Streamline your business with ICICI Bank’s Connected Banking Automated Reconciliation System.
What is Reconciliation and why is it important for businesses?
Reconciliation is, essentially, the process of checking 2 sets of records to ensure accuracy and alignment. In the context of businesses, this is most often used in order to ensure timely and accurate payments to suppliers and vendors, as well as collections from customers. This process is also important to ensure good financial health, by means of identifying any mistakes or discrepancies in the books. It is also valuable in detecting any fraudulent activities.
What are the challenges with the Manual Reconciliation process?
Manual reconciliation is a long, tedious and cumbersome process. It can take a lot of time and effort to complete, both of which have costs associated with them. Moreover, doing it manually can also make it prone to errors, which can have significant impacts. Manual reconciliation is also known to cause delays in generating invoices and receiving subsequent payments.
Another important aspect is compliance to GST guidelines, due to which monthly reconciliation has become of paramount importance. Businesses can claim Income Tax Credits, only after furnishing detailed invoices, payments and returns reconciliation. This can involve matching multiple entries from your own books, GSTR-2A, GSTR-2B, GSTR-3B and GSTR-1 at monthly, quarterly or on an annual basis; as the case might be.
The solution - ICICI Bank’s Connected Banking:
By partnering with over 60+ leading ERP’s, Accounting and HRMS providers, ICICI Bank has built its Connected Banking platform. Using this single platform, you can reap the advantages of multiple features, including Automated Bank Reconciliation and have the ability to make or receive payments, in a matter of a few clicks. Some of the other valuable features of ICICI Bank’s Connected Banking include:
Making multiple types of payments using your ICICI Bank Current Account, like:
Single or bulk vendor payments
Tax, GST & Custom Duty payments
Utility and other bill payments.
Receiving payments in your ICICI Bank Account through multiple modes, like Online Banking, Cards, Cash, Cheque, etc.
Benefits of ICICI Bank’s Connected Banking:
The benefits provided by ICICI Bank’s Connected Banking are manifold. The primary point of discussion, is of course, being an Automated Account Reconciliation mechanism. This will save time and money, which is an essential overhead of running this process manually. Another benefit is an error-free reconciliation process which allows sureness in your accounts and the accuracy of your books, especially while filing for GST refunds or Income Tax Credits. This also leads to enhanced transparency and minimal chances of fraud, keeping you audit-ready at all times.
Apart from that, you get the freedom of managing multiple applications through a single interface and making or receiving payments directly through your ICICI Bank Current Account. These entries automatically feed into the reconciliation module, in the background, of the chosen accounting platform. All this, and more, is achieved without investing in the modernisation of your IT set up at home or office. Neither are any professional technical skills required for the same.
To get started on this rewarding journey of an automated, single-platform Connected Banking, give a missed call on 9650703704.