Optimized Technology
How are you leveraging technology in your reconciliation process?
Do you have a close automation tool or are you considering this type of technology? What other technology are you using to streamline your reconciliation process?
Using technology properly consists of knowing what functionality exists and then understanding how it can be leveraged based on your accounting environment, policies and goals. It may not be the time for next-level automation if you aren’t yet comfortable with your balances or your team doesn’t yet understand the components of a quality reconciliation. Consider assessing your organization’s reconciliation process maturity to determine the best approach to technology.
Documenting and optimizing your reconciliation process includes understanding and employing the benefits of technology to:
Centralize your reconciliations
Standardize your reconciliation process
Detail roles, responsibilities and data flows
Prepare and review reconciliations based on a defined workflow
Automate reconciliations using risk-based methodology
GET RECONCILIATION STRONG™
What is one thing you can do today to optimize technology? Consider asking your team their opinion of your current reconciliation process and if they would like to be involved in optimizing it. You might just find someone who is passionate about the impact that a quality reconciliation process can have on your organization. Let’s get them and the rest of your team Reconciliation Strong. You’ll end up leveraging technology based on a maturity model that strengthens the development and ongoing support of quality reconciliations.
