Alleviate Account Reconciliation Issues with Smart Automation

Overview of a configurable rule-based automation platform to reconcile transactions and remove friction in the accounting systems.

According to an Ernst & Young survey, about 59% of the Finance staff work on managing transaction-intensive processes, and around 95% of this effort is wasted on transactions that already match. 

Ernst & Young

Handling the mundane and the complex

Reconciliation is a mandatory process of validating the company’s financial records, identifying discrepancies, and reconciling the same. Companies perform account reconciliations monthly, quarterly, or even daily as part of standard accounting procedures. Everyone from the CFO to business owners, banks, and auditors wants a prompt and accurate view of the company’s cash and position for reporting and compliance purposes. Yet, despite promising accounting technologies available in the market today, most companies continue to follow the manual reconciliation method to determine the accuracy of their financial statements.

Even today, many companies use manual reconciliation as a customary practice to validate the accuracy of their financial statements.

That is because account reconciliation is a complex, time-consuming process and often leads to aged unreconciled items, inaccurate accounting statements and discrepancies, and open-ended dispute cases. It is often monotonous, depending on the number of transactions requiring simple one-to-one matches. But more often, each business has a unique set of rules to be handled in a certain way. For example, payments received need to be balanced against multiple invoices or receivables. In addition, there could be several payouts from different paying accounts to different vendor account payables requiring many-to-many reconciliations in different ledgers. All these may not be possible with the in-built functionality of the standard accounting software.

Reconciliation often requires a particular way of handling cases unique to the business by identifying and codifying complex rules of reconciliation. 

The need to customize and automate the reconciliation process

Large companies that handle high-volume and complex multi-currency transactions may need more time, budget, or staff to work on the time-consuming manual reconciliation process. This is especially the case with Investment Management companies that reconcile a large number of fund accounts and custodian accounts in multiple currencies. Manual reconciliation of such voluminous data will be an impossible task and often an unviable option.  

The finance office may need more money or staff to work on the time-consuming reconciliation process. However, their biggest challenge is to achieve a faster and more reliable close. So, how do companies achieve this? 

Companies need an automated and user-friendly workflow-based system that allows reconcilers to perform high-volume reconciliations.

An automated reconciliation software or platform will enable businesses to automate the entire recon process, increase accuracy, minimize costs, optimize resources, improve financial governance, and reduce financial risk. Automating the rules of reconciliation eliminates the monotony and mundaneness of matching simple straight-through transactions. This helps the business focus only on the most complex recon tasks and on high-impact business activities.  

A good reconciliation software must have a specific set of features. At the minimum, it must help the business:

  • Know its cash position with the banks accurately by reconciling daily.
  • Reconcile from anywhere via the web or mobile-based interfaces.

CES’s CASHTRAX is an intelligent cross-platform account reconciliation software that leverages technology to save time and cost of unproductive reconciliation activities.

Intuitive and Automated: Smart Reconciliation Platform

We are a leading IT Services and Business Process Management company in the US, providing customized outsourcing services to clients in the IT and Financial sectors. Our flagship product, CASHTRAX, is a fully automated cash and fund reconciliation platform designed intuitively to cater to your Cash, Fund, and Corporate Account reconciliation requirements. The platform standardizes, streamlines, and automates complex reconciliations with complete transparency. It is a cloud-based account reconciliation platform that performs automated reconciliations of all accounting processes in multiple currencies using customer-specific templates, file interfaces, and rules.  

This technologically advanced automated reconciliation platform’s architecture modernizes your account reconciliation process for greater productivity and performance. It also guides and assists in migrating from Microsoft Excel and legacy recon processes to automated reconciliation. 

The reconcilers can upload large volumes of account data, manage risk-based cycles, automate the recon process, and achieve real-time visibility into the entire process. CASHTRAX intelligent data matching system ensures organizations get the accurately matched balances, real-time recon reports, and closing balances corrected up to a difference of $0.99 or such predefined number.

CES has the required knowledge, experience, and expertise in statutory accounting processes. Our automated reconciliation platform helps customize and automate reconciliation processes to a high level of accuracy. It is the trusted reconciliation tool for several small and medium businesses, corporate houses, and large fund management companies in the US. 

For more information or a conversation on how CES can simplify and automate your complex reconciliation processes, contact us at sales@cesltd.com.

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