Managing finances efficiently is a top priority for businesses. Bank reconciliation is one of the most critical yet time-consuming tasks. Matching transactions between bank statements and accounting records often feels tedious, error-prone, and manual.
Microsoft Dynamics 365 Business Central ERP system now has Copilot’s Bank Reconciliation Assist. This is an AI tool for accounting and finance that automates bank reconciliation. It saves time, improves accuracy, and simplifies the bank reconciliation process.
Why Bank Reconciliation Matters
Bank reconciliation ensures a company’s accounting records match the transactions in its bank statements. Keeping this process accurate is important. This helps in finding errors, stopping fraud, managing cash flow, and following audit and tax rules. Ultimately, reducing risks for your business.
Despite its importance, the traditional accounting process of bank reconciliation is slow and manual. Accountants must compare transactions one by one, increasing the risk of mistakes. Copilot’s Bank Reconciliation Assist in Business Central makes things easier when you leverage Ai. It speeds up the process and limits mistakes.
How Copilot’s Bank Reconciliation Assist Works
Automated Transaction Matching - Manually comparing transactions in Business Central with bank statements takes time and effort. Copilot automates transaction matching, analyzing details like amounts, dates, and descriptions to pair transactions with the most likely match.
For example, if a business receives multiple payments of similar amounts, Copilot identifies unique details to match them correctly. This prevents mismatches and speeds up reconciliation.
AI-Powered Discrepancy Detection - Even with automation, some transactions may not match perfectly. Instead of requiring accountants to investigate manually, Copilot flags unmatched transactions and suggests solutions.
- Missing transactions? Copilot suggests recording them.
- Duplicate entries? It highlights them for review.
- Amount differences? Copilot recommends adjustments for bank fees or currency conversions.
Smart Adjustment Recommendations - When discrepancies appear, users usually make manual adjustments. Copilot speeds up this process by providing AI-driven recommendations. If there is a missing entry, a partial payment, or a bank fee, users can use Copilot’s suggestions with one click. This keeps records accurate without needing manual edits.
AI That Learns Over Time - Copilot improves with use. It uses machine learning to learn from past decisions. This helps it match transactions better and suggests improvements over time. The more businesses use it, the more they adapt to their financial workflows.
Why Businesses Should Use Copilot’s Bank Reconciliation Assist
Switching to AI-powered reconciliation in Business Central offers several benefits:
Save Time by Automating Transaction Matching
Manual bank reconciliation eats up hours of valuable time. Accountants and finance teams must carefully compare each transaction from bank statements with entries in Business Central. This process often causes delays and operational inefficiencies.
A recent case study found that Copilot’s AI automation helped a company reduce its reconciliation time by 80 percent. Instead of checking each transaction by hand, Copilot quickly scans thousands of entries. It automatically matches records smartly and highlights any differences that need attention.
Increase Accuracy and Reduce Costly Errors
Even the most detail-oriented accountants can make small mistakes when reviewing thousands of transactions. These errors add up—incorrect reconciliations can lead to financial misstatements, cash flow issues, and compliance risks.
AI minimizes human errors and keeps financial records precise. Copilot reduces human errors by intelligently cross-checking transaction details, identifying discrepancies, and ensuring accuracy. It automatically flags duplicate entries, and amount mismatches, preventing costly accounting mistakes.
Reduce Fraud Risks
Fraudulent bank transactions often go undetected for weeks or months, especially when reconciliation is slow and done manually. Copilot speeds up reconciliation so businesses can identify and address suspicious activity immediately.
Improve Financial Insights
Making informed financial decisions requires accurate, real-time data on cash flow. Manual reconciliation delays access to updated financial reports, while Copilot provides timely insights into available cash.
Using AI to keep financial records updated helps businesses improve their overall financial health. This allows them to make better choices about budgeting, investing, and managing expenses.
Scale with Ease
Copilot isn’t just for large corporations—it adapts to businesses of all sizes. It works for both single bank accounts and multiple entities and grows with your financial needs.
Who Benefits Most from Copilot’s Bank Reconciliation Assist?
Any business that processes high transaction volumes or manages multiple bank accounts will see significant advantages. Retailers, e-commerce companies, and professional service firms rely on accurate financial records. By automating repetitive tasks, finance teams, accountants, and business owners can save time. This allows them to focus more on planning strategies.
Smarter Financial Management with AI
Businesses no longer need to struggle with manual bank reconciliation. Copilot’s Bank Reconciliation Assist in Microsoft Dynamics 365 Business Central makes reconciliation faster, more accurate, and stress-free. Implementing this automation enables companies to capitalize on operational efficiencies, keep better records, make fewer mistakes, and focus on business growth with this automated financial process.
At 425 Consulting Group, our team of business applications consultants helps businesses use Microsoft Dynamics 365 Business Central effectively. Whether you are incorporating new functionality or conducting day-to-day transactions, we can help you improve your financial processes and automated reporting.
Get in touch with our Business Central consultants to transform your business for future growth.
In his role as Director of Business Applications, Loren and his team specialize in positioning organizations up for growth by implementing Microsoft centralized platforms like Enterprise Resource Planning (ERP) or Customer Relationship Management (CRM).
Visit our Business Applications page to learn how an ERP Solution can transform your organization and propel future growth. Our consulting team is available to discuss your specific needs. Let’s start a conversation.
