Understanding Modern Challenges of the Reconciliation Process

The role of reconciliations plays a vital part in a firm's day-to-day operations, supporting activities such as cash flow reporting, regulatory reporting, risk mitigation, fraud prevention, audit and governance.

At present, most organisations use desktop applications to manually deliver reconciliation activities, but the usage of these tools is both laborious and error-prone, especially when dealing with large volumes of data. This paper explains the reconciliation process in detail, discusses different reconciliation types and the challenges they bring and looks at how software solutions can be leveraged to help manage your firms' reconciliations more efficiently. Reconciliation types covered include:

  • Account Reconciliations
  • Bank Reconciliations
  • Cash Reconciliations
  • Balance Sheet Reconciliations
  • Merchant Reconciliations
  • Purchaser Reconciliations
  • Credit Card Reconciliations
  • Fixed Asset / Inventory Reconciliations
  • ATM Reconciliations
  • Position Reconciliations

 

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