In this second edition of Account Reconciliation Process Excellence webinar series, we will deep-dive into account reconciliation compliance challenges and solutions.
Watch the webinar:
Use email or paper-based approvals: Without process visibility, how will you keep track of the status of reconciliations? Having to constantly ask for updates takes unnecessary extra time and can cause delays in the case of dependencies like tasks coming right before or after the task in question. It’s also hard to keep up with key changes and regulations if you don’t have an up-to-date view of reconciliation processes.
Don’t have agreed standards of supporting evidence: Without the capability to enforce specific rules, how will you know if they are even being followed? It can hurt your department’s efficiency if it takes more effort than it should to verify compliance with corporate policies. This could also make it harder to prevent and detect material misstatements and fraud. But the stakes are even higher if you are subject to stock exchange rules and regulations. And if you aren’t listed today, what if you become listed in the near future?
Can’t easily verify whether high-risk accounts are reconciled on time: You probably won’t get a good night’s sleep if you aren’t able to verify that high-risk accounts have been reconciled on time. And it’s hard to do that if you’re relying on manual reminders, approvals and confirmations via email. Similarly, the approval process can be easily bogged down if you’re overloaded with emails or even stuck waiting on paper-based approvals.
Christopher von Walzel, International Sales Executive at Aico Group.
Christopher is a sales executive with over 7 years of experience in supporting large companies with the on-boarding process. He can help you arrange demos, provide information about Aico to support your business case and guide you from the first meeting to the final decision.
Clive Jefferies, Product Manager at Aico Group.
With over 30 years of experience in finance and IT, Clive has in-depth knowledge of record-to-report accounting processes and intelligent automation solutions. Having worked for the likes of IBM and Microsoft as well as consulting large global companies, Clive holds the expertise on end-to-end financial close processes.