One of the most basic MIS or recondition which is required in every organization is Bank Reconciliation, but sadly most of the organizations either don’t do it correctly or waste too much of time on getting it done manually, so let me explain how currently most of us currently do, We do it the same way we used to do 20 years ago – using Excel – getting the statement from the bank and then manually reconciling each entry in books to identify differences ( cheque issued not presented, cheque received but not presented etc. etc )
We have moved from cable to Netflix and youtube - the world is talking about AI and how robotics is changing the world around us – but for simple accounting stuff we still use the age-old ways which are time-consuming and prone to errors.
But hay: hold on we accounts can also actually be part of the 21st Century and do out day to day accounting Stuff “Smartly” tools like quick books – Xero – Zoho – have changed the world around us – they connect to your bank accounts directly and pull the bank feeds needed for automated reconciliations – so now you don’t have to download and do anything manually – they use screen scraping technology. Not only they do the reconciliation, but they can also do the accounting entry as well – Now this is what I call Smart Accounting
This automation brings Accuracy – Saves Time – and provides complete information – that too without any manual effort –
So please wake up and ask your accountant to become smart – email us on firstname.lastname@example.org