A major retail company, operating multiple high-traffic outlets across the country, was struggling with a highly manual and time-consuming bank reconciliation process. 6000+ transactions per day to more than 200 payment terminals, the accounting team was overwhelmed by the task of ensuring that payment data matched across various systems.
The client used a billing software integrated with SAP ERP to record sales transactions in real time. However, payments made through credit/debit cards and UPI were only settled into the bank account the next day. Each day, the swiping machine provider would send a settlement report detailing individual transactions along with GST, transaction fees, and GST on fees. The settlement amount shown in the bank statements would be the invoice/bill amount (minus) the transaction fee (minus) the GST applied on the transaction fee. The accounting team was then responsible for cross-verifying the ERP data with the settlement reports and matching them with the bank statements, which was an intensive process prone to human error.
This daily reconciliation process consumed several man-hours, led to occasional mismatches and delays, and hampered the team’s ability to focus on more strategic financial tasks.
Codelattice implemented Zoho RPA to fully automate the reconciliation workflow. Here’s how the automation was structured:
Zoho RPA bots were programmed to automatically fetch settlement reports from the payment gateway and download relevant bank statements daily.
The bots accessed SAP ERP to retrieve billing records for the corresponding period.
Using intelligent rule-based logic, Zoho RPA compared the ERP entries with settlement report figures (including GST components and transaction fees) and the actual bank credits.
Any mismatches or anomalies were flagged and compiled into an automated report for the finance team to review.
A complete audit log was generated to ensure transparency and compliance.
By automating the reconciliation process, the retail company achieved:
Prevent backlogs from exceeding 15 days.
Track credited funds promptly to eliminate fraudulent activity.
80% reduction in manual efforts like daily reconciliation
100% accuracy in transaction matching
Immediate visibility into payment discrepancies
Significant cost savings by reallocating manpower
Zoho RPA transformed a labor-intensive financial task into a streamlined, error-free process by delivering both operational efficiency and peace of mind.
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