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Squirrel AI: BankRECO

Squirrel AI: BankRECO

BankRECO: AI-Driven Automated Bank Reconciliation for Enterprises

Automate Bank Reconciliation. Reduce Errors. Improve Financial Accuracy.

Tired of Manual Bank Reconciliation? Let AI Handle It.

Bank reconciliation is a critical but time-consuming process for finance teams. BankRECO is an AI-powered reconciliation software that automates, accelerates, and enhances the accuracy of bank reconciliations for businesses of all sizes.

With seamless ERP integration, real-time discrepancy detection, and AI-driven smart matching, BankRECO ensures your financial records are always accurate, compliant, and up-to-date.

How Does BankRECO Work?

Extract & Process Bank Statements
  • Automatically fetches bank statements from emails, FTP servers, or direct API connections.
  • Supports multiple formats: PDF, CSV, XML, MT940, CAMT.053, and more.
  • Uses OCR (Optical Character Recognition) to extract data from scanned statements.
AI-Powered Smart Matching with ERP Transactions
  • Matches bank transactions with ERP entries.
  • Identifies exact, partial, and probable matches.
  • Highlights discrepancies for manual review.
Exception Handling for Unmatched Transactions
  • Categorizes unrecognized transactions, including:
    • Bank charges
    • Interest payments
    • Round-off errors
  • Displays all flagged transactions in a single review dashboard.
Maker-Checker Approval Workflow
  • Maker: Resolves mismatches, makes adjustments, and submits reconciliations.
  • Checker: Reviews and approves before final posting into ERP.
Real-Time Dashboard & Compliance Reporting
  • Tracks pending, matched, and unmatched transactions.
  • Generates audit-ready reports to ensure regulatory compliance.
Click here to know more how BankRECO can help your reconciliation activities

Why Choose BankRECO?

✔ Reduces manual reconciliation efforts by up to 80%.
✔ Minimizes financial discrepancies and improves accuracy.
✔ Seamlessly integrates with leading ERP systems.
✔ Enhances compliance with automated reporting.
✔ Provides real-time financial visibility for decision-making.

Why Do Businesses Need Automated Bank Reconciliation?

Manual reconciliation is:

❌ Time-consuming – Matching thousands of transactions takes hours or even days.
❌ Error-prone – Mistakes in matching can lead to financial discrepancies.
❌ Resource-intensive – Requires significant manpower, slowing down financial closing.
❌ Risky for Compliance – Unreconciled transactions increase audit risks.

With BankRECO, you can:

✅ Automate reconciliation, reducing manual effort by up to 80%.
✅ Eliminate errors, ensuring 100% financial accuracy.
✅ Integrate seamlessly with SAP, Oracle, Microsoft Dynamics, Tally, and other ERP systems.
✅ Improve compliance with audit-ready reporting.

Key Features

  • AI-Driven Automation: Automatically matches transactions across multiple accounts and detects discrepancies in real-time.
  • Scalability: Handles high transaction volumes seamlessly, making it ideal for enterprises.
  • Integration: Easily integrates with major ERP systems through robust APIs.
  • Analytics and Reporting: Provides actionable insights and detailed reports for informed decision-making.
  • Multi Currency Support: Manage all international transactions with ease
  • Customizable Rules: Tailor reconciliation rules to suit your business needs.
Connect with us today to optimise your Bank Reconciliation Processes. Click here to know more.

Core Features of BankRECO

✅ Automated Bank Statement Processing

  • Extracts and processes bank statements received via email, FTP, or direct bank API connections.
  • Supports multiple file formats: PDF, CSV, XML, and system-generated reports.
  • OCR-powered data extraction for scanned bank statements.

✅ AI-Powered Smart Matching with ERP Transactions

  • Matches debit and credit transactions in bank statements with those recorded in ERP.
  • Identifies exact, nearby, and probable matches to reduce unresolved transactions.
  • Rule-based customization for different reconciliation logic across business units.

✅ Exception Management & User Workflow

  • Identifies bank charges, interest payments, and rounding errors, displaying them in a dedicated review screen.
  • Allows finance teams to manually resolve or categorize unmatched transactions.

✅ Maker-Checker Approval Process

  • Ensures controlled financial reconciliation through a dual-approval system.
  • Maker: Reviews discrepancies, adds missing ERP entries, or modifies transaction matches.
  • Checker: Approves or rejects reconciliations before final posting into ERP.

✅ Real-Time Dashboard & Reporting

  • Provides real-time tracking of pending, matched and unmatched transactions.
  • Generates audit-ready reports for compliance and financial accuracy.
  • Customizable reconciliation summary views for CFOs and finance teams.