Finance departments are being pressured to deliver reports more quickly to management. To do so, reducing reconciliation consolidation cycle time is necessary, but not at the expense of accuracy. The answer is to reduce manual work and adopt a risk-based approach to determining reconciliation frequency. Automation solutions today are able to effectively handle routine, repetitive tasks while applying robust controls. The same technologies can be leveraged to segment transactions by level of risk.
However, there is also substantial room for improvement in processes before a rsik-based approach can be accomplished effectively. This research paper from The Hackett Group® dives into how smart automation enables more efficient digital reconciliation and why there has been an increase in its adoption across the Office of Finance.