{"id":5445,"date":"2020-12-08T20:59:41","date_gmt":"2020-12-08T20:59:41","guid":{"rendered":"https:\/\/www.trintech.com\/get-your-banks-daily-dose-of-speed-and-efficiency-with-automated-accounting-solutions\/"},"modified":"2023-02-08T15:41:42","modified_gmt":"2023-02-08T15:41:42","slug":"get-your-banks-daily-dose-of-speed-and-efficiency-with-automated-accounting-solutions","status":"publish","type":"post","link":"https:\/\/www.trintech.com\/blog\/get-your-banks-daily-dose-of-speed-and-efficiency-with-automated-accounting-solutions\/","title":{"rendered":"Get Your Bank\u2019s Daily Dose of Speed and Efficiency with Automated Accounting Solutions"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The COVID-19 pandemic has caused unprecedented disruptions in our economy as businesses of all sizes have struggled to remain profitable while maintaining health and safety measures.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For most businesses, this means keeping consumers safe and happy while transitioning to a digital working environment. The banking industry is no different- except for one major difference. <\/span><b>It\u2019s the banking industry\u2019s job to keep all those other businesses open.<\/b><\/p>\n<p><a href=\"#6100\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-17346\" src=\"https:\/\/www.trintech.com\/wp-content\/uploads\/2023\/01\/WS-CTA-BN-Adra-AcrossAllYourBanksLocations.jpg\" alt=\"\" width=\"620\" height=\"162\"><\/a><\/p>\n<h2><b>Local Banks Keep Other Local Businesses Open For Business&nbsp;<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">While the big banks have had an easier time transitioning to remote working, smaller local banks that depend on their personal relationships with their customers have had a tougher time working in the digital space. A <\/span><a href=\"https:\/\/www.americanbanker.com\/news\/coronavirus-throws-digital-banking-into-the-crucible\"><span style=\"font-weight: 400;\">survey by Lightico<\/span><\/a><span style=\"font-weight: 400;\"> found that:<\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">82% of customers were concerned about going to the bank during the pandemic.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">63% were more inclined to do their banking through a digital app.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Another big concern for banks of all sizes is the sheer volume of transactions that are going in and out of their branches which include:<\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Point-of-sale purchases<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">ATM withdrawals<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Deposits<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Online bill pay<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Credit card payments<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">PPP loan checks<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Loan payments<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Third-party vendors<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Account transfers<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Most companies reconcile their accounting at the end of the month. Banks, on the other hand, have to reconcile all of their transactions each and every day. When you add all of them up (let\u2019s see, carry the \u20181\u2019\u2026), that\u2019s a whole lot of reconciliations.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Plus, you have to factor in:<\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The visibility you need across your different branches.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The control you need for daily sign-offs.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The accuracy and accountability you need for compliance.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Simply put, banks are feeling the pressure as not only do you have to help other businesses stay afloat, you have to mind your own house so your financial closes are accurate, efficient, and on-time.&nbsp;<\/span><\/p>\n<h2><b>Remote Accounting Solutions Keep You Connected During Financial Close<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Despite the shift from physical to virtual business, personalized banking doesn\u2019t have to be a thing of the past. With a higher value put on availability and convenience, online capabilities are giving customers what they need to function in today\u2019s world, proving that consumer\/brand relationships can be cultivated without face-to-face interaction.&nbsp;&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Part of the reason these new digital relationships are thriving is because of the reliability of your bank\u2019s offerings. Accurate daily reconciliations not only give banks insight into your operations across their network of branches, but they give businesses visibility into their own financial situations.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With PPP loans keeping many businesses afloat, credit losses are expected. You need full control over your balance sheets so you know your daily closes are accurate and compliant with PPP guidelines.&nbsp;<\/span><\/p>\n<h2><b>Close The Books Here, There and Everywhere with Adra\u2019s Accounting Solutions<\/b><\/h2>\n<p><a href=\"https:\/\/www.trintech.com\/adra\/?utm_source=leadit&amp;utm_medium=blog&amp;utm_campaign=industrial&amp;utm_content=banking\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Adra by Trintech<\/span><\/a><span style=\"font-weight: 400;\"> is the best accounting solution to help you close accurately and on-time &#8211; whether you\u2019re doing physically in the office or working remotely from home. Developed to modernize the entire financial close process regardless of industry, our solutions strengthen your current accounting processes while giving you the ability to communicate and collaborate no matter where you are.