Automation for Bank Reconciliation Process for a leading Middle Eastern brand
10xDS successfully delivered an automated bank reconciliation solution for a top Middle Eastern brand that specialises in serving the oil and gas industry. The manual steps required to compare and match bank statements to their corresponding general ledgers and generate a bank reconciliation statement from the validations was eliminated by automating the process with minimal human touchpoints.
Due to the high volume of transactions with inadequate detail, the reconciliation procedure took a long time. Error rates also increased during the reconciliation process.
10xDS developed and deployed an AI-based RPA solution, in which the BOT can access source systems like bank statements and general ledgers. A comparison is then made between the entries in the bank statement and the G/L based on the identified transactions’ dates and amounts. The Bank reconciliation statement (BRS) is generated by BOT after the matching process is complete and then stored in a central location. The solution provided a substantial reduction in the total time required to complete the process. The potential for mistakes made by humans was reduced.
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