Accuracy and Completeness: Since you can resolve the incorrect errors occurring in the reconciliation results, you can ensure that the financial data is completely accurate featuring all transactions even adjusted and offline payments
Reduce the risk of financial loss: With exception management, you can identify and track errors resulting in solving these errors before time which reduces the risk of financial loss.
Addressing issues in a timely manner: As you are able to identify inaccuracies beforehand you can act to solve and address the issues on time. It helps to improve the overall efficiency of the reconciliation process.
Prevent fraud: By identifying and addressing potential issues early on you will be able to prevent unauthorised or fraudulent transactions that are shown in the report.
Improve customer satisfaction: Since you can identify and resolve errors in advance, it lets you deal with customers’ disputes much faster, increasing overall customer satisfaction.
Regulatory requirements: As the expectations are handled beforehand, you will be able to fulfil the regulatory requirements much quicker and complete the procedure on time.
Expectation management is thus an important feature to have in reconciliation software. Without this feature, resolving issues would be difficult and all other tasks would get delayed. The reconciliation result itself would be incorrect leading to many misunderstandings and customer complaints. To get accurate reconciliation with complete data it is important to choose a reconciliation software that offers the feature where you can manually add exceptions wherever inaccurate data is recorded.
For these reasons, a reconciliation software needs to have a robust exception management feature to ensure the accuracy and completeness of the reconciliation process and to minimize the potential for errors and financial loss.
Why Choose Cointab?
Our software provides a way for you to add expectations wherever necessary and resolve your inaccuracies on the spot. Thus you can ensure that reconciliation results are fully accurate so that you do not make any unnecessary losses and are able to attend to customer complaints much quicker. You can also manually close exceptions and maintain an audit trail for expectations added, this helps keep a track of the changes so that you check it in case of any issues. So, over time the potential for errors reduces ensuring that the financial reconciliation process is carried out smoothly.
