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How Can Technology Modernize Accounts Reconciliation?

Last updated: 14 Apr, 2023 By | 6 Minutes Read

Account reconciliation is vital in every business, but processing it is quite challenging. If you’re still following traditional methods, then here’s a blog sharing some useful insights on how technology is helping to enhance this process.

All kinds of businesses whether small-scale, medium or large-scale, understand the significance of accurate bank account and credit card reconciliation. Their accounting divisions should adopt best and up-to-date processes and this is the reason why training is essential.

In this article, we are going to learn about the best ways of modernizing accounts reconciliation by overcoming the biggest hurdle in the way “change”. As and when a business overcomes all sorts of opposition to change and embrace new technologies, they will begin getting the good results from their hard work.

Businesses, across the globe, simply cannot remain blind to the reality; continue to avoid assessing and not finding concrete solutions to the posed risks. This is similar to avoid visiting the doctor as a result of the fear of what you’ll be diagnosed with.

You can choose to ignore what is happening within your accounting processes. However, this would not keep your problems at bay. And, in case something goes awry and you do not have a clear picture of your financial situation; this is something you have never paid attention to, you can put yourself in a lot of trouble. Even your business might suffer, as a result.

Sounds scary, right? We know. But it isn’t everything to do with business getting doomed or avoiding risks. There are a lot of practical advantages of getting rid of manual bank account and credit card reconciliation, and embracing the latest technology to assist you in getting your job done the right way.

Risk is frightening, however, there’s a reason for a positive outlook

Today’s technologies can easily automate the accounts reconciliation procedure, increasing the advantages of process optimization whilst improving the accounting team’s efficiency on the whole. It can benefit you with better compliance and eliminating the chances of mistakes from making use of spreadsheets, presenting:

  • Automated workflow
  • Real-time reporting from the console and reconciliation templates that offer uniformity along with automated functions
  • Audit trails along with previous time-period history
  • Automatic certification of lower-risk, regular accounting reconciliations

One can obtain instantaneous insights across the company with the customized and hassle-free user experience. You also get a centralized repository for all reconciliations and supporting paperwork, thereby, enabling global secured access at any time from any place.

Real-time information to assist decision making

With your bank accounts and supporting line-item data at one designated place, you reap the benefits of data in real-time to support your financial decisions. You will be able to generate reports to understand the aging of your reconciled points and comfortably detect mistakes and their effects on your finance reports.

Accounting professionals can easily free themselves from the manual work and automate their recurring chores, allowing them to have more time in hand for evaluation purposes. Finance departments and companies can get a lot more accomplished in less time even while the business is growing without expanding the total number of people.

Furthermore, higher management can gain access to real-time financial data without awaiting the completion of any closing task. Taking advantage of the principles of continuous accounting as well as making use of modern technology facilitates accountants and financial teams analogously boost the work quality and more than anything, eliminating the risk of the unidentified.

For this reason, businesses can better evaluate what’s impacting the figures and at all times be aware of where exactly they stand. In a nutshell, proper knowledge detects and minimizes the risk. It is advised to embrace technology for reconciling of accounts and in this way, businesses can free up their time.

However, manual supervision of the accounts is still required and this is where accounts outsourcing companies come into play. As you outsource reconciliation, the external service provider would take care of all the processes on your behalf, do the review and make corrections, if required.

Upgrade your account reconciliation process with the help of the best technological solutions of Cogneesol. We are one of the world’s leading accounting outsourcing companies serving businesses of all sizes for more than 11 years. We are experts in accounting and can handle your bookkeeping, reconciliation, tax preparation, financial reporting, and payroll processing tasks. Contact us today to get started with your free trial +1-646-688-2821.

Interested to know more?

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