Automation helps finance reconciliation by providing a multitude of benefits, including:
Reduces manual error: Any process that requires data and manual entry is prone to error. But, if you utilise an automation tool, you reduce the opportunity of inputting incorrect information because the software pulls data directly from the various sources.
Maximises time and productivity: Reconciliation can be performed in a matter of minutes. Whether its document review or analytics review, you will be alerted to any anomalies or discrepancies as they are found. This way, your team can focus on the work they need to get done as the tool does the detail-oriented tasks.
Centralised data: All data can be securely stored in one centralised place. Say goodbye to financial documents across desktops and spreadsheets and notes all over the place.
Access controls: Grant access to the people within your organisation that need to review or approve transactions and accounts.
Auditing and compliance: Rest assured, knowing that all data that moves within the system is stored and recorded for audit trails. You can reduce compliance risk as the exact process remains documented within the system and is standardised.