Automatic Statement Reconciliation Software

Tender description

Stoke-on-Trent City Council is exploring the procurement of an Automatic Statement Reconciliation Software to support financial operations by improving accuracy, efficiency, and automation in reconciling various financial statements, including bank transactions, supplier statements, and internal ledger records. - Automate reconciliation processes, reducing manual effort and improving data accuracy. - Identify discrepancies and exceptions dynamically, with built-in error handling. - Utilise AI-driven or rule-based transaction matching to enhance financial control. - Assist in the discovery of hidden credit notes to maximise cost recovery. - Provide tracking functionality to monitor whether identified issues, such as missing invoices or reconciliation discrepancies, have been resolved. - Offer compatibility with widely used ERP and finance management solutions, such as SAP Public Cloud and Civica, allowing for data extraction or integration where feasible. - Support compliance with financial regulations and reporting standards applicable in the UK public sector. - Provide an intuitive interface with real-time reporting and analytics for financial oversight. Lot 1: Stoke-on-Trent City Council is seeking a scalable and efficient reconciliation solution that can work alongside existing financial management systems. The key objectives include: - Automated Matching - AI-driven and configurable rule-based matching of transactions. - Exception Handling - Identification of unmatched or irregular transactions for review. - Discovery of Hidden Credit Notes - Identification of supplier credit notes that may have gone unnoticed, helping to recover costs. - Issue Tracking & Resolution Monitoring - A system to flag reconciliation issues and track their resolution status to ensure follow-through. - Audit Trail & Compliance - Full traceability and reporting features to support audits. - Cloud-Based or On-Premise Deployment - A flexible solution that can accommodate different IT environments. - Integration and Data Handling - Ability to interact with ERP, finance management systems, and other relevant platforms through structured data extraction, reporting capabilities, or integration where applicable. The council wishes to continue fulfilling its current services to the same high standard, though recognizes the need to engage with the innovative providers within the market to better understand the wider offer which may be available in an ever developing digital service are. If you are interested in any further discussions regarding this notice please contact Gabriella.brown@stoke.gov.uk with the reference 'Automatic Statement Reconciliation' where additional details can be discussed.