Operational reconciliations typically involve matching and clearing high-volume transactional data, which can bog down the Record to Report process. Employees can easily spend the majority of their time matching items that correspond exactly, leaving little time available for them to research the costly exceptions.
This lag time can inadvertently expose the organization to losses and many other risks, as well as result in significant effort expended on mundane, non-value added reconciliation tasks, rather than focusing on exceptions and their root-cause analysis. It’s time to transform this part of your Record to Report process.
With Trintech for operational matching, your enterprise can streamline transactional account reconciliations and eliminate inefficient, error-prone manual processes and find exceptions faster. The solution matches millions of daily transactions for many of the world’s largest corporations and optimizes the process when completing time-consuming account reconciliations – a vital process from which lays the foundation for the accuracy of all financial reports.
No matter the source of the transaction, you’ll be able to control and track this process with an extensive audit trail.
Avoid the potential slowdown caused by high-volume, let automation match and clear those common daily transactions coming from your credit cards, gift cards, and cash accounts. You can define, automate, and order as many matching rules to clear even complex transactions.
Help your enterprise focus much less of its valuable time on matching items that correspond correctly and quickly identifying potentially costly exceptions that actually need attention.
Automating daily transaction matching, exception resolution, and period-end balancing ensures a shorter reconciliation review cycle, ultimately reducing cost through productivity gains and fewer unexplained write-offs.
Alabama Power uses Trintech’s reconciliation solution across several processes to automate its manual month-end processes Alabama Power selected and deployed Trintech’s reconciliation solution to automate its time-consuming and error-prone manual reconciliation and month-end processes. Along with Trintech’s reconciliation solution, Alabama Power chose Trintech’s DataFlow Transaction Network to reduce costs and simplify the company’s bank data collection. Alabama Power quickly realized significant process improvements and time savings using Trintech’s reconciliation solution…View Customer
A complimentary guide illustrating key reconciliation challenges that your company may be facing and how you can use technology to solve these. Learn how automation allows you to spend less of your time data gathering and matching and more on reducing risk and ensuring integrity. Why is matching such a cumbersome process? Haven’t we invested enough money into our ERP’s to make this process easier on us? Let’s be clear, matching should be pretty straight forward, however due to the lack of consistency across our data, we still find ourselves using spreadsheets and databases to complete the process manually outside our ERP systems. Although matching tends to be a high priority, the reconciliation process should never really just be about the matching; even though the manual processes sometimes make it feel like that. The key point here is not that matching isn’t important, it’s that there are solutions out there that can take this challenge away simply and effectively, allowing you to focus your time on greater issues critical to your organization..Read More