Traditional Account Reconciliations
Traditional reconciliation methods provide a complex process with an inherent risk of human miscalculation. Prioritising speed over quality heightens the risk of data inaccuracy. As the accounting and financial teams are required to focus excessively on repetitive workloads, this issue could interfere with your business’s optimistic goal of profit growth.
Prior to the advent of modern accounting, businesses relied on spreadsheets to perform manageable work while falling behind on deadlines. Manual reporting methods are susceptible to human errors and riddled with data duplication, thereby making it challenging to track the process and changes. Consequently, businesses are struggling to reach an efficient financial close, prompting reports to be delayed.