Monthly Financial Reconciliation for US mid-size Realtor

Around 50+ reports are processed every month. This needed a dedicated business who managed the complex reconciliation process manually. This was tedious and person dependent, while it took more than an hour to complete one reconciliation cycle. The reconciliation report ensures that financial records between accounts payable and accounts receivable systems along with bank statements are reconciled, accurate and consistent. The reports generated are subject to audit and disclosure requirements as per US GAAP.

Business Challenges

• Complex Manual Reconciliation: The process was to reconcile accounts payable and accounts receivable between two different applications manually.
• Reporting Analysis: Over 50+ reports needed to be extracted and analyzed each month.
• Manual Errors: Manual data entry of GL records and bank amounts caused delays and frequent mismatches.
• Inefficiency: The process was time-consuming, error-prone, and required continuous business user attention.

Solution Highlights

• Automated login and matching process in accounts receivable and accounts payable financial applications using UiPath.
• Downloading over 50+ reports from the accounts receivable application and extracted paid bill details from accounts payable application.
• Retrieved and summarized GL entries from the payable application for all the entities.
• Used Orchestrator Queues to manage and process extracted data efficiently and generating a consolidated Reconciliation Excel Report automatically.
• Sending the final reconciliation report to the finance team via email.

Business Outcome

Process time reduced from several hours to less than 30 minutes, achieving 80–95% manual effort reduction and 100% elimination of repetitive data entry. Accuracy improved from 95% to 99%, ensuring faster, consistent, and error-free reconciliation.