Case Study: Bank Account Reconciliation
Here at Dynamics Consultants, we have developed our Bank Account Reconciliation Add-on, to make it easier for companies to reconcile their bank statements with the corresponding financial data held in their Microsoft Dynamics® NAV system.
In October 2012, one of our customers – Embrace went live with Microsoft Dynamics NAV 2009, replacing their two old finance systems. This allowed them to review their Bank Reconciliation process.
Initially they used the out of the box functionality in Dynamics NAV 2009. Owing to the limited automation the out of box system offered, the Bank Reconciliations had to be completed outside of NAV and in Excel. This was a very time consuming process with approximately 150 Bank Accounts to reconcile, which could take up to 2 weeks! Since implementing the Bank Account Reconciliation Add-on from Dynamics Consultants , they have been able to reduce the time taken to reconcile their bank accounts to 2 working days. Implementing the Bank Reconciliation Add-on also prompted them to review their processes and as a result, they improved these too.
Embrace found that one of the benefits of the Bank Account Reconciliation Add-on is the ability to post missing items from the Bank Account Reconciliation screen and complete the reconciliation. This is especially helpful when reconciling a statement with many transactions, making the process quicker and easier.
The reduction in time taken to complete the bank reconciliations has allowed the Embrace Treasury Team to focus on other value added activities, such as improving business processes and controls within the Finance Team. The Bank Account Reconciliation Add-on itself has provided them with a more robust process and better control as the reconciliations are now completed within the system rather than out.
Watch our Demonstration Video to learn how our Bank Account Reconciliation Add-on for Dynamics NAV makes a crucial part of business accounting and the financial management process more efficient, consolidated and error free.
Download the Bank Account Reconciliation Brochure.
The Bank Account Reconciliation Add-on is part of the Dynamics Consultants Communication Management Add-on Suite which enhances existing NAV features or adds functionality that would otherwise be unavailable.
