Case Study – HOA Bank Reconciliation

Challenges

• Managing High Transaction Volume: Managing a large volume efficiently for thorough reconciliation. 
• Checking Auto-Ticking transaction accuracy: Making Sure Automatic Transactions Are Reconciled Correctly, Which Can Take Time. 
• Timely Posting and Tracking of Open Items: Ensuring Prompt Recording of all Bank Reconciliation Entries to Keep Financial Records Current, While Addressing High-Volume Bank Inquiries for Timely Resolution. 
• Ensuring Accurate Statement Uploads: Supervising the Proper Upload of Bank Statements, Occasionally Dealing with Mix-Ups in Account Statements for Operating, Reserve, and IDC Purposes. 

Existing Set-Up OHI Role

• Heavy workload at the start of each month requires Bank Reconciliation Specialists to possess efficient time management skills. 
• Diligence is essential, including correct transaction matching, timely resolution of open items, and accurately reconciling automatically ticked entries to avoid errors. 
• Verifying the correct bank statement attachment at month-end is important for financial package consistency. 

Solution

• Continuous Training & Standard Procedures: Train the Bank Reconciliation Specialist regularly to enhance efficiency. Establish clear guidelines and standardized procedures for open item resolution. Initiate bi-weekly client communication for faster resolution. 

• Enhance Auto-Tick Validation Mechanisms: Develop and implement robust validation mechanisms to ensure the accuracy of auto-ticked transactions. 
• Second Level Review: Implementation of additional quality control measures. 
• Ongoing Enhancement: Incorporate client feedback for continuous process improvement.