Bank Statement Automatic Reconciliation for AR, AP, and External Transactions

I'm currently working on setting up the automatic reconciliation process for bank statements that include transactions from Accounts Receivable (AR), Accounts Payable (AP), and external sources. However, I'm encountering issues with achieving a smooth and efficient reconciliation flow. Could anyone provide guidance on:

1. Best practices for configuring automatic reconciliation to handle a high volume of transactions from multiple sources?
2. Any recommended settings or rules that can improve the accuracy and flow of the reconciliation process? (For example by Customer name)
3. Common pitfalls to avoid to ensure a smooth reconciliation process?

Thanks in advance for your help!