Automated Reconciliation at Mid-Market Financial Services Firm
How DataConvertPro helped this finance organization streamline document processing and improve operational efficiency.
The Challenge
Cornerstone Capital Management, a $2.3B financial services firm, struggled with monthly bank reconciliation across 47 client accounts.
- ✕Multiple banks, currencies, and asset types across 47 accounts
- ✕Manual matching of PDFs and CSV exports against internal ledgers
- ✕160+ hours monthly spent on reconciliation
- ✕Month-end close delayed to the 15th instead of required 5th
- ✕Discrepancies discovered late, sometimes after client statements mailed
- ✕Auditors flagged reconciliation gaps as material control weakness
The Solution
DataConvertPro automated the entire bank statement ingestion and matching workflow.
- ✓Extracts data from PDFs, CSVs, SWIFT files, and proprietary bank exports
- ✓Normalizes all formats into a standardized schema
- ✓Intelligent matching using amounts, dates, reference numbers, and counterparty info
- ✓Flags unusual transactions, splits, and reversals for human review
- ✓Machine learning improves accuracy from previous reconciliations
- ✓Real-time NetSuite integration with automated journal entries
Before & After
Before
Unstructured PDF
- xRunning balance difficult to track
- xManual categorization required
- xNo structured data for analysis
After
100% Accurate| Date | Description | Amount | Balance |
|---|---|---|---|
| 01/05/2024 | Payroll Deposit - ACME Corp | +15,450.00 | 45,200.00 |
| 01/07/2024 | Wire Transfer - Vendor Supplies Inc | -3,200.00 | 42,000.00 |
| 01/08/2024 | ACH Debit - City Power & Light | -1,850.00 | 40,150.00 |
| 01/09/2024 | Check #2848 - Office Depot | -425.50 | 39,724.50 |
| 01/10/2024 | Customer Payment - Invoice #2024-001 | +8,750.00 | 48,474.50 |
| 01/10/2024 | Customer Payment - Invoice #2024-001 | +8,750.00 | 57,224.50 |
| 01/11/2024 | Monthly Service Charge | -35.00 | 57,189.50 |
| 01/12/2024 | ACH Debit - Business Insurance LLC | -2,100.00 | 55,089.50 |
| Ending Balance | $55,089.50 | ||
- ✓Auto-calculated running balance
- ✓AI-powered categorization
- ✓Ready for reconciliation & analysis
The Results
Monthly reconciliation time reduced from 160 hours to 28 hours (82.5% reduction)
Reconciliation completion moved from day 10-12 to day 2 of the following month
Month-end financial close accelerated by 7 days, enabling timely management reporting
Transaction matching accuracy improved to 99.2%, with only 15-20 items requiring manual review monthly
Reconciliation gaps identified and resolved within 24 hours instead of weeks
Auditor comments on internal controls were resolved, reducing audit scope and fees by $40K annually
Client Testimonial
“For years, our accounting team was drowning in bank statement PDFs, manually tracking down missing pennies. Now, DataConvertPro does the heavy lifting and our team completes month-end close in record time. It's freed us up to focus on analysis rather than data entry, and our auditors are much happier with our controls.”