Posts Categorized: Account Reconciliation

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August 8, 2018
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Account Reconciliation Best Practices

So Many Reconciliations, So Little Time As you probably know, your account reconciliations form the foundation of your financial close and establishing best practices for this process provides a reliable beginning for everything you have to handle during the period end. However, if you are still managing your reconciliation processes manually with spreadsheets and even...

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July 16, 2018
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GUEST POST: Continuous Accounting? It’s Time to Start Talking Seriously About Autonomous Accounting

The Rise of Autonomous Accounting – Robotic Process Automation (RPA), Rules Based Artificial Intelligence (AI) and Machine Learning (ML) Guest post written by Ben Cornforth – FinTech Expert, Helping Finance & Accounting Teams Transform their Organizations through Risk Intelligent RPA Having spent more than a decade in and around Finance and Accounting (F&A) technology, I...

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July 1, 2018
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Control Risk in Your Balance Sheet Reconciliation Process

Nothing sinks a company’s office of finance’s credibility faster than a poorly-managed balance sheet reconciliation process – but where is the risk and how can you control it? For many businesses, managing financial risk could be the difference between sink or swim. The close process should be a way to clearly gauge your financial position,...

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June 29, 2018
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How to Improve Your Vendor Reconciliation Process

The size and scale of your business most likely dictates how quickly you can drown in the workload they create, but there are lifeboats available! With this in mind, take a moment to see if you can answer this question –  how many vendor statements does your company reconcile each year? If you don’t know, that’s a...

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June 15, 2018
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How Audits Impact Your Approach to the Account Reconciliation Process

Due to increasingly strict and complex compliance laws, it is imperative that errors in the account reconciliation process be found well before the auditor arrives. The increased scrutiny on finance departments began with the passage of the Sarbanes-Oxley Act (SOX) in the United States. The law states that public companies are required to report errors...

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June 12, 2018
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Automated Variance Analysis: A Bottom Line Breakthrough

Variance analysis is an important process for any FP&A team, but it’s also one that repeatedly drags down their efficiency. Flip-flopping between different spreadsheets, departmental records and time periods, all during the shrinking window of period end, quickly leaves employees scrambling to finish. All too often, the depth of the variance analysis suffers as the...

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June 9, 2018
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How an Inefficient Reconciliation Process Prevents CFOs From Adding Value

CFOs want an accurate reconciliation process that is faster, reduces risks and costs, provides strong compliance (with a clear audit trail) and, ultimately, allows them more time to focus on data analysis and big-picture insights. This all sounds ideal, but… There is a Big Bottleneck Finance departments continue to rely on the same manual or semi-automated...

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June 4, 2018
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How to Solve Capital Lease Reconciliation Challenges

What is the outstanding amount on each of your current leases? It seems like a straightforward question, but it can be very tough for companies with multiple capital leases to manage these amounts correctly. Invoices are often spread out over years, with the original lease contract filed safely away in a folder somewhere, making reconciliation problematic....

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May 28, 2018
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How Automated Accounts Reconciliation Can Overcome Two Common Roadblocks

Reconciling your accounts receivables is vital, not only because it safeguards against lost or misallocated funds, but also because it provides essential financial information. However, it is also a mundane, time-consuming task—perhaps because of the age of computers and instant information. Yet, no matter how much you grimace and protest, your reconciliation must get done...

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May 22, 2018
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5 Steps to Improving Financial Processes and Controls with Technology

Conducting the final close through manual methods, such as spreadsheets, is the equivalent of trying to complete a relay race where the runners must collect a different baton at each checkpoint, and then pass on the growing collection to the next person in line. Because each person has their own unique gait and cadence, and...

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