6 Best Practices For Account Reconciliation
Finance and Accounting teams have moved into a more strategic role where they are relied upon to help drive critical business decisions. Primarily, this is done through timely processing and deep analysis of the company’s financial information.
As companies grow in size, the complexity of the account reconciliation process grows in tandem. To compensate for this additional burden, Finance and Accounting teams must approach their work in the most efficient and effective ways possible.
To ensure there is enough time to meet these new expectations, our tip sheet provides six best practices that can help your organization improve the account reconciliation process.
1. Automate The Reconciliation Process
2. Prioritize Standardization of Processes
3. Establish A Risk-Based Approach with Materiality Thresholds
4. Fill In Manual Gaps
5. Evaluate And Improve Processes Over Time
6. Expand The Full Impact of Automation