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To begin with, we can say that the term ‘reconciliation’ is now a common practice for all businesses, regardless of size. Every industry is involved in reconciling huge sets of data scattered across various sources and subsidiaries in different geolocations. The process can be simply described as matching payments to invoices, finding out any discrepancies or missing transactions, currency mismatches, correcting errors, and ensuring enhanced data accuracy and efficiency. However, as we proceed with this task traditionally, the load is huge. Multiple resources get involved, long hours are consumed, and operational costs are drained just to keep track of this high volume of transactions. This is where experts leveraged smart technology and automated the process to make the most out of real-time reconciliation in accounting. Automated reconciliation can be defined as the process of automatically matching and verifying transactions, ensuring records across bank accounts, payment gateways, and accounting platforms are all aligned. It provides unmatched speed and immediate insights to help industry leaders make better decisions. Why is Real-time Reconciliation Necessary? With the automation and digitisation of the process, real-time reconciliation in accounting has now become a necessity. Automated account reconciliation not only matches millions of transactions across multiple datasets in seconds, but also helps flag potential issues before they become major problems. Reconciliation solutions are designed in such a way that businesses can seamlessly integrate with their systems for data ingestion and configure the reconciliation rules accordingly. That is the power of automation. Such platforms turn complex transactions into simpler ones for confident financial management and strengthening of financial visibility. One such advanced reconciliation automation platform is FinRecon. It is designed to simplify reconciliation through real-time data processing, custom rule creation, and insightful dashboards. By combining advanced algorithms with an intuitive user interface, the platform enables every business to tailor reconciliation rules to fit their specific needs and gain complete control over their financial data. How to Gain Financial Clarity with FinRecon? Businesses striving for better financial clarity can integrate with FinRecon, which allows data (in Excel, CSV or PDF formats) to be imported from general ledger balances, sub-ledger information, and individual line items in real-time and then go for matching transactions. They may also compare balances, identify discrepancies and adjustments, and automate approvals and workflows with the advanced solution. As a smart reconciliation automation platform, FinRecon helps gain financial clarity by enabling businesses to – All of this gives financial clarity for leaders to scale their businesses to the next level. FinRecon has tailored features for sectors like e-commerce, banking, healthcare, travel and logistics. Businesses can make the most of the platform and gain full control over their cash flow. Real-time Reconciliation in Accounting is Ruling Industries Automated workflows, faster data capture, transaction matching, data reconciliation across multiple payment gateways, and real-time analytics are in high demand. Finance and accounts teams are relieved from hunting for unmatched transactions because FinRecon’s intelligent algorithms help in identifying and resolving variances. Manufacturing, SaaS, retail, and many other industries are gradually growing dependent on technology to automate their financial operations. From the retail floor to the manufacturing plant, real-time reconciliation in accounting transforms tricky financial data into immediate, actionable intelligence. Advantages Derived by the Finance and Accounts Team Resources are often burdened with sleepless nights and buried under spreadsheets, PDFs, emails, and various other data sources, making it difficult to put it all together and present a comprehensive picture. However, with FinRecon, they can save their time and efforts as real-time reconciliation in accounting provides: Why Should Industry Leaders Choose FinRecon? Industry leaders cannot afford the financial leakage, compliance risk, and slow decision-making that come with outdated spreadsheets and fragmented systems. FinRecon stands apart as the definitive solution for this new financial era because it offers intelligent automation at scale, audit-ready compliance and cash-flow mastery. Real-time reconciliation in accounting significantly reduces compliance overhead and accelerates audit cycles. With proactive alerts, leaders gain unmatched control over their cash position. To gain a better understanding of the functionalities and utilities of FinRecon, read our latest case study here. To be at an advantage of financial clarity like these industry leaders and analyse trends, gain revenue insights, and perform root-cause variance analysis, get in touch with our experts today for a demo session! Frequently Asked Questions

Tik-tok round the clock! The month-end. The quarter-end. The year-end. The clock hands keep ticking, and the calendar pages keep turning. These periods often feel like a relentless race against the clock for finance teams. Delivering accurate reconciliation statements requires tedious and time-consuming account reconciliation, which puts immense pressure on the financial team. But what if financial leaders opt for automated reconciliation platforms that could significantly shorten this crucial step, freeing up valuable time and resources? Solutions like FinRecon can be our saviour, designed to put our financial close on the fast track. Time to take a groove and make a strong move! Why Manual Reconciliation Slows You Down? The traditional financial close process is often fraught with manual tasks, and account reconciliation frequently emerges as a major bottleneck. Imagine sifting through countless spreadsheets, manually comparing general ledger balances with subledgers, bank statements, and other supporting documents. This labour-intensive approach is slow and highly susceptible to human error and other discrepancies. Large organizations deal with a sheer volume of transactions and mountains of data from disparate systems. Reconciling these figures manually becomes an overwhelming task. Moreover, the inevitable discrepancies that arise between these systems require significant time and effort to identify, investigate, and resolve. This delays the entire close process, increasing the risk of inaccuracies and non-compliance. Account Reconciliation Automation with FinRecon FinRecon is a powerful platform designed to revolutionize the account reconciliation process through intelligent automation, directly contributing to a significantly faster financial close by: Businesses Accelerating Financial Close with Automated Account Reconciliation The implementation of automated account reconciliation with FinRecon translates directly into a significantly faster and more efficient financial close for businesses: Real-World Application: Vendor Reconciliation with FinRecon A group of companies used FinRecon to automate reconciliation across numerous vendors. Payment records from their ERP (like SAP) and vendor emails were uploaded. FinRecon automatically matched data. Mismatches triggered direct emails from FinRecon to internal teams for verification. Replies updating the mismatches automatically updated the reconciliation report within the platform. This streamlined communication and resolution significantly sped up and improved the accuracy of their vendor reconciliation process. Take Control of Your Financial Close with FinRecon It is high time for businesses to step out of the financial close marathon race and embrace a future where things are much faster, more efficient, and less stressful. The platform FinRecon empowers the finance team of large corporates to take better control of their activities, automating the matching process, streamlining exception handling, and providing real-time visibility. The solution combines advanced algorithms with an intuitive user interface to deliver unmatched efficiency and accuracy. There will be no more reporting challenges and audit complications. Get ready to accelerate and learn more about FinRecon and its capabilities. Frequently Asked Questions