Manual reconciliation is quite a tedious and time-consuming task, your finance team has to spend long hours checking data in thousands of reports which leads to error-ridden work. This process becomes more difficult if the transaction volume of your business is extremely large. As it would take a lot of time to reconcile all those transactions. The organization’s daily functioning also suffers as many tasks get delayed due to this process. Manual Reconciliation might not be fully adaptable to the growth of the company as it is not scalable. As the world is evolving, automation has become a must to carry out certain tasks so that your team can focus on more pressing issues.
Automating reconciliation has become extremely important as it helps you keep up with your growing business and not waste time and resources on these processes. The future is automation. As technology is evolving we need to evolve the way to reconcile data. To efficiently run your business and scale along with the increasing transaction count automation is the key.
Let’s take a look at some reasons to switch to automation.
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- Increased efficiency and accuracy: By automating reconciliation processes you can process large amounts of data quickly and more accurately, reducing the risk of human errors made by the team.
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- Reduced labour costs: Automated reconciliation eliminates the need for manual labour to verify and reconcile reports against each other, which results in significant cost savings. As the funds paid to the staff would be saved and could be utilized elsewhere.
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- Enhanced security: The system gives additional enhanced security as you can use firewalls and other encryptions to protect data from unauthorized access, fraud and malicious activities etc.
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- Improved data management: Data is managed in a better way and access can be given according to need, the dashboard allows for easy navigation of reconciliation facilitating improved management.
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- Scalability: With the help of automation the system can scale along with the growing business to handle a large volume of transactions and an even larger dataset to carry out reconciliation.
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- Real-time monitoring: Using the automated system for reconciliation you can monitor and track the process, data and transactions in real time. It can also alert you in case of any discrepancy which helps in the timely identification of issues so that they can then be resolved quickly
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- Better tracking and reporting: The system gives you a detailed report of all reconciled and unreconciled transactions which enables the tracking of every transaction recorded. It helps convert the data into a report that is easy to analyse enabling you to identify patterns and trends.
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- Better decision-making: Since the reconciliation system gives you a detailed report of all transactions reconciled it facilitates professionals to take data-driven decisions and improve overall business performance.
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- Improved customer service: Automated reconciliation can help reduce the time it takes to resolve customer disputes as you are able to identify unreconciled transactions easily and are able to figure out the source and reason of disputes much quicker. Overall this leads to improved customer satisfaction due to the reduction of delay.
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- Better Access to Data: Since the reconciliation is carried out through software, access is given to all finance team members which leads to more accurate reporting. They are also able to make the final reports on time as the process is automated and they do not have to wait for other team members or permissions to access reconciliation results.
Automation of reconciliation has become a must to achieve increased productivity in finance teams. As one of the main responsibilities of the finance team is to ensure an accurate match of transactions so they need to check and verify transactions, the amount collected, and the amount paid to marketplace sites, payment gateway and COD partners. With automation, the time taken is reduced drastically and manual effort is saved too. Automation is the future and if businesses want to run with the highest efficiency it is important to integrate automation into their daily business operations.
Switch to Automated reconciliation with Cointab
We change the way to reconcile data with our automated reconciliation system. Along with speeding up the process, it helps achieve accuracy as that is one of the most important factors needed for reconciliation. Complete accuracy cannot be achieved when manually reconciling. It also streamlines the reconciliation in the organization so that the departments can carry out timely reporting as a whole without wasting extra time in dependency. With our automated reconciliation system, everything is customized right from business rules, lookup conditions to data formats accepted to load or extract data.