Account Reconciliation Automation Deep Dive

The Account reconciliation process typically requires extensive, repetitive manual work, which can often create bottlenecks throughout the broader Record to Report Process for many stakeholders. In addition to the reconcilers themselves, these include financial controllers, shared service centre managers, business partners, and internal and external auditors.

It is commonly estimated that around 50% to 60% of a company’s accounts do not change on a monthly basis. Some may only change on a quarterly, semi-annual or annual basis. There is huge potential, therefore, in utilising a solution that provides automation rules for the account reconciliation process, which systematically analyse all the accounts in your ERP system and automatically reconciles them when there is no activity.

In this webinar, we will be explaining and demonstrating powerful account reconciliation automation features. Aico Account Reconciliation supports a variety of automation rules that can drive both efficiency and control over the process such as:

• Closing balance analysis – the simplest of rules – is often used for accounts that are rarely used and the balance can be set either to zero, or low tolerance.
• Unreconciled balance analysis – As a user completes the reconciliation in a prior period, all comments and supporting evidence can be pulled forward into the new period, vastly reducing the amount of additional work that needs to be performed. If nothing has changed since the prior period, the account will be auto reconciled.
• Transaction / line item analysis – used specifically for accounts that are reconciled at the transaction level as opposed to the balance, a variety of rules can look at either the number, value or age of line items within an account and where these exceed predefined values set by your organisation, the account will not be auto reconciled.
• Period automation definition – rules to support where automation is accepted, but force manual reconciliation by a person in specific periods, such as year-end.