Organizations across industry verticals globally are embracing digital transformation. Among the prominent sectors, the banking industry has undergone a huge change by incorporating automation techniques in its daily execution of roles and responsibilities. Hyperautomation is one such technology which has been highly beneficial for the organizations to safeguard the interests of the customers. Hyperautomation encompasses Robotic Process Automation (RPA), Artificial Intelligence (AI), and Machine Learning (ML) that enable organizations to automate routine tasks and eliminate human induced errors resulting in improved efficiencies.
What is Intercompany Reconciliation and why it is important
Intercompany Reconciliation (ICR) is defined as the process of matching transactions between 2 legal entities belonging to a particular organization.
The importance of ICR lies in eliminating subsidiary company transactions from the balance sheet of the parent company. This simplifies identification of external transactions between subsidiary companies.
Why banks should automate ICR
ICR also known as Intercompany Accounting can be automated for the following business benefits:
Transactional data consolidation: Monitoring transactional data is vital for banks. Compiling and validating complex data from unstructured sources is challenging for the employees and can result in increasing expense. Also it is time consuming for them to accumulate data from diverse sources and forward it in an advanced structured format.
But with RPA tools, transactional data can be extracted seamlessly without any errors. This can be customized to streamline the ICR process and improve overall operational efficiency.
Accounts settlement: From increasing payment accuracy to enhancing the resilience of accounts, Hyperautomation helps in performing multiple tasks with ease and efficiency. With growing competition, banks often find it demanding to safeguard the interests of their customers. Use of automation technology can curb the limitations and help in making the transactions transparent. This saves time and reduces human intervention without curbing the proposed service quality.
Faster closures: Accountants manually need to spend a lot of time in identifying the removable transactions. But via Machine Learning and RPA software, banks can identify and eliminate recurring and periodic transactions rapidly.
Intelligent Dashboards: RPA enables organizations to collate data from diverse sources and provide intelligent dashboards on the different types of transactions that have been cleared or aborted along with the reasons. This provides actionable insights and enables faster decision making.
How Neebal can help
We at Neebal have been developing purpose-driven outcome-oriented technology solutions for businesses across Agro, Pharma, BFSI and FMCG industries over the past decade. Our hi-tech services enable organizations to catalyze their digital transformation, experience enhanced productivity and stay ahead of competition.
Consult our Hyperautomation experts today to begin your digital transformation journey.
Conclusion: Are you looking for Hyperautomation companies to transform your Intercompany Reconciliation process? Get in touch with us to automate your routine tasks and maintain transparency in the transaction process.