High-volume reconciliations create significant challenges for accounting and finance departments.
The daily, weekly, or monthly matching of bank-to-book accounts, especially credit card transactions, is often a very manual, error-prone, time-consuming task. Regularly, reconciliations are delayed, which impacts visibility into financial performance while also increasing the risk of write-offs. Additionally, business trends are challenging to identify without an automatic exception reporting system and clearly defined workflows. What’s more—these issues multiply exponentially as the company grows.
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