Turn reconciliation challenges into major opportunities with these tips.
We live in a fast-changing world where the need for speed, quality, and control in the financial close process is on the rise. Now, the pressure on finance professionals to provide management with reliable information that supports faster decision-making as well as provides strategic guidance on important decisions has notably increased. To keep up with the competition, and an ever-evolving landscape, more and more organizations are simplifying and streamlining their reconciliation processes through automation.
The need for fast, accurate reconciliation is ever-present, and automation can help produce reliable results no matter what the situation.
Bank Reconciliation: Keeping track of any differences in your own organization’s bank statement and those supplied by the bank is time-consuming.
Foreign Currency Accounts: What currency do you work in? And what’s your monthly rate?
Direct Payments: Direct payment can cause your accounting department to be flooded with multi-page statements, which, without automation, are simple but transaction-intensive.
Balance Sheet Substantiations: New cloud-based systems can replace manual steps, allowing you to keep track of all accounts, irrespective of the number of companies, banks, businesses, and accounts.
Intercompany Accounts: The reconciliation of internal balances is complicated by many factors, which increase with the number of companies, currencies, and accounts involved.
External Suppliers: Reconciling the accounts of external suppliers is another challenging area and requires significant attention to detail.
Download this eBook to discover the best practices for reconciliation management.