Streamline Bank Reconciliations with Yardi Voyager Bank Book

For finance managers, fund accountants, and property accountants, accurate and timely bank reconciliations are critical to maintaining financial control and transparency. However, manual reconciliation processes are often labor-intensive, time-consuming and prone to errors, leading to discrepancies that can affect cash flow visibility and trust. Voyager Bank Book, a feature within Yardi Voyager, addresses these challenges by automating bank reconciliations and simplifying financial management.?

The Challenges of Manual Bank Reconciliation

Bank reconciliations are an essential part of financial management, involving matching a company’s financial records with its bank accounts. While this sounds straightforward, the reality for many accountants in the real estate sector is far more complex. Factors such as multiple accounts, diverse payment methods, and varying transaction timelines can make it difficult to reconcile balances quickly and accurately.

In a manual system, accountants must painstakingly compare internal records with bank statements, adjusting for any differences along the way. This process is slow and prone to human error, leading to discrepancies, inaccurate financial reporting, cash flow mismanagement, and even compliance risks.

Key challenges of manual reconciliation include:

• Errors in Data Entry: Human error when manually entering transactions or adjustments is a common cause of discrepancies. Additionally, reliance on complex Excel formulas increases the risk of mistakes, further compromising accuracy.
• Delayed Reporting: Reconciling multiple bank accounts and cross-checking each transaction can delay the reporting process, making it harder to get an up-to-date view of the company’s cash position.?
• Overlooking Discrepancies: Without automation, it’s easy to miss small discrepancies that can build up over time, leading to larger financial issues down the road. Tracking unreconciled items becomes increasingly difficult, adding complexity to the reconciliation process.
• Time-Consuming Process: Manually reconciling bank statements can consume significant time, especially when dealing with multiple properties, accounts, or currencies. The process often involves hours spent downloading and formatting statements, followed by the tedious manual matching of transactions to ledger entries.
• Long Outstanding Reconciling Items: Items that are not cleared or dealt with promptly can lead to misleading cash balances and a loss of integrity in the cash management process
• Incomplete Audit Trails. With manual processes, maintaining a comprehensive audit trail becomes difficult, making it challenging to demonstrate control procedures. This increases the risk of undetected errors or fraud and creates compliance vulnerabilities.

Given the importance of timely and accurate financial reporting — especially in today’s fast-paced real estate market — streamlining the bank reconciliation process is essential.

To learn more about the benefits of Yardi Voyager Bank Book for bank reconciliation and how 33Floors’ Yardi experts can help you integrate Bank Book, keep reading on our blog.