Here is the scenario, your client’s year end is ready for completion. You have lost faith in bank feeds and are not sure if the balances are correct on your client’s system.
Your potential next steps would be:-
- Go back to the client and ask them for their bank balance as it was at the year end date?
- If the balance is incorrect ask for bank statements for the full year to check every transaction?
- Ask for a spreadsheet export from the client. Do they know how do this?
- Do they send a PDF version instead?
- How then do you convert that into what you need?
- Type everything out in full or convert it into something you can use?
- Finally, how much time has been wasted during this whole process?
Streem Connect have now launched their new Reconciler tool, this will not only save valuable time but it will speed up your company’s workflow process. In addition to this, the extra capacity you now have allows you and your team to focus on more valuable services. By taking away this whole process you can save time going forward on every year end.
If your client is already using Streem Connect, then it’s simple, complete the steps below:
- Go into their accounting system and download the bank feed into an excel format
- Choose which bank account in Streem Connect to match it against
- Upload the file using our drag and drop function
- Map in your start line and columns to match off against your client’s export sheet.
- Set your parameters on description to let the system know how strict you want to be on this.
- Then let Reconciler do the rest
You will now be able to compare and contrast their accounting data with the banking transactions data from Streem Connect.
This would include info on missing transactions, description issues (your client may have overwritten a description and posted with an incorrect code) and checks on opening and closing balances.
What if I don’t have a client on Streem Connect?
All you need to do is send the client a link from your Streem dashboard and within a few minutes you will have quick and easy access to 2 years worth of transactional data.
You can try out the new reconciler tool with our free trial. Get 14 days access completely free, just click here to get started.