Sage Intacct Bank Reconciliation — Automation Makes Life Easier

According to McKinsey finance leaders have the potential to fully automate 42% of finance tasks, with an additional 19% mostly automatable. Notably, account reconciliations rank high on the list of activities ripe for automation. Since traditional bank reconciliation is a time-consuming, error-prone task that can cause delays in financial reporting and unnecessary stress, it makes smart sense to automate it, right?

By leveraging advanced technology, Sage Intacct simplifies reconciliation, reduces errors, and frees up valuable time for your finance team.

Join us for a webinar on 9/10:  Sage Intacct Bank Reconciliation — Making the Most of the Automation.

Automatic Bank Feeds

Sage Intacct connects directly with your bank accounts to automatically import bank transactions. This real-time bank feed ensures that your records are always up-to-date and minimizes the risk of manual entry errors. Instead of waiting for end-of-month statements, transactions are imported as they occur, providing a continuous and accurate picture of your financial position.

Smart Matching

One of Sage Intacct’s standout features is its intelligent matching algorithms. These algorithms automatically pair bank transactions with the corresponding entries in your accounting records. This smart matching process significantly reduces the time and effort required for reconciliation since it matches most transactions automatically. The software even “learns” over time, making it capable of matching more and more transactions without intervention. By reducing manual intervention, your finance team can focus on more strategic tasks.

Sage Intacct Bank Reconciliation Matching

Rules-Based Matching

For recurring transactions such as regular payments or deposits, Sage Intacct allows you to create custom rules. These rules help to automatically match transactions that follow a consistent pattern, further streamlining the reconciliation process. This means fewer manual matches and more efficiency, allowing for a smoother, faster reconciliation process.

Manual Matching

Despite the efficiency of its automatic and rules-based matching, some transactions will always require manual intervention. Sage Intacct provides a user-friendly interface for manual matching, making these transactions easy to review and match. This flexibility ensures that you can accurately reconcile every transaction.

Variance Detection

Sage Intacct highlights discrepancies between your bank statements and accounting records, allowing you to identify and resolve issues quickly. This variance detection feature is critical for maintaining the integrity of your financial data and ensuring accurate reporting. By promptly addressing discrepancies, your business can avoid potential financial inaccuracies and ensure your financial statements are always current and reliable.

Reconciliation Reports

Detailed reconciliation reports are another key feature of Sage Intacct. These reports give you a clear overview of your reconciled and unreconciled transactions. They are essential for audit purposes and help you maintain a transparent record of your financial activities. With easy access to these reports, finance teams can quickly generate the documentation needed for internal and external audits.

Audit Trail

Maintaining a complete audit trail of all reconciliation activities is crucial for internal controls and compliance purposes. Sage Intacct records details of who performed each reconciliation, when it was done, and any adjustments made. This comprehensive audit trail ensures accountability and provides a clear history of financial activities, which is invaluable during audits and reviews.

Integration with Other Modules

Sage Intacct’s Bank Reconciliation integrates effortlessly with other modules within the Sage Intacct ecosystem, such as Accounts Payable, Accounts Receivable, and General Ledger. This integration ensures that your financial data is consistent and up-to-date across all areas of your business.

Security Features

Security is a top priority in financial management, and Sage Intacct includes robust security features to protect sensitive financial information during the reconciliation process. Role-based access controls ensure that only authorized personnel can access and perform reconciliations. Additionally, data encryption protects your information from unauthorized access, providing peace of mind that your financial data is secure.

A Balanced Future

Sage Intacct Bank Reconciliation transforms the traditional, tedious process of bank reconciliation into an efficient, automated task. With features like automatic bank feeds, smart matching, and detailed reporting, Sage Intacct reduces errors, saves time, and enhances the accuracy of your financial records. By freeing up valuable time and resources, finance teams can focus on more strategic activities that drive business growth. The best part is that Bank Reconciliation is part of the core financials package so you can begin using it right away.

Ready to see how Sage Intacct can balance your bank reconciliation process? Contact us to get started. If you’d like to learn more on the topic, we invite you to join us for a webinar on 9/10:  Sage Intacct Bank Reconciliation — Making the Most of the Automation.