Manual processes: often slow and error-prone

The typical manual reporting and reconciliation workflow goes something like this: You log into your bank account in one browser window and view statements and transactions. Then you swivel over to match them with line items in your ledger or system of record, either in your property management system (PMS) or a separate accounting or treasury application.

This approach has many drawbacks:

• Inflexibility: Relying on checking for posted transactions during monthly close windows makes it hard to promptly spot and resolve discrepancies
• Inefficiency: Manually matching transactions is tedious and typically not a task your team finds pleasant 
• Inaccuracies: There’s a risk of human error, leading to costly mistakes in your reporting process

Downloading bank statements in PDF format or transaction data in CSV format and uploading them to your system of record is more efficient and reduces opportunities for mistakes, but there are even better options available.

Solution: automated data sync

Integrating your property management system or accounting software with your banking platforms enables automated real-time or scheduled data import. Complete account data can be shared in an instant—no more searching for missing transactions. 

These processes also sync additional details tied to each transaction. AI and machine learning tools embedded in your PMS or other operating software use those details to automatically categorize, match and reconcile line items. That has the potential to significantly reduce manual reconciliation work. 

J.P. Morgan real-time data solutions

J.P. Morgan makes significant and ongoing investments to help our real estate clients easily sync and import their bank data into desired applications. Depending on the systems you use, options include: 

1. J.P. Morgan Access: Schedule automatic, recurring data transfers to several leading PMSs. We are adding real-time data transfers using APIs, so your information flows as soon as it’s available. You can consolidate data and statements from all your bank accounts within Access, not just your J.P. Morgan accounts, and simultaneously import them to your PMS of choice.
2. Treasury management software: Systems such as Trovata serve as a data lake, streamlining data consolidation and normalization from your banks and ERP or PMS, providing a comprehensive view of cash flow with tools to automatically categorize transactions. 
3. Connect: Instantly access your bank data in more than 100 applications, including AppFolio and Intuit QuickBooks Online, using real-time API-based data syncing. 

“Having Chase Connect linked to AppFolio Bank Feed is a game-changer. Before this, I’d have to download individual bank statements. This integration reduces the time spent on monthly reconciliation by at least 50%,” said David Rub, Chief Financial Officer at The Sterman Company.   

Reach out to your J.P. Morgan banker to explore connectivity solutions that can help streamline financial reporting, or request a call.