Gain 70% Faster Financial Close with Automated Reconciliation Platform

Is your monthly financial close a predictable sprint or a stressful marathon? For those in B2B sectors like travel, retail or manufacturing, the finance and accounts team runs a stressful marathon every month-end. Buried under a pile of sheets, fragmented data, and constant reconciliation errors drains the time and efforts of the resources involved.

This manual financial close simultaneously hinders cash flow and puts the entire financial operation at risk. It not only hampers growth but also complicates reporting and audits. Finance leaders are now in search of a transformation that will help them get rid of fragmented data, persistent errors, and delayed insights.

Modern transaction complexities, inevitable discrepancies, non-compliance, and fraud have led to the need for smart solutions. With automated reconciliation platforms like FinRecon, we can fasten the financial close by at least 70%. Businesses can tailor reconciliation rules to fit specific needs. The platform automatically matches corresponding entries, eliminating the need for manual intervention and minimising errors.

Let’s check in detail how FinRecon helps achieve faster financial close with FinRecon.

Why is manual reconciliation inherently slow?

The delay in financial close is due to siloed data sources, missing transactions, timing differences, unexpected audit findings and control deficiencies. Every business that continues to follow the manual methods of reconciliation struggles with:

• Fragmented Data and Siloed Sources: Manually consolidating and standardising data from multiple, disparate systems available in varying formats like PDFs, CSVs, or custom API dumps is the first and biggest time sink.
• Complex Rule Sets and Exceptions: Transactions in multiple currencies and time zones require complex exchange rate calculations.
• Error-Prone Human Intervention: Manual reconciliation requires more time and leads to human errors, which are nearly impossible to resolve before the deadline.

What are the hidden costs of a slow financial close?

It is not just about the high costs involved in a slow financial close, but it is also about lost opportunities and significant business risks.

• Financial Leakage: Missing bank settlements, unreconciled chargebacks, and undetected discrepancies lead to direct loss of revenue and cash.
• Stalled Growth: Leadership lacks a real-time, consolidated view of cash, inhibiting immediate working capital decisions and timely expansion analysis.
• Audit Risk: Lack of an automated, auditable trail results in unexpected findings, control deficiencies, and lengthy, stressful audit cycles.
• FTE Burnout: Finance personnel are relegated to repetitive, low-value data processing tasks, leading to high stress and a lack of focus on strategic analysis.

3 Steps to Eliminate Manual Reconciliation with FinRecon

Automated Reconciliation Platform rectifies these issues by executing a streamlined process, enabling the finance team to skip manual data preparation entirely:

Step 1: Automated Data Ingestion and Centralisation

FinRecon uses API-driven ingestion to connect and gather data directly from all sources, such as POS, e-commerce, banking, invoices, GL, subledgers, and ERPs. This centralises all financial data in real-time, validating and standardising the format instantly for reconciliation.

Step 2: Intelligent Matching Rules at Scale

The platform applies intelligent algorithms to match transactions across multiple data sets instantly. The user can define one or more custom conditions under which the data can be reconciled. It handles complex scenarios like multi-way matching (e.g., invoice, bank statement, and ledger) and automatically manages tolerance levels for minor variances. 

Step 3: Efficient Exception Handling and Real-Time Visibility

Unmatched items are automatically flagged, triaged, and routed to assigned case managers in real-time. The platform streamlines the management of exceptions by often providing potential reasons for the mismatch and routing them through defined workflows for quick resolution. Real-Time Visibility and Monitoring dashboards offer a clear overview of reconciliation progress, ensuring proactive intervention and keeping the financial close on schedule.

Achieving the 70% Faster Close with FinRecon

By replacing the manual, error-prone workflow with the automated reconciliation platform, businesses instantly shift their operating model. For instance, the B2B travel aggregator, BlueYonder, one of our most successful clients, was able to move their close time from five days to less than one day, representing a 70% acceleration.

FinRecon’s features are engineered to make this speed possible:

• Audit-Ready Reporting and Enhanced Compliance: The platform maintains a comprehensive and auditable trail of all reconciliation activities, providing transparency and supporting compliance efforts. This also helps reduce financial risks.
• Real-time Monitoring: The intuitive business dashboards provide a unified, 360° view of reconciled cash and sales performance, allowing accounts to be monitored and signed off before month-end even arrives.
• Strategic Shift for Freed Up Resources: By automating 80% of the data processing tasks, the finance team is free to spend 80% of their time on high-value financial analysis, forecasting, and business partnering.

Financial Certainty is the New Normal

Manual reconciliation is a high-risk liability that actively suppresses growth. All that the finance and accounts team needs to do is replace error-prone spreadsheets with FinRecon and automate the reconciliation process. It is more than an investment in financial agility.

This transformation provides a predictable, transparent financial close, enabling leaders to capitalise on every growth opportunity without fear of audit risk or undetected leakage. Experience the difference with the automated reconciliation platform, and with time, you will unwind all the changes that every business looks forward to!

Ready to start your 70% faster financial close journey like the travel aggregator?

Talk to a FinRecon expert today to discover how intelligent automation can deliver real-time financial certainty.

Frequently Asked Questions