Financial Advisors (IFAs) + Bank Reconciliation: The Challenge
As financial advisor, preparing bank statements for bank reconciliation is a common but time-consuming task. Monthly bank reconciliation requires matching every bank transaction against your accounting records. Working from PDF statements makes this slow and error-prone.
How BankScan AI Helps Financial Advisors (IFAs) with Bank Reconciliation
Convert client bank statements to Excel for quick financial analysis, cashflow modelling, and wealth planning presentations. For bank reconciliation specifically, BankScan AI extracts Every transaction with date, description, and amount; opening and closing balanc automatically.
How Financial Advisors (IFAs) Handle Bank Reconciliation
When preparing bank statements for bank reconciliation, financial advisors (ifas) need to IFAs request bank statements during fact-find meetings to assess client income, expenditure patterns, existing commitments, and savings capacity. They. BankScan AI automates the data extraction step.
Key terms you'll encounter: fact-find, suitability report, attitude to risk, capacity for loss.
How It Works
Upload bank statement PDFs
Supports all major banks. Upload Monthly, covering one calendar month per reconciliation cycle; year-end reconciliation covers the full 12-month period of statements for bank reconciliation.
AI extracts what you need
Our AI extracts Every transaction with date, description, and amount; openin — formatted for financial advisors (ifas) workflows.
Complete your bank reconciliation work
Download Excel files ready for bank reconciliation. Transactions in exact chronological order with running balance, matching the bank's own running total; amounts must reconcile to the penny against the nominal ledger
Supported Banks
BankScan AI works with all major UK and US banks, including:
Features for Financial Advisors (IFAs) — Bank Reconciliation
- Built for Financial Advisors (IFAs) — Saves 30-45 minutes per client fact-find on income and expenditure analysis, with annual reviews completed 20-30 minutes faster per client
- Software compatible — Output works directly with Intelliflo, CashCalc, Excel
- Built for Bank Reconciliation — Convert bank statement PDFs to Excel for fast side-by-side reconciliation with your accounting records. Sort by date, filter by amount, and spot discrepancies instantly.
- Key data extracted — Every transaction with date, description, and amount; opening and closing balances; uncleared cheques, pending deposits, and timing differences
Compliance: Financial Advisors (IFAs) + Bank Reconciliation
When financial advisors (ifas) prepare bank statements for bank reconciliation, specific compliance requirements apply.
- FCA rules require IFAs to conduct thorough fact-finds and demonstrate suitability of advice. Bank statements form part of the evidence base for suitability reports. Consumer Duty obligations require advisors to demonstrate they understand client financial circumstances. Records must be retained for the FCA's required period.
- Legal basis: No specific statute, but FRS 102 and Companies Act 2006 require accurate financial records; auditors test bank reconciliations as a core audit procedure under ISA 500
Bank Reconciliation — Built for Financial Advisors (IFAs)
Best practice is to reconcile within 5 working days of month-end; delays compound and make year-end reconciliation significantly harder
Try Free — Financial Advisors (IFAs) + Bank Reconciliation