Context

Automate Account Reconciliation

Account reconciliation involves taking a bank statement for one set period and reconciling it with your internal records over the same period. It is essential for any organization, enabling them to compare financial records to ensure their accounts' accuracy. 

An effective account reconciliation procedure also increases internal control and reduces the risk of errors or fraud within an organization. Symphona can help optimize account reconciliation within the following challenges and areas:  

Detecting Discrepancies Between Various Accounts

Reconciling accounts is one of finance professionals' most difficult and time-consuming tasks. It requires careful attention and a thorough approach, as discrepancies between records can occur due to honest mistakes or deliberate fraud. These discrepancies can arise from differences in accounting methodologies, a failure to record transactions, or an oversight when reconciling distributions.

Managing Third-Party Account Reconciliation

Third-party account reconciliation can be extremely challenging for organizations. It requires an in-depth understanding of the accounting process and a clear line of communication with third parties to ensure accuracy and compliance. Without a properly managed and organized system, discrepancies within accounts can cause immense problems. Furthermore, time constraints often put extra pressure on the financial institution or organization responsible for reconciling the accounts, while manual mistakes could lead to even greater hassles. 

Reducing Time Involved in Reviewing Transaction Records

Reconciling accounts is time-consuming. This process involves checking each transaction record against the bank statement to ensure the financial records are accurate. Unfortunately, depending on the company's size and scope of its operations, this task can take days or even weeks to complete. 

Companies looking to save time and money should immediately optimize their reconciliation processes by investing in a reliable automation software tool.

Solution

How Symphona Helps

By using Symphona Flow, Converse, Resolve, and leveraging its Optical Character Recognition (OCR) and AI technologies, your organization can streamline the account reconciliation process and lower costs without sacrificing accuracy. 

Using Flow to automate tedious and time-consuming tasks within account reconciliation can eliminate tedious data entry, lower labour costs, reduce errors, accelerate closing timeline completion, and improve customer experience. 

Furthermore, Flow’s dashboards enable your organization to monitor progress and identify areas for improvement in real time. This functionality facilitates greater efficiency while ensuring compliance with applicable regulations. 

Converse vastly improves the account closure process by providing faster, more accurate customer service through its knowledge base and generative AI capabilities. Converse can quickly and organically answer frequently asked questions and guide them through the account closure process more accurately and efficiently. By using AI, employees save time handling queries, letting them focus on other tasks that require their attention. .

Resolve can expedite the data entry process many people find so tedious when closing an account, ultimately reducing the time it takes to complete the task. With Resolve, customers can experience a much more user-friendly interface and accurately input their information with fewer errors. This simplicity makes it easier for customer service representatives to identify problems or discrepancies during verification or any other step in the closure process.