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There’s More to Operational Reconciliations than Matching

Operational Reconciliations MatchingWhy is matching such a cumbersome process? Haven’t we invested enough money into our ERP’s to make this process easier on us?

Let’s be clear, matching should be pretty straight forward, however, due to the lack of consistency across our data, we still find ourselves using spreadsheets and databases to complete the process manually outside our ERP systems.

Although matching tends to be a high priority, the operational reconciliation process should never really just be about the matching; even though the manual processes sometimes makes it feel like that. The key point here is not that matching isn’t important, it’s that there are solutions out there that can take this challenge away simply and effectively, allowing you to focus your time on greater issues critical to your organization.

“Reconciliation, which is an essential element of the close process, is a repetitive task that lends itself to automation, and affordable software for managing the task is mature. Yet just 37 percent of companies have applied automation to their reconciliation process” Ventana Research

As Ventana Research states above, there is affordable, mature software available today that can be implemented very quickly. Not only can it make our lives easier, it can also deliver excellent ROI for you and your business.

The goal is to spend the majority of our time in the world of exceptions; focusing on identifying core issues, as to the reasons for the exceptions, and identifying potential initiatives to improve the process so these exceptions decrease over time. This all leads to a focus on what is important, rather than just simply providing data.

To find out more details around operational reconciliations, please click on the banner below to download the relating eBook.

 

More to Operational Reconciliations Than Matching