Bank reconciliation process for a leading accounting service provider in India
Team 10xDS successfully delivered an automated solution for the bank reconciliation process to reconcile the expenses concerning a specific customer organization with the bank statements. The BOT logs into the Document Management portal to read the bills and receipts along with the bank statements. Further, the BOT tries to match the expenses based on Payee details, Description, Date and Amount. The matched transactions are reconciled, and the unmatched ones are created as new transactions or transferred based on predefined rules. After each cycle, the BOT also prepares a comprehensive report to offer key insights to the Analyst or the Account Manager. The process is expertly designed with an advanced Human In the Loop (HITL) component for manually reconciling exceptions that BOT notifies.