Post by amirmukaddas on Mar 10, 2024 8:45:07 GMT
Bank reconciliation is one of the processes that most involves company administration departments and the accountants serving them. Being an activity that is still often carried out manually, especially in SMEs , it requires an incredible amount of time on the part of the operators in charge both to carry out the task and to verify that they have not made any errors during the compilation. This can very often lead to significant delays in bringing the company's accounts into line , with resulting serious consequences on the company's performance . Finally, since it is a human activity that is often carried out in a hurry to try to optimize one's resources, the risk of incurring some inaccuracies is always very high. In recent years, many companies have decided to improve accounting management and the completion of the active and passive cycle by using software or applications, possibly developed ad hoc, to automate the process and thus reduce costs and errors deriving from the manual carrying out of this activity. Light automation: file exchange The automation of the purchasing cycle obviously first and foremost involves the registration of supplier invoices which create the payment deadlines.
The completion of the passive cycle also requires a flow of data which directly passes from the payment schedule to the bank the coordinates of the payments - bank transfers, bank receipts and all payment orders - to be made. In this case, the operation will no longer have to be carried out manually, in fact the transfers to be made will be generated automatically, leaving the staff only with the burden of confirming the payments. Obviously, for this to happen, the flow processing software must comply with the requirements established by the Interbank Corporate Banking (CBI) . As regards the active cycle , however, the Denmark Telegram Number Data software, starting from the invoices generated for its customers , automatically creates the active schedule : by receiving a flow of data from the bank, it is able to record the payments received. In this case the staff will no longer have to deal with compiling the accounting reports , but only verify their correctness and approve them. Setting up a completed payment according to the above methods avoids many headaches in administration. Advanced automation: using APIs As we have seen, with this first level of automation the processes relating to the management of relationships with banks and the compilation of accounting reports can be incredibly simplified.
While the ones just mentioned have already been in common use for many companies for some time, only in recent years have software capable of automating the process more, therefore optimizing resources even more, begun to spread. Nowadays, in fact, there are banks that have cutting-edge systems such as connections via API or web service . With them, by developing specific software, it is possible to automate the data exchange even further: the files will no longer have to be downloaded and re-uploaded on the different platforms. In fact, through the network, the software used by the company and that of the home banking service will be able to communicate in such a way as to automatically process all the bank transfers and put the user in the position of simply having to select the payments they want through their management system . carry out and confirm the operation. It is therefore clear how a solution of this kind can not only speed up the process even more but also reduce human errors.
The completion of the passive cycle also requires a flow of data which directly passes from the payment schedule to the bank the coordinates of the payments - bank transfers, bank receipts and all payment orders - to be made. In this case, the operation will no longer have to be carried out manually, in fact the transfers to be made will be generated automatically, leaving the staff only with the burden of confirming the payments. Obviously, for this to happen, the flow processing software must comply with the requirements established by the Interbank Corporate Banking (CBI) . As regards the active cycle , however, the Denmark Telegram Number Data software, starting from the invoices generated for its customers , automatically creates the active schedule : by receiving a flow of data from the bank, it is able to record the payments received. In this case the staff will no longer have to deal with compiling the accounting reports , but only verify their correctness and approve them. Setting up a completed payment according to the above methods avoids many headaches in administration. Advanced automation: using APIs As we have seen, with this first level of automation the processes relating to the management of relationships with banks and the compilation of accounting reports can be incredibly simplified.
While the ones just mentioned have already been in common use for many companies for some time, only in recent years have software capable of automating the process more, therefore optimizing resources even more, begun to spread. Nowadays, in fact, there are banks that have cutting-edge systems such as connections via API or web service . With them, by developing specific software, it is possible to automate the data exchange even further: the files will no longer have to be downloaded and re-uploaded on the different platforms. In fact, through the network, the software used by the company and that of the home banking service will be able to communicate in such a way as to automatically process all the bank transfers and put the user in the position of simply having to select the payments they want through their management system . carry out and confirm the operation. It is therefore clear how a solution of this kind can not only speed up the process even more but also reduce human errors.