follow our blogThe Benefits of an Automated Reconciliation Tool for Expanding Businesses. Save Time, Focus on Business Growth.
“Account reconciliation is the process of comparing two sets of records to ensure their balances are correct at the end of the accounting period”, end of the definition.
As clear and simple as it sounds, this definition implies more than meets the eye.
Imagine you are a small coffee shop owner, a market newcomer who has a handful of transactions and reconcile your bank statements on your own. This may not be on your top list of favorite tasks, but you still manage to do it twice a month and stay on top of it.
Fast forward five years from now. Your business has grown to a well-known chain of coffee shops, famous for its unique coffee blends. You are present in three states and just opened a new deli in Costa Rica. You operate with five different bank accounts in three currencies and have hundreds of transactions every day.
You have hired an accountant. Your accountant is stressed and spends too much time over excel spreadsheets trying to adjust balances and investigate discrepancies. Your business has expanded, so you need a solution that can help effectively manage it.
Manual reconciliation can be time-consuming, even time draining and there is a high exposure to human errors. A simple input mistake or accidentally deleting an Excel formula can result in substantial costs for your business. Such inaccuracies are often revealed during audits.
As a business owner, you don’t want to waste the time of your highly motivated, expert employees on this tedious task. You would rather give them the proper tools, so they can focus on value-added activities, business development and management.
This is when automated reconciliation tool come to aid.
A key benefit of reconciliation automation software is time savings. Thus accounting teams can focus more on investigating and managing exceptions. Also, period-end close campaigns run more smoothly and with less stress.
Remember – you own a growing, multi-location business. Automated reconciliation helps improve visibility and transparency in intercompany transactions, it enhances compliance and reduces financial risk.
The modern reconciliation solutions offer versatile, cloud-based platforms that streamline financial processes and increase audit readiness.
The ReconArt reconciliation software provides:
- Automated reconciliation of bank accounts regardless of the bank statements format (BAI, SWIFT, FIRD, ACH, CSV, Excel, XML, etc.) and the currencies used
- Transaction matching which follows your business processes and logic
- Options for transformation and enrichment of your data
- Automation of every step of the reconciliation process, including import and export of data and report creation
- Integration with different ERP systems
- A detailed audit trail and internal control checkpoints at place, reducing the audit vulnerability
- ReconArt is equally suitable for every industry and any company size
Implementation of the software requires minimum IT efforts and the software is oriented towards the business user, so that new processes and rules can be defined without external support. The solution is cloud-based and we constantly invest in product development to fulfill client and industry requirements.
So catch the plane and head to the Costa Rican beaches to take care of your new endeavor, let us worry about reconciliation.
If you want to learn more, check out the ReconArt website!
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