Automated Financial Transactions Reconciliation for a Global Cement Manufacturer

Client

The customer is a global leader in manufacturing of Cement, Aggregates, Ready-Mix Concrete, and other building materials.

Challenges

• The tedious process of manually reconciling transactions from JD Edwards (JDE) Bank Account Ledger with the Statements received from Banks.
• Manually intensive nature of the activity resulted in a 50-60% error rate, leading to a lot of re-work.

LTM Solution

• LTM automated the Bank Reconciliation process with a customized solution to perform reconciliation, saving workforce efforts.
• The application built on top of the Java Development Environment (JDE) matched transactions from both sources based on customer id, transaction id, and transaction amounts.
• Reconciliation Reports on matched/unmatched transactions helped ease reconciliation of specific transactions.
• The Bank data and Account Ledger data can now be matched with multiple selections of transactions, and verified before finalizing the reconciliation.

Business Benefits

• Fortnightly Reconciliation duration reduced to 10 minutes from 4 days previously.
• 1,000 Monthly transactions processed per month.
• The reconciliation data provided to finance teams is close to near perfect (Less than 1% Error rate).