Automated bank reconciliation: match bank transactions with invoices and receipts — without manual searching and matching.
Monthly bank reconciliation is one of the most tedious yet important tasks in accounting. Every bank transaction must be matched to an invoice, receipt, or booking. With hundreds of transactions per month, that means hours of monotonous matching work.
It gets especially complicated with partial payments, batch transfers, or varying payment references. Staff spend significant time identifying payments that can't be matched to any open invoice — often because the reference is missing or incorrect.
Unreconciled accounts lead to inaccurate financial reports, complicate year-end closing, and can cause problems during audits. Yet many businesses postpone reconciliation because it's so time-intensive.
In companies with multiple bank accounts, various payment methods (wire transfer, direct debit, PayPal, credit card), and high transaction volumes, bank reconciliation becomes a mammoth task. Every unmatched transaction must be individually researched — often across multiple systems. A BlackLine study shows that finance teams spend an average of 30% of their month-end closing time on bank reconciliation alone.
Particularly critical are discrepancies between bank balances and book balances that may indicate errors, duplicate postings, or even fraud. Without daily reconciliation, such discrepancies can go undetected for weeks or months, leading to complex adjustment entries and potential audit findings that undermine financial statement reliability.
Our reconciliation workflow imports bank transactions daily and automatically matches them against open invoices and receipts. The matching algorithm considers amount, payment reference, IBAN, and historical patterns — achieving an automatic matching rate of over 90%.
Partial payments are recognized and correctly applied to the open invoice. Batch transfers are split and assigned to individual invoices. Transactions without a clear match land in a short review list for manual checking.
The result: at month-end, 95% of accounts are already reconciled. The remaining 5% of exceptions can be handled in minutes instead of hours.
Using fuzzy matching algorithms, the system reconciles even transactions where payment references differ or partial payments have been received. Automatic rule creation learns from manual assignments: after just a few weeks, over 95% of all transactions are correctly posted without human intervention.
The system generates daily reconciliation reports and automatically flags anomalies such as unusually large transactions, missing counter-entries, or suspicious patterns. For monthly close audits, all reconciliation evidence is available in a single report — including timestamps, matching rules, and manual override logs. Companies typically reduce their reconciliation effort by 80-90% and achieve daily instead of monthly reconciliation frequency, dramatically improving financial accuracy and fraud detection. The integration supports major banks and payment processors including Stripe, PayPal, Square, and traditional banking APIs, enabling a single-pane-of-glass view across all financial accounts.
All German banks with FinTS/HBCI access and international banks via CSV/MT940 import. Direct API connections for major German banks.
Partial payments are automatically recognized and assigned to the open invoice. The remaining amount stays as an open receivable and continues to be monitored.
Yes, any number of bank accounts can be reconciled in parallel. Intercompany transactions between your own accounts are automatically recognized.
We analyze your process and show you the concrete savings potential — no strings attached.
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