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Reconciliation Software – A Simple Concept with Powerful Benefits

On the face of it, comparing one data source (such as a bank statement) with another data source (such as a general ledger) sounds simple.  In reality the difficulties of aligning different data formats from multiple accounts and sources and dealing with the sheer volume of transactions that busy organisations face has seen Accounting and Finance departments forced to hire larger than necessary reconciliation teams and stretch the spreadsheet beyond breaking point for years.

But now they don’t have to! AutoRek makes matching and the reconciliation of any data just as simple as it sounds.  Being able to cut through the real-life complexity of a seemingly simple problem means that AutoRek can really punch above its weight in terms of the business benefits it delivers.

Improving Process Efficiency – Saving Time and Money

One of the most obvious and simplest benefits to realise from AutoRek is the dramatic reduction in processing time required compared to manual reconciliation. With up to 99.8% of transactions being reconciled automatically, significantly less time is spent simply looking for problems. In addition, AutoRek provides tools to improve and speed up exception management. Some of the benefits mean that:

• The number of staff devoted to reconciliation can be reduced
• Remaining staff can be focused on resolving exceptions
• Exceptions can be resolved more quickly
• The reconciliation lifecycle is shortened – giving more up-to-date management information

Gaining Control – Minimising Risk & Making Better Use of Your Assets

The up-to-date, accurate and detailed business information available from AutoRek account reconciliations software and its powerful reporting module means that you can take better control of your business with:

• Minimisation of costly errors
• Facilitation of near real-time accounting – allowing optimisation of cash flow and asset management
• Identification of risk early in the lifecycle forestalling potential problems
• Identification of potential compliance issues

Fully Auditable – Ensuring Compliance

Regulatory compliance, post Enron,  has become a very hot topic, particularly for Financial Services and other corporate organisations operating in global markets.  However, whatever your business, managing compliance cost-effectively will give your business an edge over the competition. AutoRek’s complete audit history capability means you can:

• Provide a full audit trail for all reconciliation transactions – user and time stamped
• Reduce external audit times and, possibly, fees
• Prove compliance with all internal and external requirements including Basel II, Sarbanes-Oxley and FSA regulations
• Maintain a highly positive reputation for your department and organisation

Find Out More

To find out more please Contact Us with your enquiry. Alternatively, visit our Resource Centre to download a host of resources related to our reconciiation software.