The ability to reconcile bank accounts is an organisations most important financial process. Local council's typically do this in one of three ways:
- Within their financial system
- Using manual processes like spreadsheets
- Using a tool included in their income management and cash receipting system
The Adelante SmartPay income management solution includes reconciliation for income as standard. In addition to this there is an optional module designed to add further automation and include expenditure in the bank reconciliation process. This can be used to automate processes; avoiding mistakes which can lead to incomplete or incorrect balances appearing in back-office systems. Good bank reconciliation can also assist in the identification of any fraudulent activity which can otherwise go unnoticed.
The SmartPay Bank Reconciliation Module will
- Where possible automate the matching of items on bank statements with those in the income management transaction database
- Help identify any payments made by the authority that have not been presented
- Assist in identifying any payments made to the authority that have not been correctly allocated
- Help identify fraudulent transactions being made without your knowledge
- Pick up errors made by your bank that may otherwise go unnoticed
- Allow failed payments to be identified and investigated
- Provide an up-to-date value of the true amount in your accounts
- Identify outstanding payments
It's important to carry out your reconciliation process as often as possible. The SmartPay bank reconciliation module allows you to undertake this task daily.
When it comes to matching transactions and balances as part of any account reconciliation process automation is best.
Get in touch and learn about the different ways SmartPay 5 can collect income!