found in the accounting system, the bot can either create a new entry using available rules or glag the transaction for human review.
Intelligent Adjustment
Propose matches to the user in cases where the amounts don’t align, where processing fees and other transaction costs are involved. The bot can also create an adjustment journal entry if requested.
Timely Reconciliation
Reconcile bank accounts in the accounting system before each close period.
Extensive Logs
The bot creates a detailed log of everything it does to ensure complete transparency and peace of mind for its human friends.
What Makes Reconciliation Time Consuming?
Bulk Deposits
Multiple checks deposited together might show up as one transaction. Wire and ACH transactions can correspond to the payment of multiple invoices. The bot is programmed to handle complex reconciliation logic.
Processing Fees
Credit card payments often incur 2.9% processing fees, which makes the internal invoice amounts different than the line items in the bank deposits. A reconciliation bot can sort this out.
Payment Gateways
Third-party processors, such as Stripe, PayPal, Square, Amazon, Shopify, etc., send bulk deposits after subtracting fees, refunds, and other charges. Without a bot, reconciliation under such circumstances is often bypassed in favor of one large adjusting journal entry at the end of the month.
Partial Payments
Customers don’t always pay invoices in full or on time. They pay open invoices first, requiring a ‘cash application’ process to be done before any bank reconciliation. Add credit memos to the mix, and the complexity increases. A reconciliation bot would smooth this entire situation over.
Lockbox
Banks offer lockbox services for handling large volumes of checks. Scanned images of checks are supplied in a PDF that requires someone to manually apply each transaction towards an open invoice. A reconciliation bot can automate this entire process.
One-to-Many & Many-to-Many Matches
One transaction in the bank feed can correspond to multiple transactions internally and vice versa. Without a reconciliation robot, the process will involve finding a group of transactions that match the total amount.
Other Tasks
Transactions might not be cleared on the expected date, descriptions or memo fields may not line up, two or more transactions might look the same, and the list goes on and on. The bot can help in these scenarios.
Automate Your Reconciliation Today
100+ customers have improved efficiency, efficacy and speed of reconcilaiotion using Emma Robot. Talk to us to get started.
