-Reconciliation is a crucial process for the proper functioning of any business and is termed as comparing transactions and activity to supporting documentation; and resolving any discrepancies that may have been discovered.
-This process if done excellently allows for insights and high data quality. This also allows for better decision-making processes; and improved job retention for a CFOs finance team.
The Evolution to Automatic Reconciliation
-Companies can face problems like fraud, debt, and compliance violations without proper reconciliation.
-CFOs have now decided to move towards automatic reconciliation because these automated systems solve the vast number of problems that come with manual reconciliation.
- The use of manual reconciliation using Excel spreadsheets has decreased significantly over the years.
-The notable hiccups associated with manual reconciliation are as follows:
1. Time Wasting
- Manual Reconciliation/ month-end closing can take 8 days to complete compared to instantaneously when done automatically. It takes a lot of time to align different sources and multiple data formats and mistakes are made while evaluating discrepancies in data.
-Automatic reconciliation has come to do more than just improve workforce efficiency. It has also given an attractive proposition to the busy and stressed financial teams who might not have the luxury of time to get up and scratch on new systems.
2. Data Quality
-Data formatting issues to do with currency, charges and fees and bulk amounts create confusion. The additional stage of data alignment and standardization before reconciliation can start has brought about variances in these sources responsible for data information.
- The solution lies in developing attractive software that addresses pain points without creating additional complications.
-Automated reconciliation is becoming more popular due to its ability to solve problems associated with manual processes. Companies are considering technology automation as one of the most vital and profitable areas and easing issues surrounding data quality.
1. The Churpy Reconciliation program is curated and developed to provide cutting-edge accuracy, speed, and control to reconciliations with intelligent automation.
We help in the following ways:
2. Customize Modules- we give our users the opportunity to set their own rules and what frameworks to look at while registering taxes, user access control, and a lot more.
3. Real-time analytics- organizes data in a single view to understand how much is reconciled or not.
4. High-Capacity invoice load- implementing a robust multi-tenancy architecture where multi-user groups can access it at once.
5. AI-Powered Rules Engine- this has an innovative masterpiece created to cleverly match your invoice batch against transaction; while focusing on what’s important.
6. ERP Integrations- Churpy Reconciliation comes integrated into the major ERPs available to our clients such as Microsoft Dynamics 365, SAP Business One, and more.
7. Remittance Advice Automation- allows for automated extraction of PDF documents into CSV to allow automated reconciliation for example, Carrefour, NAIVAS, and Jumia etc.