Manual bank reconciliation usually breaks down into four steps, and each one is slow and error-prone by hand: 1. Retrieve the data from two sources — often awkward to access and only available in formats that aren't built for matching. 2. Reconcile the data — straightforward in theory, but hard when volumes are high and several factors affect each match. 3. Manage exceptions — the pivotal step, easily missed if investigators aren't alerted to breaks automatically. 4. Report the reconciliation — consolidating and moving data into an ERP, where incompatibilities cause problems if it isn't automated. Aurum handles all four in seconds — through APIs, fast matching, in-platform notifications and automatic posting — saving time, cutting errors and making matching seamless.

It's a routine finance task: take a company's bank statement and its own internal record of cash transactions, then compare deposits and withdrawals across the two. That comparison exposes any exceptions and shows where adjustments are needed — for bank errors, timing differences or unidentified transactions.

Reconciliation is simply cross-referencing two or more sets of data, usually internal records against external ones. The most common types finance and operations teams run are bank reconciliations, PSP reconciliations and client money reconciliations, among many others.

It's fundamental to both compliance and business performance — keeping companies and their clients safe, while improving forecasting and data integrity. Done with automation, it also frees your team from manual matching to focus on higher-value work.

Software like Aurum automatically imports, reconciles, flags exceptions and reports on financial data with no manual intervention — saving companies time and money.

Bank reconciliations were historically monthly. With automation and ever-higher transaction volumes, it's now both possible and advisable to reconcile far more often — daily, or continuously.

Manual reconciliation is a lengthy task. Time disappears into sourcing and cleansing data before matching even begins — and every manual step is a chance for error. Automation removes that overhead entirely.

Many ERPs include basic reconciliation. But as volumes grow, teams hit restricted matching logic, limited automation and poor visibility across multiple accounts or entities, often with weak exception workflows and audit tracking. Aurum extends your ERP rather than replacing it, adding configurable rules, scalable processing, structured exception resolution and real-time oversight.

Building an effective reconciliation tool takes significant time, resources and specialist expertise. An existing solution delivers faster implementation, industry best practice and ongoing support, so your team focuses on the business rather than reinventing an established process — and with Aurum's configuration, you get that without giving up customisation or control.