The automated bank reconciliation functionality for MIP Accounting® means that instead of manually reconciling your bank transactions, you now have a direct, effective, and easy way to reconcile your organization’s bank account transactions automatically.
Save Time and Reconcile Hundreds of Transactions Each Day
The transactions are processed and matched within your books, with any anomalies displayed as outstanding items for you to address using our proprietary matching algorithm. If your organization generates hundreds of transactions, you’re used to going through each transaction and matching it to what’s in your system. Not anymore! Reduce the amount of administrative time dedicated to reconciliation and let your accounting software handle it for you.
After reviewing and reconciling any uncategorized transactions, you have a wealth of reporting options available to you. A summary tab displays the reconciliation status, including the bank balance, adjustments to reconcile, the reconciled bank balance, and the balance per books, allowing you to print reconciled, detailed, or summary reports. You’ll have access to thorough and accurate reports that display historical bank reconciliation information. This record will inform future reports and budgets, and is an invaluable asset when presenting financial data to your board.
Fighting Fraud, Now Automated
Bank reconciliation is a crucial tool in preventing fraud at the organization level. Ensuring that all transactions are appropriately reviewed and checked reduces the likelihood of errors. Either your team spends countless hours logging transactions through multiple databases and spreadsheets, or you eliminate wasted time and establish a failproof process by automating the entire process.
The bank module also incorporates our user rights system. The administrator configures precisely who can connect to financial institutions and view bank reconciliation records, and has a log of which users access the module and when they use it. This detailed monitoring lessens the potential for fraud at your organization.
The capabilities for internal controls and scalability also help when it is time for audit season. Tracking everyone who interacts with the module prevents unauthorized access, unintentional spreadsheet edits, and accidental deletion across the entire team. Rest easy at night knowing that when an audit comes, you’ll be prepared.
In the current market, where organizations are doing more with fewer resources, bank reconciliation software is a critical tool that helps you optimize your financial operations and maximize the efficiency of time and workflows.
