Reconciliations play a key role in a firm’s day-to-day operations. They support crucial activities, such as cashflow reporting, regulatory reporting, risk mitigation, fraud prevention, audit and governance.
What is a reconciliation?
A reconciliation, as outlined in the generally accepted accounting principles (GAAP), is a process that compares internal financial records at a granular level (e.g. transaction or balance) against external sources. This might, for example, be a bank statement or ledger record.
More than 90% of companies still use desktop applications to manually perform their reconciliations process.
In this whitepaper, you will discover why a manual approach is both labour-intensive and increases a firm’s chances of making errors – especially when dealing with large volumes of data.
Understanding these challenges is becoming even more important as regulations become increasingly stringent, placing a greater burden on organisations.
As well as reading a comprehensive explanation of the reconciliations process, you will learn the common reconciliation challenges firms face today.
This paper also provides key insights into the different types of reconciliations, including:
- Account reconciliations
- Bank reconciliations
- Cash reconciliations
- Balance sheet reconciliations
- Merchant reconciliations
- Purchaser reconciliations
- Payment reconciliations
- Trade reconciliations
- Intercompany reconciliations
- Credit card reconciliations
- Fixed asset/inventory reconciliations
- ATM reconciliations
- Position reconciliations
- Transaction reconciliations
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