In increasingly complex environments, manual financial reconciliations have become more time-consuming and labour-intensive, says Darren Turnbull, CEO of MoData.
Slashing time to reporting with automated reconciliationThe quality of data input into the reconciliation process, especially from external sources, can impact reporting.
In the traditional reconciliation environment using simple toolsets, manual processes via Excel, or simple home-built file-to-file matching solutions, CFOs face challenges such as the timeliness of data, backlogs of unresolved unmatched items and untraceable transactions, and under-utilised existing reconciliations systems, leading to write-offs, and accountability on resolving or tracing discrepancies, Turnbull says.
Because the account reconciliation process is a critical first step in the financial close and sets the foundation for period end success, reconciliations can be an extremely stressful process that results in using more resources than planned for completion, he says. Modern automated reconciliation systems allow organisations to assign permissions for various functions, enable alerts and notifications, and ensure that supporting documentation and approval processes create an auditable record of a financial period, with the assurance that all personal and sensitive data is processed in compliance with rules and regulations such as POPIA and GDPR, he adds.
Darren Turnbull Manual Financial Reconciliations Financial Data Reconciliations Systems
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