BCS is excited to share the news about a valuable new feature – Copilot for Bank Reconciliation – included in the 2023 Wave 2 release of Dynamics 365 Business Central. This innovative functionality utilizes artificial intelligence (AI) to significantly enhance the bank reconciliation process, saving you time and effort.

What is Copilot for Bank Reconciliation?

Copilot acts as your intelligent assistant, automatically matching transactions between your bank statements and your Business Central ledger entries. It builds upon the existing auto-match functionality by tackling the remaining unmatched transactions that often require manual review. This empowers you to:

• Reduce Manual Effort: Spend less time meticulously matching transactions, allowing you to focus on other crucial financial tasks.
• Improve Accuracy: AI-powered matching helps to minimize errors and inconsistencies in your bank reconciliations, leading to greater data integrity.
• Increase Efficiency: Automate more of the reconciliation process, freeing up your team’s time and boosting overall efficiency.

How Does Copilot Work?

Copilot leverages AI to analyze historical data and identify patterns. It then uses these insights to suggest potential matches for unmatched transactions, considering factors like date, amount, and transaction description. Here’s what you can expect:

• Automatic Matching: Copilot automatically suggests matches for a significant portion of your unmatched transactions, reducing your manual workload.
• AI-powered Suggestions: The system prioritizes the most likely matches, based on its analysis, saving you time and effort in identifying the correct pairing.
• Improved G/L Account Suggestions: When a residual transaction requires manual review, Copilot suggests the most probable G/L account to post it to, further streamlining the process.
  

  

Benefits for Your Business

Copilot for Bank Reconciliation offers a multitude of benefits for businesses of all sizes:

• Reduced Costs: Streamline the reconciliation process and save valuable time and resources.
• Improved Cash Flow Visibility: Gain a clearer picture of your financial health with accurate and timely bank reconciliations.
• Enhanced Decision-Making: Access reliable financial data for better informed business decisions.
• Increased Team Productivity: Free up your team’s time from tedious tasks, allowing them to focus on higher-value activities.

Getting Started with Copilot

Copilot for Bank Reconciliation comes readily available with Dynamics 365 Business Central updates starting with Update 23.1. If you’re already using Business Central, you’ll be able to leverage this powerful feature with minimal setup. Click here to schedule a free consultation, or you can always reach out to us at Sales@BondConsultingServices.com for more information about how to set up Copilot for your Business Central environment. For more information about Copilot and Business Central, you can always visit our YouTube channel for helpful product demos and recorded webinars.