What is bank reconciliation?
A bank reconciliation is the process of making sure a business's accounting records match the balance reported by the financial institution.
Manual bank reconciliation process
If you’re sick and tired of your manual reconciliation process, you’re not alone. It’s time consuming, and a never ending, magnet for errors. Many lenders feel they are on a constant treadmill keeping up with it all.
One thing’s for sure, manual reconciliation processes are making lenders queasy - all that keeping track of which borrower has paid back, and the additional burden of when a borrower gets a payment reference wrong… Will that loan repayment go to the right place?
Not to mention the compliance issues around manually entering huge volumes of money.
Lenders wanting to streamline their reconciliation process can now do so with Currencycloud. As our client, you can automate collections seamlessly, and enjoy all the peace of mind this brings.
If this sounds too good to be true, watch our video which explains, in 30 seconds, how Currencycloud can help you with a streamlined reconciliation process , enabling you to focus on what you do best - developing healthy client relationships.
It’s just what the doctor ordered.
Get in touch with us to see how we can make lending easier for you; opening unique names accounts for your borrowers and investors, to automate collection.
Automate bank reconciliation with Currencycloud ➡️ Book a meeting