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 and 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 quickly realized significant process improvements and time savings using Trintech’s reconciliation solution for its depository accounts. Because of the solution’s flexibility, the utility expanded its usage across other company processes as well, including; credit card transactions, payroll, accounts payable, check drafts, stock dividends, unclaimed property and general ledger account reconciliation.View Customer
This complimentary guide illustrates 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.Read More