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Connect with us to discuss how we can assist you with leveraging automation, analytics, and machine learning to automate your reconciliation processes.
Business Challenge
Reconciliations are manual and time-consuming
The challenge you face
- Performing reconciliations is a manual and time-consuming exercise.
- Reconciliations are not done timeously or not done at all.
Implications of not addressing the challenge
- Manual reconciliations end up consuming the time of the most senior people.
- The focus of the finance team ends up being administration instead of providing insights to the business.
- Month-end and year-end processes become all consuming, requiring the presence of staff during non-standard working periods.
What does success look like
- Reconciliations are mostly automated.
- Reconciliation exceptions are produced automatically with alerts to the relevant people and automatic escalation.
- Processes exist for dealing with exceptions.
- Finance users spend little to no time performing and reviewing reconciliations and more time generating insights and advising line business.
- Period-end reconciliations and reporting is mostly automated and can be performed within normal business hours and periods.
Algonomix solution
- The solution leverages data analytics and process automation to automate reconciliation processes.
- Alerts are automatically raised when a non-standard event occurs that requires human review or decision-making.
- AI (machine learning) methods are used to suggest reconciliation options to finance users for non-standard events.
- The machine learning processes learn from how non-standard events are handled to incorporate them into future automated processes.