Transform Financial Reconciliation with FinRecon

Financial reconciliation is the process of comparing and matching transactions/financial records to ensure they align with supporting documentation. The purpose behind doing this is to ensure the accuracy and validity of financial information. All transactions recorded in the accounting system are verified so that they match those reported by the banks or suppliers.

Traditional Reconciliation Across Business Departments

For centuries, every business department was involved in reconciling manually using spreadsheets, and maintaining numerous files shared across network drives and emails. Whether it was the finance and accounts teams, collection teams, or procurement teams, manual reconciliation not only involved a huge chunk of their time but also had unidentified discrepancies, data inaccuracy, and audit complications.

With unexpected audit findings, control deficiencies, and inconsistent account reconciliation templates, businesses struggled day and night which took away approximately 40% of their average work time. 

Let’s take a look at the different types of reconciliation processes in any business:

• Finance and Accounts teams: They reconcile the Accounts Receivables or Payables, Invoices and Tax adjustments, across vendors or customers.
• Collections teams: They reconcile the invoices or ledgers against payments received from multiple channels (cash or cheque or online or cards), or Partial or Full Payments.
• Procurement / Stores teams: They reconcile the stock in or out against the purchase orders and delivery challans.
• Others: Maintaining an audit trail of the reconciliation statements that are shared with the counterparty.

By now you must have noticed an endless list of complaints that ultimately demand the adoption of a smart reconciliation platform which standardizes, controls, and automates these substantiation processes. Automated financial reconciliation helps businesses streamline processes with better efficiency helping them save extra time, effort and costs.

Is financial reconciliation a bottleneck for business? Why not make it easier now?

Exploring The Best Financial Reconciliation Solution

With the help of advanced technology, Reconciliation platforms now can automatically match entries to avoid all manual and tedious work. Financial Reconciliation of all your transactions turns out to be accurate, efficient and real-time with the use of such smart tools. Intelligent algorithms help minimize errors, as well.

We bring you here FinRecon. A smart fintech tool that enables simplification of your reconciliation processes. It not only makes reconciling your finances easy and fast but also streamlines that.

Businesses can set tailored reconciliation rules to fit their specific needs and preferences. This paves the way for them to get full control over their financial reconciliation process. It prevents businesses from failing to bring valuable analyses and business insights to standardize their processes and make correct decisions.

How to make your reconciliation processes easier?

With this AI-driven solution, businesses can import general ledger balances, sub-ledger information, and individual line items in real-time to FinRecon. Let’s glance through the smart features of the AI reconciliation software:

• Workflow Management with customizable reconciliation rules and tolerance levels – Businesses can define the reconciliation rules, and import data from multiple data sources, files and multiple output files.
• AI-Powered Document Reader for multiple file formats – Built-in OCR capabilities that train the platform to read data from different formats of files and use the same for reconciliation.
• AML-based matching algorithm for accuracy – FinRecon uses smart technology to automatically reconcile your financial records based on rules, preventing mistakes and saving you time.
• Real-time data import and comparison – FinRecon can import data directly from multiple data sources like conventional Databases or via APIs, Files like Excel, CSV or PDF, and extract and read files from emails.
• Comprehensive Dashboard and Smart Report Builder – With an intuitive dashboard, it depicts the number of reconciliations running, records processed, exceptions, records requiring user action, ageing reports, forecasting etc.
• Case Management & Tolerance – FinRecon provides a strong case management feature where the recon exceptions can be assigned to the respective teams for resolution.

Why do you need to switch to FinRecon?

Transformation is easy, but the decision to switch from traditional reconciliation practices to invading an automated reconciliation tool is a long way. However, growing difficulties have thrown challenges and now it’s hard time for businesses to give it a thought. 

This 21st century demands businesses to be swift, and seamless and adopt the smart way of financial reconciliation automation because of:

• Standardized processes: All teams in an organization demand proper planning and centralised ways of working without any errors. FinRecon promises to bring in accuracy, efficiency and error-free processes in a system.
• Controlled Management: Teams need proper control of the data, analyse them to gain valuable insights, and tailor reconciliation rules as per requirements.
• Save Time and Costs: To avoid repetitive tasks, switching to smarter platforms is a way out. It saves time and extra labour as FinRecon simplify reconciliation process with automation.

FinRecon: Benefits for Businesses

All businesses adopting the reconciliation tool with dashboard analytics is ushered with bundles of benefits:

• Optimized Capacity: Focus employee bandwidth on exceptions, adjustments, and other strategic work instead of mundane tasks.
• Enhanced Visibility: Use real-time dashboards and purpose-built reporting to gain visibility into reconciliation status, timeliness, and quality.
• Reduced Risk: Shift controls from detective to preventive with role-based workflows and built-in segregation of duties.

Does traditional reconciliation slow your business?

With technology being the driver at the front seat, all businesses driven by AI and ML have transformed work processes leaving behind inaccuracies, manual work and countless times. Moreover, FinRecon streamlines and automates your Sales, Purchase, Stock, Expense and Utility reconciliation processes with advanced algorithms and an intuitive interface. It comes with major customer success:

• 98% of account reconciliations are automated.
• 85% reduction in reconciliation time.
• 70% faster monthly close.

What are you still waiting for? Switch to FinRecon Click here!

Learn to transform your reconciliation processes.

Frequently Asked Questions