How Automated reconciliation works for General ledger
Automated Data Extraction
Nanonets' General Ledger Reconciliation begins with automated data extraction from various sources. This reduces the need for human input, thereby reducing the risk of errors.
Automated Discovery & Rectification of Discrepancies
Next, the software identifies inconsistencies between valuable company's ledger and other financial documents. Using proprietary algorithms, Nanonets suggests possible solutions for swift rectification.
Automated General Ledger Reconciliation Reporting
Finally, the automation software generates a detailed report outlining the reconciliation results. The report includes details of recognized discrepancies and rectifying actions taken for future audits.