Author: Actuals
Financial reconciliation is an essential process that helps organizations maintain accurate financial records, improve the efficiency of their financial operations, and mitigate financial risk. Some organizations use standalone sync solutions to facilitate data movement from one point to another and manually reconcile their financial data from that point on.
In the context of finance and accounting, a sync solution is often used to ensure that data from different financial systems is consistent and up-to-date. For example, a sync solution may be used to keep the data in your accounting system in sync with your bank accounts, so that you always have an accurate view of your financial position.
However, a sync solution may not be enough to provide a complete picture of your financial data. In many cases, there will be discrepancies between the data in different systems, which need to be reconciled to ensure accuracy and compliance with regulatory requirements. This is where holistic financial reconciliation platforms, such as Actuals, come in
Holistic financial reconciliation and control solutions provide a wide range of benefits over a traditional financial sync solution, including:
Improved Accuracy: By integrating multiple sources of financial data, such as order databases, accounting systems, and payment platforms, they provide a comprehensive analysis of an organization’s financial transactions. This eliminates the need for manual data entry and reduces the risk of errors, leading to more accurate financial records.
Increased Efficiency: They automate many of the manual processes involved in financial reconciliation, such as matching transactions and identifying discrepancies. This significantly reduces the time and effort required to reconcile financial data, allowing organizations to focus on more value-adding activities. The Actuals platform can reduce up to 98% of manual reconciliation work through automation.
Enhanced Visibility: By providing real-time visibility into an organization’s financial data, they allow organizations to quickly identify and resolve any discrepancies or mismatches. This helps organizations to maintain accurate financial records, respond promptly to any financial risks, and anticipate future growth.
Improved Compliance: Organizations can be sure that they are compliant with financial regulations. This helps them to avoid penalties and legal liabilities associated with non-compliance. Being ISAE Type II certified, Actuals is able to serve as the “robotic accountant” of your business and independently validates all reconciliations on a daily basis.
Scalability: A holistic financial reconciliation platform allows organizations to scale the business while resting assured that automation keeps up with the demand, rather than investing in adding more team members to achieve the same via mostly manual routes. In addition, these forms of automation also help in tackling the growing financial data complexity, allowing organizations to maintain accurate financial records at any time.
In conclusion, a holistic financial reconciliation platform provides a comprehensive and effective solution for organizations that are looking for sustainable ways to reconcile their financial data. Compared to a traditional financial sync solution, a holistic financial reconciliation platform not only automates many manual tasks but can act as a single source of truth platform, offering improved accuracy, increased efficiency, better visibility, better compliance, and scalability. Organizations that adopt a solution like Actuals can expect to see significant benefits in terms of improved financial operations and reduced financial risk.
