Reconciliation is a necessary task of the finance team. It is vital to reconcile your financial data before making payments or sending it for auditing as it might contain some errors or discrepancies. With advancement in technology, the need for accuracy and speed has also increased. This prompts companies to enhance efficiency in their business by using automation reconciliation solutions like Cointab.
An automated solution has many advantages in reconciliation. It simplifies reconciliation as it conducts the process of matching transactions with minimum errors in no time. As many businesses find the reconciliation process time-consuming and error-prone, they are switching to an automated solution. Without automation conducting this process regularly is a difficult task for the finance team.
Let’s look at some problems that cause inefficiency in manual reconciliation:
Time-consuming:
Manually reconciling data is take up a lot of time as the team has match each and every transaction from multiple reports.
Possibility of Error:
As team members themselves are checking the transactions it is possible that they make some errors while checking or the data itself could have some mistakes recorded.
Inadequate Record Keeping
An audit trail cannot be kept for all transactions and changes made while reconciling data making it difficult to track any discrepancies or errors.
Inability to handle large volumes of transactions:
Without automation, the business needs to depend on people to reconcile transactions, which might be quite tedious.
Inefficient use of resources:
In manual reconciliation, businesses spend a lot of time, human and monetary resources in the process.
To avoid all these issues and the business more efficiently, many businesses are automating reconciliation. It is necessary that you find a reconciliation software that solves these problems and helps streamline reconciliation for your business.
Lets now look at the benefits we get for switching to automation:
Time-Saving:
Automation saves time taken in manual data entry and manually checking each transaction. It automatically matches the data and prepares the reconciliation results without any manual work.
Accuracy:
An automated reconciliation software produces accurate results as it cleans the data and gets rid of any inconsistence or errors.
Flexibility:
On our automated solution is flexible enough to let you select custom data input, export format and the rules engine as per your requirements.
Scalability:
A reconciliation software can scale with the growth of your orgnisation as it can handle a large volume of data.
Improved Data Management:
With a reconciliation software you can directly export results to another software for accounting or analysis. All the data is stored on on a centrazilzed system which helps improve your data management.
A reconciliation software helps make the reconciliation easier with automation. It streamlines the process and lets managers from different departments access the data so that they can make more informed decisions. Since they analysis accurate results produced by the software without much manual work, it adds efficiency to your daily operations.
Why Choose Cointab?
With our automated solution for reconciliation, you can save time and get accurate reconciliation results through the software. The software lets you customize import format, export format and rules engine to fit your specifications. It is designed to handle huge volumes of data so that it can scale with your organization. All these factors contribute to boosting efficiency and streamlining the reconciliation process.
