Overview

For any Financial organization bank reconciliation is a tedious and time-consuming process. Most of the organizations sticks to the process of depending on Microsoft excel for the reconciliation process.

United Finance Company SAOG, one of the leading Non-banking finance organizations in the Sultanate, approached Ozone United with the requirement of having a proper independent system that can reconcile by processing data from the bank provided statement Vs their bank book.

Ozone United reviewed and analyzed the current reconciliation process handled by United Finance and recommended a fully customized web-based software solution that would empower United finance in handling their bank reconciliation in minimum turnaround time eradicating the dependency on excel files.

The proposed system was built on reconciliation rules that will be applied when comparing the data from both the entities – bank statement as well bank book. The resulting un-matched items could be matched using a match the following methodology using certain pre-defined conditions which helps the Reco user to identify and match the items manually.

The end final result was a comprehensive Bank Reconciliation report with supporting annexures which assists in their auditing and data analysis procedures.