Automation of reconciliation process

Challenges

Downloading statements from Banking portal and other financial portals for all 31 outlets on daily basis

Update each outlets corresponding sales clearing reconciliation sheet to verify if there is any miss match in collections, charges

Calculate variance for all 31 outlets for one month data.

Action taken

Capture data from various sources, e.g. email, third-party applications Step 1
Captures all the vital details from several unstructured data sets and feed them into ERP with very high accuracy Step 2
Auto-task management and intelligent notifications Step 3
Manage and track transactions using reports Step 4

Actions Taken

  • Step 1

    RPA BOT to download the statements from the online portals and save in local shared folder.

  • Step 2

    To create a new reconciliation sheet every month

  • Step 3

    Automate the reconciliation exercise for the 10 collection types and 31 outlets across regions

  • Step 4

    Send automated reports every day to respective managers

The Problem

Reconcile payments and calculate the variance for all the retail outlets on a day-to-day basis

The Solution

Bautomate bot updates the Main Reconciliation sheet template as per each outlet for different payment mode.

The Result

95% Reduction in Manual Effort for performing reconciliations

86.5% Reduction in Cost, especially previously spent in manual tasks