Reducing Risk and Strengthening Controls: Building the Business Case for Automated Reconciliation in Financial Services

5 Steps to Build a Business Case for Reconciliation Software

If you’re responsible for bank reconciliations and still using manual reconciliation and certification processes, you know all too well how these processes can be labor intensive and error prone. Chances are your team spends multiple days every month reconciling accounts, knowing there’s a better way. Automated account reconciliation software can solve both problems. It can strengthen compliance and internal controls while lowering the time, cost and risk associated with month-end closing.

It’s neither acceptable nor smart to sign off on financial data without understanding exactly where it came from. Yet many executives are certifying data without visibility into the background of the numbers. Executives often have no choice because, short of checking every figure with a calculator, they can’t confidently verify the data hitting their desks.

Manually managing reconciliation can create vulnerabilities such as noncompliance, fraud, errors and audit risk. And when exceptions can’t be traced or resolved in a timely manner, they turn into costly write-offs. Financial institutions don’t have to accept those costs or risks when there is technology that can eliminate them.

Inside the eBook:

• Understand how much your organization could gain by removing repetitive, manual reconciliations
• Learn how to calculate the cost of manual account reconciliation
• Discover how to measure the effect of account reconciliation software
• Find key questions to ask reconciliation and certification providers

Download this eBook for five steps to help you build a business case for automation software to streamline the account reconciliation process.