Today's Environment Makes Accurate, Efficient Reconciliation Processes EssentialAn order goes out, an invoice comes in, the payment is made – what could be simpler? However, as we all know, this straightforward transaction isn’t always so easy. There are many reasons why the reconciliation process can become a burdensome responsibility fraught with the potential for leakage. Exceptions to the process through returns, changes, disputes or credits for example, can increase the cost of processing an invoice by up to 10 times. Not only do these exceptions take up valuable time, more crucially, they tie up an organisation’s working capital. |
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Definition Reconciliation is the process of comparing departmental account records to the reports generated from the Finance Records System. Account reconciliation is essential to ensure accurate reports, because it identifies errors and inconsistencies requiring correction. |
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