I often hear clients describe their reconciliation process is like a detective trying to solve a crime where all the witnesses are lying. 😵💫
We’re talking about a "bank reconciliation".
Sounds simple, right?
It should be, but it's not.
Here’s the scene of the crime:
🔴 The System: An ancient, on-premise version that’s likely to be sunset in the near future. RIP ⚰️
🔴 The Data: Cash and card transactions, manually entered into not one, but multiple different source systems.
🔴 The "Process": A dedicated team manually playing matchmaker between these messy data sources and the bank statement.
The result? A "one-to-many" and "many-to-many" nightmare with tolerances.
The auto-matching features? They're gathering digital dust. The team has to do a lot of the work by hand because the data is just too bad for the rules to work.
The moral of the story?
You can have the most powerful software in the world, but if your data is a circus, your finance team will be the clowns cleaning up after the elephants. 🐘🎪
This is a perfect example of how a broken process creates bad data, which then cements the broken process. It's a vicious cycle.
#ReconIQ can assist your company in managing and optimizing your reconciliations.