&nbsp;&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With protocols and dependencies that give you control and visibility over a single branch or your entire network, Adra\u2019s suite of accounting tools empower you and your team to close more efficiently without the need for face-to-face interactions.<\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.trintech.com\/adra\/task-manager\/?utm_source=leadit&amp;utm_medium=blog&amp;utm_campaign=industrial&amp;utm_content=banking\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Task Manager<\/span><\/a><span style=\"font-weight: 400;\"> creates ownership and accountability by streamlining your internal processes.<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.trintech.com\/adra\/balancer\/?utm_source=leadit&amp;utm_medium=blog&amp;utm_campaign=industrial&amp;utm_content=banking\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Balancer<\/span><\/a><span style=\"font-weight: 400;\"> takes the repetition out of reconciliation and saves you time.<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.trintech.com\/adra\/matcher\/?utm_source=leadit&amp;utm_medium=blog&amp;utm_campaign=industrial&amp;utm_content=banking\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Matcher<\/span><\/a><span style=\"font-weight: 400;\"> imports new data types with complex matching rules so your data is more accurate and reliable.<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.trintech.com\/adra\/analytics\/?utm_source=leadit&amp;utm_medium=blog&amp;utm_campaign=industrial&amp;utm_content=banking\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Analytics<\/span><\/a><span style=\"font-weight: 400;\"> gives you custom reporting so you have complete transparency into every transaction across your entire network.&nbsp;&nbsp;&nbsp;<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">As the world recovers and adjusts to the new way of doing business, banks are ready to support their communities and the customers that need them. Adra gives you the accounting software to make that happen.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Discover the smarter way to close your books. Give us a call so we can <\/span><a href=\"https:\/\/www.trintech.com\/book-a-demo\/?utm_source=leadit&amp;utm_medium=blog&amp;utm_campaign=industrial&amp;utm_content=banking\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">schedule a demo<\/span><\/a><span style=\"font-weight: 400;\">.&nbsp;<\/span><\/p>\n<p><a href=\"https:\/\/www.trintech.com\/book-a-demo\/?utm_source=leadit&amp;utm_medium=blog&amp;utm_campaign=industrial&amp;utm_content=banking\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-17347\" src=\"https:\/\/www.trintech.com\/wp-content\/uploads\/2023\/01\/WS-CTA-BN-Adra-TimeYouClosedBooksBanksComplicatedClose.jpg\" alt=\"\" width=\"620\" height=\"162\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The COVID-19 pandemic has caused unprecedented disruptions in our economy as businesses of all sizes have struggled to remain profitable while maintaining health and safety measures.&nbsp; For most businesses, this means keeping consumers safe and happy while transitioning to a digital working environment. The banking industry is no different- except for one major difference. It\u2019s the banking industry\u2019s job to keep all those other businesses open. Local Banks Keep Other Local Businesses Open For Business&nbsp; While the big banks have had an easier time transitioning to remote working, smaller local banks that depend on their personal relationships with their customers have had a tougher time working in the digital space. &hellip;<\/p>\n","protected":false},"author":31,"featured_media":5448,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false},"categories":[1],"tags":[111,106,90,107],"topic":[],"product":[82,238],"class_list":["post-5445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-account-reconciliation","tag-automation","tag-financial-reporting","tag-month-end-close","target-user-chief-financial-officer-cfo","target-user-controller","content-type-article-thought-leadership","industry-banking-financial-services","product-adra","product-banking"],"acf":[],"lang":"en","translations":{"en":5445},"pll_sync_post":[],"_links":{"self":[{"href":"https:\/\/www.trintech.com\/wp-json\/wp\/v2\/posts\/5445","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.trintech.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.trintech.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.trintech.com\/wp-json\/wp\/v2\/users\/31"}],"replies":[{"embeddable":true,"href":"https:\/\/www.trintech.com\/wp-json\/wp\/v2\/comments?post=5445"}],"version-history":[{"count":0,"href":"https:\/\/www.trintech.com\/wp-json\/wp\/v2\/posts\/5445\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.trintech.com\/wp-json\/wp\/v2\/media\/5448"}],"wp:attachment":[{"href":"https:\/\/www.trintech.com\/wp-json\/wp\/v2\/media?parent=5445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.trintech.com\/wp-json\/wp\/v2\/categories?post=5445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.trintech.com\/wp-json\/wp\/v2\/tags?post=5445"},{"taxonomy":"topic","embeddable":true,"href":"https:\/\/www.trintech.com\/wp-json\/wp\/v2\/topic?post=5445"},{"taxonomy":"product","embeddable":true,"href":"https:\/\/www.trintech.com\/wp-json\/wp\/v2\/product?post=5445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}