Account reconciliation process typically requires much repetitive manual work, which creates bottlenecks for many stakeholders. In addition to the reconcilers, these include financial controllers, shared service centre managers, business partners and both internal and external auditors.
As a result, many organisations have been taking an interest in the potential of modern automation technology to drive efficiencies. However, many have not gotten all that far on their automation journey yet and huge potential for efficiency gains remains. You may not be sure how to move forward and find yourself asking about automation and standardisation, “what came first, the chicken or the egg”?
The reason is that you can see that greater standardisation of reconciliation policies across group companies is needed to make the most of automation. However, it’s hard to standardise more when you’re stuck working in different ERP systems and different Excel templates for each legal entity. This might make it seem like some sort of automation-driven IT solution would be needed to enable standardisation.
You might also be wondering how you will manage to verify compliance with standardised policies and stay on top of both automated and manual tasks. And will your solution to all of these problems be able to stand the test of time by also being able to integrate with your financial close processes? After all, if you ask finance professionals when they most wish for an efficiency boost, many would probably say during financial close.
Take away the guesswork and use this roadmap webinar series to learn where you are in your account reconciliation journey and how to move forward. However, you should bear in mind that the challenges raised further along on the journey are equally valid at earlier phases. Regardless whether you take a step-by-step approach or prefer to implement all best practices at once, the road to excellence in account reconciliation is the same. You start with centralised standardisation before proceeding to task automation and onto centrally governed compliance and visibility. A fully integrated financial close process is the final step on the road to excellence.
Episode 1: Account Reconciliation Process Standardisation & Automation
Episode 2: Account Reconciliation Process Compliance & Visibility
Episode 3: Continuous Account Reconciliation and Financial Close Process
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.