How does FinRecon’s Automation Slash Your Reconciliation Expenses?

For finance, accounts, and collections teams, the daily grind of reconciliation isn’t just about matching numbers – it’s a silent, draining expense. Are you ready to uncover what manual reconciliation is costing your business?

Across various business departments, traditional reconciliation often grapples with fragmented data spread across disparate applications, databases, and spreadsheets, leading to predominantly manual and spreadsheet-dependent processes for the actual matching.

Endless hours are spent reconciling everything from Accounts receivable/payable, invoices, and tax adjustments, to payments received from multiple channels (cash/cheque/online/cards), including partial or full costs, and even stock in/out against purchase orders.

These time-bound and error-prone methods hide significant financial burdens. Why not try FinRecon for your account reconciliation automation to gain control over this heap of expenses?

Manual Reconciliation: Hidden Expenses and Challenges

Let’s rewind the hidden challenges of traditional reconciliation:

• Direct Labour & Opportunity Cost: A staggering 40% of multiple teams’ time in a business is spent on manual processes. Finance and Accounts teams, Collections teams, and Procurement/Stores teams spend extensive time reconciling huge data sets manually.
• Inefficiency, Delays & Rework: Companies manage thousands of reconciliation files via email/network drives, creating version control issues, reporting challenges, and audit complications. These lead to unidentified discrepancies (timing differences, missing transactions, and mistakes)  and costly manual roll-forward rework.
• Compliance Risks & Audit Strain: Maintaining an audit trail of reconciliation statements can be cumbersome, and traditional methods often lead to unexpected audit findings and control deficiencies. This increases the cost and complexity of compliance and audits.
• Unapplied Cash & Liquidity Blind Spots: Collections teams reconcile payments from multiple channels without full visibility of all funds. This can lead to idle unapplied cash and liquidity blind spots, hindering optimal cash utilisation and forecasting.

Account Reconciliation Automation: Walking along the Smarter Way for Cost Control

Adopting a smarter approach with account reconciliation automation, businesses can tailor reconciliation rules to fit specific needs and enhance efficiency and accuracy in their financial operations. Intelligent algorithms automatically match corresponding entries, minimizing errors that lead to costly rework.

Embracing automation means gaining full control over your reconciliation process and proactively managing your financial health. Reducing human effort and error translates into significant labour cost savings and reduced financial impact of mistakes.

In simple words, reconciliation automation fundamentally shifts the economics of your financial operations.

FinRecon: Slashing Reconciliation Expenses

FinRecon is a revolutionary reconciliation platform designed to streamline and simplify account reconciliation processes, directly addressing and eliminating often-unseen expenses. Let’s run through the steps by which FinRecon helps cut down expenses:

• Automated Data Ingestion from All Channels:
  • FinRecon allows general ledger balances, sub-ledger information, and individual line items to be imported in real-time.
  • It supports multiple data import methods, including direct database connections, APIs, files like Excel, CSV, or PDF, and can even extract and read files from emails.
  • Its built-in ML-based OCR capabilities train the platform to read data from different file formats, eliminating manual data entry time and associated errors.
• Intelligent Matching for Any Scenario (Full & Partial Payments):
  • Powered by intelligent algorithms, FinRecon automatically matches corresponding entries, eliminating the need for manual intervention and minimizing errors.
  • Users can tailor reconciliation rules to fit specific needs and preferences, defining one or more conditions on which data can be reconciled. This is crucial for handling partial or full payments from diverse channels.
• Streamlined Exception Handling & Resolution Workflows:
  • FinRecon allows users to create reconciliation workflows by defining conditions, source, destination, and output files.
  • It automates approvals and workflows, enabling management of approval workflows to define authorization matrix to close reconciliation exceptions and case management.
  • This streamlines discrepancy resolution, significantly cutting investigation time and rework.
• Real-Time Visibility & Comprehensive Audit Trails:
  • The platform offers an intuitive dashboard depicting reconciliation status, records processed, exceptions, and ageing reports. This real-time visibility prevents issues from escalating.
  • Furthermore, FinRecon maintains documents on both source and destination data and provides a complete audit trail, allowing internal and external auditors to view signoffs, comments, and supporting documents with time and date stamps, simplifying audits and reducing their cost.

Platform’s Quantifiable Result Derivatives

FinRecon’s automation of operational expenses has been demonstrated through tangible customer results:

• Drastic Reduction in Time & Labour: Customers report an astounding 85% reduction in time spent on reconciliations. This directly translates into significant savings in labour costs and frees up valuable employee bandwidth.
• Accelerated Financial Close: FinRecon contributes to a 70% faster monthly closing process, reducing the overhead associated with month-end rushes and providing quicker access to strategic insights.
• Massive Automation Percentage: An impressive 98% of account reconciliations are automated, directly reflecting the profound reduction in operational effort.

Invest in Clarity: Choose FinRecon over Hidden Costs

Traditional reconciliation is a silent, persistent drain on your organization’s resources and potential. The hidden costs of wasted time, persistent errors, delayed insights, and audit complexities accumulate significantly.

A smart and simple step to overcome these complexities is to embrace account reconciliation automation. With FinRecon’s state-of-the-art technology, you can standardize, control, and automate your substantiation processes.

Stop paying the hidden price of manual processes and elevate your reconciliation from a cost centre to an engine of efficiency and financial integrity. Ready to slash your reconciliation expenses and empower your finance, accounts, and collections teams?

Schedule a demo with FinRecon today and see the profound ROI firsthand.

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