![]() ![]() For example, simply automating the invoice follow-up process can be highly beneficial for businesses.īy setting up automated payment and past-due reminders, accounting departments eliminate time and effort spent writing emails or calling customers to collect invoices. Many companies use built-in software functionality or add-on modules to automate certain aspects of the reconciliation process. Accountants spend hours poring over spreadsheets to match and clear transactions, line by line.īut the growing demand for real-time financial data-along with the time, frustration, and likelihood of error involved-indicates that the trend toward automating part or all of the reconciliation process will continue at a steady pace. Today, the tools have changed, but the basic process for manual reconciliation remains the same. The practice of account reconciliation dates back centuries when every transaction was handwritten into a company’s general ledger and needed to be painstakingly matched against sub-ledgers and external records. Solutions for Reconciliation Manual reconciliation
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