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.
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’s the banking industry’s job to keep all those other businesses open.
Local Banks Keep Other Local Businesses Open For Business
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 survey by Lightico found that:
- 82% of customers were concerned about going to the bank during the pandemic.
- 63% were more inclined to do their banking through a digital app.
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:
- Point-of-sale purchases
- ATM withdrawals
- Online bill pay
- Credit card payments
- PPP loan checks
- Loan payments
- Third-party vendors
- Account transfers
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’s see, carry the ‘1’…), that’s a whole lot of reconciliations.
Plus, you have to factor in:
- The visibility you need across your different branches.
- The control you need for daily sign-offs.
- The accuracy and accountability you need for compliance.
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.
Remote Accounting Solutions Keep You Connected During Financial Close
Despite the shift from physical to virtual business, personalized banking doesn’t 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’s world, proving that consumer/brand relationships can be cultivated without face-to-face interaction.
Part of the reason these new digital relationships are thriving is because of the reliability of your bank’s 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.
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.
Close The Books Here, There and Everywhere with Adra’s Accounting Solutions
Adra by Trintech is the best accounting solution to help you close accurately and on-time – whether you’re 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.
With protocols and dependencies that give you control and visibility over a single branch or your entire network, Adra’s suite of accounting tools empower you and your team to close more efficiently without the need for face-to-face interactions.
- Task Manager creates ownership and accountability by streamlining your internal processes.
- Balancer takes the repetition out of reconciliation and saves you time.
- Matcher imports new data types with complex matching rules so your data is more accurate and reliable.
- Analytics gives you custom reporting so you have complete transparency into every transaction across your entire network.
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.
Discover the smarter way to close your books. Give us a call so we can schedule a demo.