Reconciliation Solution | Reconciliation And Settlement | Mindgate

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Importance of Automated Reconciliation System
For Corporate Collections
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• Automating the reconciliation process of
  corporate accounts can boost the speed of one of
  the most time-consuming tasks in any finance and
  accounting department. Without a doubt, manual
  reconciliation is the least efficient process in
  a company. Still, many medium to large
  organizations manually reconcile thousands of
  accounts during the quarter-end or month-end.
  More than 6 in 10 companies rely on manual
  methods to determine whether adjustments are
  needed. This exposes the organization to missed
  or lost reconciliations, non reconciled
  accounts, and lack of justifiable data.

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Where Does Automated Reconciliation Help

• Bank reconciliation It helps to keep a track
  discrepancy in your own organizations bank
  statement and that supplied by the bank. The
  software speeds up the process.
• Accounting for foreign currency If you deal with
  multiple foreign currencies and monthly rates,
  the software can help convert and manage these
  figures, reconciling any differences.
• Approvals of the balance sheet The automated
  solutions replace manual steps, enabling you to
  keep track of all accounts, regardless of the
  number of companies, banks, business, and
  accounts.
• Multiple company supplier accounts The
  software can handle a number of companies,
  currencies, and accounts thereby simplifying a
  seemingly complex reconciliation process.

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Benefits of Automated Reconciliation Platform

• Processes a large volume of transactions per day
  on a highly scalable platform.
• The system does not need a human resource to
  handle the responsibility.
• The system records all the data in the form of
  reconciliation history so that you dont miss the
  trail.
• Handles all transactions and account types.
• The efficiency remains consistent irrespective of
  the number of companies, suppliers, banks and
  accounts.

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• Finally, the biggest benefit that can come out of
  automation is time-saving, which is akin to
  saving money in a long-term. Mindgate is a
  reconciliation platform solution provider,
  designed to simplify the reconciliation against
  collections and receivables It is an end-to-end
  solution that loads source files, matches
  transactions from multiple sources, manages
  exceptions, resolves conflicts, generates file
  reports, and uploads files to hosts and
  interchanges.

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