Achieving world-class account reconciliation processes with financial transformation
The reconciliation process is a critical first step in the financial close and sets the foundation for period end success. However, due to its impact on all subsequent close activities, many find reconciliations to be an extremely stressful process that results in using more resources than ‘planned’ for completion. In some organizations, nearly the entire F&A team must drop everything and reconcile. But, will it always be this way?
In a perfect world, the risk of balance sheet mistakes, restatements or month-end close numbers you aren’t confident in would not exist. But, we’re all human, and we don’t live in a perfect world. An efficient and effective reconciliation process is not impossible though. Organizations that establish a strong System of Financial Controls within the finance department are successfully achieving both efficiency and effectiveness throughout their close processes.
Download this white paper to explore:
- Common challenges of account reconciliations
- Best practices for achieving a world-class reconciliation process
- The future of reconciliation technology
- How to reduce reconciliation risk
- Proven ROI of automated reconciliations