Investment managers struggle with a common pain point: month-end bank reconciliation. Often this requires full-service bookkeeping departments to reconcile hundreds of bank and investment accounts in a time-consuming, error-prone process.
Here’s what that current process typically involves:
- Gathering and Tracking Missing Statements: Collecting, organizing, and determining which of the 100s of individual bank and brokerage account statements are missing.
- Extracting Key Values: Sifting through each statement, often exceeding 100 pages and illustrated in its own unique format, to find the “end cash balance” and “end market value.”
- Manual Data Entry: Manually enter that data into spreadsheets or accounting reconciliation software before comparing records and identifying any discrepancies.
Introducing Mantle Portal’s Bank Statement Extraction
Mantle Portal streamlines month-end reconciliation for investment managers with its Bank Statement Extraction feature. We automate the most time-consuming aspects of month-end reconciliation, freeing up time to focus on analysis and investment decisions.
How does it work?
It’s simple: spend less time manually organizing files, searching through pages and pages of bank statements and manually entering data into a spreadsheet. Mantle Portal does the undifferentiated heavy lifting for you and presents the information in a clear, cohesive view within your Mantle Portal dashboard.
Here are the details behind what that process looks like:
1. Automated Statement Categorization & Organization
Mantle Portal automatically identifies bank account details (bank account ID, account name, date period), connects statements to the correct entities, and enables users to find specific statements using search and filter tools.
2. Data Extraction & Highlighting
Mantle Portal’s technology can identify and extract key values from large documents. The highlighting tool pinpoints the exact location of this extracted data within the document, eliminating the guesswork and time spent searching for these values.
3. Dashboard Overview
Mantle Portal has a dashboard that provides a clear view of:
- Bank statements that are ready for review and which are still missing for each month
- Key data items include “end cash balance”, “end market value”, “total cash”, and Investment summaries for all accounts.
4. Data Export
No more manual data entry, file organization, and searching. With this information at your fingertips, you can swiftly export the data into a structured format, streamlining the reconciliation process.
Elevate Your Portfolio Management with Mantle Portal
Streamline your month-end process and unlock deeper insights into your investments with Mantle Portal.
At Mantle, we understand the complexities of managing a portfolio and we’re dedicated to providing solutions to make your work easier and smarter. The Bank Statement Extraction feature is just another tool of a constantly evolving platform that optimizes your entire portfolio management workflow. Stay tuned for exciting advancements that redefine the possibilities.
Ready to experience the Mantle difference?
Contact our Portal team at withmantle.com/demo to learn more about how Mantle Portal can elevate your portfolio management experience.