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Automated Account Reconciliations

A Guide to Reconciliation Management

The account reconciliation process is a critical first step in the financial close and sets the foundation for period end success. However, if your company’s finance department is like many others, you deal with more and more transactions, subledgers, and external systems. This raises the chance of mistakes, duplicate entries, and inaccurate financial data.

  • Manual Processes: The growing amount of data from multiple sources the reconciliation process has become a daunting task for even the most established organizations. Save time by automatically reconciling your accounts and reduce busy work.
  • Unreliable Spreadsheets: If you’re worried that your reconciliation procedures might be causing balance sheet discrepancies resulting in expensive errors, you’re not the only one. Observe all your accounts in a single location for better insight into the state of your balance sheet reconciliations and the necessary data to enhance them.
  • Repetitive Tasks: Managing the account reconciliation process manually often causes finance teams to spend a heavy amount of time and effort on low-value work instead of focusing on more strategic initiatives. Automating repetitive low-value tasks doesn’t just save time, it gives you the space to concentrate on your most important accounts and enables you to be a strategic partner to the business.

With reconciliation software, you can reduce your dependency on spreadsheets and minimize the inherent risks of conducting account reconciliations manually. Take control of your account reconciliation process for a financial close that’s fast, accurate, and easy to manage.

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“The biggest thing that we’ve seen with Trintech is transparency. Through the solution, we are able to keep our eye on things like close timeliness and account reconciliation timeliness, the accuracy of account reconciliation and journal entries…there is an abundant amount of information that helps you break down the process.”

LKQ Corporation