Reconciliation

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: 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: 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: FinRecon: Benefits for Businesses All businesses adopting the reconciliation tool with dashboard analytics is ushered with bundles of benefits: 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: What are you still waiting for? Switch to FinRecon Click here! Learn to transform your reconciliation processes. Frequently Asked Questions

Numerous offices and departments spend hours performing reconciliation work, looking through entries, and comparing them with bills and receipts. The task becomes tedious for many, resulting in errors and delays with the overall financial workflow. Traditional reconciliation methods are inefficient and time-consuming. However, let’s talk about a better way for reconciliation through finrecon in this blog post. We will talk about the challenges a business faces, the alternatives, and its benefits. By the end, you will know how to streamline every reconciliation task and grow your business without hassle. What is Reconciliation in Enterprises? Let’s understand the meaning of reconciliation before we move further. Reconciliation refers to the process of comparison and matching between two financial records.  Let’s take an example here to understand further. Imagine there is a company where the seller manages the master ledger and tracks invoices for 100 customers. Every customer has a personal statement of accounts, and payment summary, including pending and overdue expenditure. If the seller has to manage all the expenses with accuracy, they have to reconcile all customer statements with their master ledger.  Further, they have to match the invoices with payment receipts and identify partial and due payments. The seller has to work with payment reminders, errors, and updates for every customer. This process is reconciliation.  Reconciliation is a significant task for every business, including school finance departments, banks, corporations, and manufacturing or similar enterprises. Challenges Faced with the Traditional Reconciliation Method Although organizations understand the importance of reconciliation for active financial records, they fail to perform the required balance sheet substantiation on time. Enterprises face multiple challenges and their limited resources push them back. Here is a breakdown of some of these challenges. Reconciliation Across Departments Let’s get into how reconciliation is useful across different departments in the market with the required use cases.  Introduction to FinRecon: A Revolutionary Reconciliation Solution FinRecon is a technological solution, designed to cater to the reconciliation needs of every  department. This platform has the best-in-class features and characteristics to make sure that your business exceeds. You can reduce human errors that come with manual work, improve visibility and control, and improve workflow efficiency.  Key Features of FinRecon Let’s talk about the key features of FinRecon and how they help your finances.  How does Effective Reconciliation help your business? As a financial department of any business, your job is to make sure that all financial operations are smooth and reconciliation takes place on time. Reconciliation with technology can lead to a 90% match in transactions automatically. This tool can help you save 85% of your time spent on reconciliations. Moreover, you can get a 70% faster monthly close! Here is how effective reconciliation can help your business: How To Have Successful Reconciliation with FinRecon Here is a step-wise guide on how to get started with FinRecon as your reconciliation partner. FinRecon Team will get back to you and schedule a demo for your finance department to test FinRecon’s services.  Maintaining Finances With FinRecon We understand how manual reconciliation processes take time and induce errors in the financial workflow of any business. You cannot gain insights and get automated reports from manual processes.  FinRecon comes in as an ideal solution, imports data from existing and new sources, promotes real-time processing, uses advanced features like ML-based OCR models, and improves the reconciliation efficiency of your business. You will face no issues with scalability and flexibility when using our solution for your business. This platform comes best in use with the financial departments of schools, MSMEs, banks, etc.  Schedule a demo or contact us to start your smooth reconciliation journey today! Frequently Asked Questions