D365 Functional Solution Architect
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Financial reconciliation is critical for ensuring the accuracy of financial records, identifying discrepancies, and maintaining compliance with regulatory standards. However, it can be time-consuming and prone to human error, especially in large organizations with complex financial data.
To address these challenges, the integration of Copilot for Finance in the reconciliation process has emerged as a game-changer. By combining automation with AI-powered insights, Copilot for Finance simplifies reconciliation tasks that would otherwise take hours or even days. It empowers finance teams to shift from manual validation to strategic analysis, helping businesses close books faster, reduce operational risk, and make more informed decisions.
Read more: New to Copilot for Finance? Discover how it can streamline & enhance your financial operations.
Reconciling data with Microsoft Copilot for Finance: How to get started?
Data reconciliation in Microsoft Copilot for Finance simplifies reconciling two data sets in Excel workbooks. You can define the data to reconcile, use AI to determine the reconciliation rules, and benefit from a comprehensive report that provides a generative AI summary of the reconciliation process’s results.
Curious about how Copilot for Finance can help with data reconciliation? Check out these use cases:
- Comparing the Vendor statement with the Dynamics 365 vendor account.
- Comparing the bank statement with the Dynamics 365 bank account statement.
- Reconciling subledger to ledger entries in Dynamics 365.
Prerequisites for using this feature
- Copilot for Finance license and user access
- Copilot for Finance add-in installed in Excel
Now, let us explain these steps to help you get started.
Further readings: Using Copilot for Finance in Outlook for financial conversations
Adding the Copilot for Finance add-in in Excel
1: Open Excel and click on Add-ins.
2: Look for the Copilot for Finance application.
3: Select the application and click to use it.
4: The following add-in will be added.
How do you reconcile data in Excel using Copilot for Finance?
Step 1: Add two tables of data, for example.
As mentioned in the screenshot below, you can choose one data set from the vendor and another from the ERP.
Note: The data should be in tabular form only.
Step 2: Once the data is formatted in a table in two sheets, click on Reconcile data in the right tab, as shown in the screenshot.
The user must select the table as mentioned.
Step 3: After selecting both tables, the system will give key fields for matching, which can be two or more than two fields in both data sets, etc.
Step 4: Click on the “Keep” button to use these fields. Any field can be removed by clicking the green-highlighted “X” below, which allows users to exclude unwanted fields.
Step 5: Then, click on reconcile data.
Step 6: Excel will generate a tabular reconciliation format and highlight key points, which can be added to the reconciliation sheet.
Step 7: You can add Summary highlights in the Reconciliation Report by using Append Summary to Report.
The summary section is added to the reconciliation report to present an overview of the reconciliation outcomes.
Note: The report will show unmatched transactions, potential matched transactions, and matched transactions.
Conclusion
Microsoft 365 Copilot for Finance isn’t just an Excel add-in; it’s a strategic enabler for faster, smarter, and more accurate financial reconciliation. By embedding AI directly into the reconciliation process, finance teams can eliminate manual errors, streamline compliance, and focus more on strategic decision-making.
However, effectively leveraging AI requires more than just the right tools; it demands the right approach. Ensuring your data is clean, your team is trained, and your systems are integrated is key to unlocking the full potential of Copilot for Finance.
Are you looking to transform your finance operations with AI? Contact us at marketing@confiz.com to implement Copilot for Finance, drive your reconciliation process, and set the foundation for a smarter, data-driven future.
