If you are running a business, you know how important it is to keep track of your finances. One of the best ways to do this is through automatic bank reconciliation. With automatic bank reconciliation, you will get accurate data faster and easier while saving time. This process can be done manually, but it’s often much easier and faster to use accounting software that includes this feature. Zil Money is one such platform that will save you time. Our platform will automatically get all your bank data in one place and automate bank reconciliations.
What is Bank Reconciliation?
To ensure every transaction has been accounted for and recorded accurately, you must compare your company’s bank account statement to your accounting records for the same time period. To find and resolve any irregularities and ensure that all transactions are properly recorded throughout all records, the bank reconciliation process entails comparing transactions between the accounting records and bank statements. A basic accounting procedure is carried out each month as part of the monthly process for reconciliation.
What is Automated Bank Reconciliation?
A company’s bank statements and accounting records are monitored and compared manually, but automated bank reconciliation uses technology or software.
The bank reconciliation procedure is typically carried out by humans, which makes it repetitious and error-prone. You can automate the bank reconciliation process using technology or software that uses automation programs, requiring little human oversight and less manual work. By eliminating a tedious bookkeeping duty through automation, organizations can boost speed and accuracy and free up their finance departments to work on other, more crucial projects.
There are many benefits of using automatic bank reconciliation, including:
- Increased accuracy – Automatically reconciling your transactions can help reduce mistakes and ensure that your books are accurate.
- Save time – The process of reconciliation can be very time-consuming, but with automation, it can be done quickly and easily.
- Improved cash flow management – By keeping track of your transactions and knowing exactly where your money is going, you can better manage your cash flow.
- Fewer late fees – If you’re manually reconciling your accounts, it’s easy to miss payments or overlook late fees. With automatic reconciliation, you can stay on top of your finances and avoid costly penalties.
- Greater peace of mind – Automatic bank reconciliation can give you the peace of mind that comes with knowing your finances are in order and under control.
How Zil Money can help you with bank reconciliation
Do you need help keeping close tabs on all your bank data, credit card statements, and other data required for bank reconciliation purposes? If so, don’t worry; switch to Zil Money and get all your bank data in one place. If you have multiple bank accounts and need to manage and see all your bank details in one place, Zil Money will be perfect for you. Zil Money is integrated with over 22,000 banks, so you can easily incorporate all your bank accounts without wasting time. Never again be troubled with the manual creation of bank reconciliation. Zil Money will do it for you; our platform will automatically reconcile all your added bank data in one place. Our online platform allows you to compare the check number to the amount cashed from the account. Any fraudulent checks will not be allowed to enter the banking system. Users of Zil Money can access bank data online and financial management tools.
Where do non-sufficient funds (NSF) checks go on bank reconciliation?
On the bank reconciliation statement, checks returned for insufficient funds (NSF) are displayed as an amended book balance line item with the NSF amount subtracted from the balance.
Why is bank reconciliation important?
Errors that could impact tax and financial reporting are easier to find with the aid of bank reconciliation. Furthermore, it assists in recognizing and preventing fraud.
So, if you want to see your entire bank data in one place and automate bank reconciliation, using our platform will be advantageous for you, Zil Money lets you tap into all your added bank data and enables you to manage the data easily even if you have multiple bank accounts. So, try Zil Money and experience the best bank reconciliation in the market.