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Delivering Control:
Invenio Financial SolutionsBank Reconciliation Manager
inveniobusiness solutions
Bank Reconciliation ManagerEnhance your cash-flow management for greatercontrol and improved financial health.
Bank account reconciliation is an incredibly important task within anybusiness and one that should take place regularly to ensure that thebusiness cash records are correct and working capital is used to its fulladvantage.
If regular reconciliation is not done, businesses may discover that theiractual cash on hand is much lower, or higher than they thought, and thisresults in a prolonged period of error discovery and resolution. Finding thetime to ensure this is done regularly can be difficult for busy businesses.
Why is Reconciliation so Important?
While bank account reconciliation may seem like a trivial matter,it is one of the most vital treasury functions there is. Whenever apayment is done or a collection received, they appear in the bankstatements.These statementsmust then bematched to the business recordsto check everything is correct and to ensure no errors are evident.Without bank reconciliation, there is no guarantee that thecompanies cash records are indeed accurate and fraudulantactivity may go unnoticed.
How the Solution Works
The SAP based module offers an extremelyflexible electronic banking reconciliation tool,which can import bank statements from almostevery bank, no matter what the format.
This module is specifically designed to handlehigh-volume reconciliation quickly and can rapidlymatch millions of transactions. It also containssome configurable matching rules, which can beadjusted to handle the most complex matchingscenarios.
The customprograms included in thismodule aredeveloped within SAP to automatically importbank statements from bank systems to SAPthrough the secure communication channel.
Enterprise Business Solution tools are then
configured with specific accounting rules forrespective bank transaction codes, which willappear on statements in varied formats.
Clearing algorithm are defined for matching andautomatically clearing payments and cashaccounts.
Our clients see a 90% success rateachieved in matching payments withtransactions appearing on theirstatements which is crucial in keepingmanual efforts to a minimum.
Solution Overview
Contact:Invenio Business Solutions125 Wharfedale RoadIQ Winnersh, ReadingRG41 5RBUK
Tel. +44 (0) 330 440 1800Email. [email protected]: www.invenio-solutions.com
Why work with Invenio
Invenio Business Solutions is a UK based SAPGold Partner with a global footprint. Since 2006we have been developing solutions for globalcompanies to use their SAP investment to their fulladvantage with solutions that drive value andoutstanding results.
Our financial solutions have been developed byour consultants through working with companiessuch asUniversalMusicGroup, PenguinRandom
House,Ministry of Finance and TreasuryMaldivesandConcordia International to refine their financialprocesses according to their uniquerequirements.
Built on SAP, the Invenio Financial Solutions havebeen adapted to offer companies greater controlover their financial processes, improvecommunication with banks, better financialmanagement for international enterprises,improve accuracy, reduce manual efforts andcreate transparency across all processes.
The Benefits of using the Invenio Bank Reconciliation Manager
◦ Correct understanding of cash value in your account with real-time information enablingoptimal use of working capital◦ Ability to detect potential cash shortfalls◦ Reduce fraud risk◦ Identify bank errors which might otherwise go undetected◦ Significant time saving with reduced manual intervention◦ Ability to monitor any outstanding payments
