Reconciliations form a big part of life in the world of finance. Excel has stood the test of time as the go-to system for manually reconciling data, but when it comes to data that is high-volume, complex and unaligned, accuracy and efficiency is often lost. Some of the key challenges include:
• Processes that are time consuming and prone to error
• Difficulties handling high volumes of reconciliations
• The complexity of collating multiple sources with varying file and/or data formats into a single place
• Limited data enrichment possibilities
• Inability to apply complex, multi-step matching rules
• No way of identifying, handling and/or managing exceptions
• Lack of automated escalation processes
The case for automation - Reconcile with confidence
Through automation, firms can start gaining efficiencies and data accuracy straight away. AutoRek can ingest any data type and process any reconciliation including accounts, cash, balance sheets, ledger, sub-ledger, payments and more. The software goes far beyond simple matching to include data disaggregation, workflow and exception management.
To find out more on how automating your reconciliations process can help keep you ahead of the curve and make manual processes and spreadsheets a thing of the past, download our free whitepaper.
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