Tag: Blogs

Accounting is recording your company’s financial transactions, sorting them into categories and then calculating total savings, expenses etc. But in case there are some errors, duplicates or inconsistencies in the data recorded then the accounts formatted would also turn out to be wrong. This would result in managers making budget decisions based on incorrect data. ...

Financial data reconciliation is a necessary part of the daily financial process. It helps ensure the accuracy of all payments made to the company. Organisations usually match their internal transaction report with the online marketplace, vendor or bank reports, so that they know if any pending or extra payments are made.However, this process requires way...

Reconciliation is a critical part of the financial activities of your business. It plays an important role in saving you from unnecessary losses. As in the reconciliation process consists of checking transactions in two reports and highlighting mismatches. To carry out this process efficiently without much wastage, businesses use an automated reconciliation software. When you...

Automating data reconciliation in finance and accounting has changed the way of managing financial data. It is the process of comparing reports like bank statements, ERP, and internal and vendor reports to verify if all transactions are correct. It has improved financial data management as the reconciliation software can be integrated with multiple systems necessary...

Manually reconciling data is an error-prone and time-consuming process. It is exhausting for your finance team to reconcile data and check if every transaction matches in multiple reports. This is prompting many businesses to move to automation.  Automating your financial activities pushes the level of productivity of your finance team higher. Especially in the case...

In reconciliation, it is important to have software that helps you maintain these master data records. The software should help clean the duplications and help maintain the financial accuracy of these records. The main reason to have this feature in a reconciliation software is to have a single data source for vendors, products etc. so...

Reconciliation is an important process for any business. It lets you verify financial data so that you can avoid losses and make correct payments to vendors, customers etc. Ultimately it helps you run your business more efficiently and make financial transactions more accurately. Financial Analysis is a necessary part of daily financial operations. It refers...

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...

In a reconciliation software, the custom data export feature holds a lot of importance as the final reconciliation results are usually downloaded and exported to another system for analysis or accounting purposes. For this, the finance teams would need the custom feature as they can  select the relevant columns and data fields to conduct a...

Since the dashboard is an integral part of the software, companies spend a lot of time designing it and configuring it to provide the most convenient way of navigation. A centralized dashboard plays an important role in the daily working of your financial processes so it is necessary to analyse the dashboard and look at...