Get Those Gains! Automate Your Bank Reconciliation Process
Lift…and 1, and 2, and 3, and 4. Nice set. Are you hitting the gym a little harder around this time of year? Starting to see some progress? Wouldn’t it be nice if your fund accounting program could see some gains around bank reconciliation too? Now it can.
We recently rolled out the automated bank reconciliation function for MIP Fund Accounting®. Instead of manually reconciling your bank transactions, we now provide a direct, effective, easy way to reconcile your organization’s bank account transactions automatically from within the Bank Reconciliation module.
The transactions are processed and matched within your books, with any anomaly displayed as an outstanding item for you to address using the module. The module does this through MIP’s proprietary matching algorithm. If your organization generated hundreds of transactions, you’re used to going through each transaction and matching them to what’s in your system. Not anymore! Cut back on the amount of administrative time dedicated to reconciliation and let your accounting software do it for you.
When it comes time for reporting, the module is robust and fully equipped. After reviewing and reconciling any uncategorized transactions, you have a wealth of reporting options at your disposal. A summary tab displays the reconciliation status—including the bank balance, adjustments to reconcile, reconciled bank balance, and balance per books. The module allows you to print a reconciled, detailed, or summary report. As you continue to use the module, you’ll have access to detailed, accurate reports displaying historical bank reconciliation information. This record will inform future reports and budgets and is an invaluable asset when it comes to presenting financial data to your board.
Fighting fraud, now automated
Bank reconciliation is a crucial tool in preventing fraud at the organization level. Ensuring all transactions are appropriately reviewed and checked reduces the chance of errors. Either your team potentially 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 MIP’s user rights’ system. The administrator configures precisely who can connect 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 less resources, MIP’s Bank Reconciliation module is a critical tool that’ll help you flex your financial muscles and get the most out of time and workflows.
Interested in learning more about the Bank Reconciliation module? Contact us for a demo or reach out to your account specialist to learn how to add the module to your existing solution.