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Manual and error-prone account reconciliations are a leading cause of lengthy financial closes. However, reconciliations are also one of the most critical processes in determining accurate and risk-managed accounts. While we cannot do away with reconciliations, we can work to streamline and automate the reconciliation process.
By working with OPI to automate the reconciliation of high-volume, transaction-heavy general ledger, bank, cash, and payroll accounts, companies stand to realize better use of resources, improved data accuracy, enhanced risk management, and a faster close.
Flexible, Customized Platform
Automated reconciliation is flexible by design and can be fully customized according to client-specific business rules and exception handling guidelines. This allows for automated account matching and template-based assessments and adjustments – by location, account, employee and more. In addition to reconciliation, additional analysis can be performed to identify trends, variances, and balance fluctuations. Reconciliation and reporting can take place as often as desired, or on a scheduled basis, which allows for the timely identification – and resolution – of exceptions and issues.
Prioritized Exceptions
Companies stand to greatly benefit from automated reconciliation’s fully-integrated exception management function. As exceptions are identified, they can be flagged, prioritized, and assigned for review and resolution. Priority can be assigned based upon client-specific guidelines such as amount, location, accounts, and so on. By receiving this information almost real-time, companies are able to better manage and mitigate losses due to fraud and error.
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