Bank Statement Reconciliation
Match bank transactions with accounting records, both from structured data such as CSV records and from images and documents, to ensure all records are accounted for.
Finance
Intelligent Document Processing, RPA & Integrations
Quickbooks, Bank Portals, Xero, Odoo, Zoho
Case Description
Bank statement reconciliation is a crucial process for ensuring the accuracy of financial records. However, manually matching transactions between bank statements and accounting records can be time-consuming and error-prone. Using ElectroNeek’s technology, simplify this process by extracting data from both structured files, such as CSVs, and unstructured sources, like scanned documents or PDFs.
Through intelligent data extraction and matching algorithms, automatically compare transactions, flag discrepancies, and highlight missing records, accelerating reconciliation, minimizing errors, and providing accurate financial oversight.
Use Case Highlights
Bank statements are imported into the system, either from structured data files (e.g., CSVs) or as images and scanned documents (e.g., PDFs).
Using Intelligent Document Processing, the system pulls key details from the scanned documents and/or images, such as transaction dates, amounts, and descriptions.
The automation matches the extracted data against accounting records, identifying transactions that align between the two sources.
Discrepancies are flagged automatically—such as missing transactions, duplicate entries, or mismatched amounts—for further investigation.
Where necessary, the automation allows users to manually review flagged records, make adjustments, or confirm missing information.
Once reconciled, the results are documented, and a detailed report is generated, ensuring all transactions are accounted for in both the bank and accounting records.
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