Reconciliation automation has been saved
Reconciliations are a core aspect of the financial close for all finance functions.
We have heard and seen from several clients across Australia and New Zealand that the reconciliation process is often a highly manual process that is typically poorly documented and a non-standardised formality. This often results in organisations not identifying errors in their general ledger until year end or during periodic audit reviews. Typical indicators of weak reconciliation environments include:
- Lack of accountability around the completion of reconciliations
- Lack of approach around the completion of reconciliations
- Highly manual process which takes a significant period of preparation time
- Limited visibility of progress surrounding the completion of reconciliations.
Deloitte is collaborating with several leading automated reconciliation tool suppliers in the market. Further, our experience working with clients and the physical reconciliation tools have helped us better understand the requirements to successfully plan and scope, design and implement a reconciliation solution to best meet your needs.
Automation of the reconciliation process can generate value through:
- Standardisation of the reconciliation process across geographies
- Enhanced visibility of the reconciliation process from both a risk and controls perspective
- Reduced processing time
- Centralised repository for all reconciliations.
Leveraging technology solutions is a common way of moving towards achieving these goals. Deloitte can support and guide you through each step of the journey from you in your vendor selection process, scoping and planning, design and implementation phases.
Contact us to discuss how Deloitte can help improve your reconciliation environment or access case studies about how we’ve helped our clients.