Account reconciliations are a critical control for financial reporting, data integrity, and fraud prevention. Yet, many organizations still perform them manually.
@run provides smart, interactive tools designed to optimize your daily workflows, boosting efficiency and effectiveness.
How is the process handled in @run?
Account master data
Account master data
TXT file
Connection
User's type
User Access Controls
User access controls ensure that only authorized personnel can access sensitive information, safeguarding data from unauthorized access.
Workflow Management and User Access Control
Robust Workflow Management
The tool offers efficient workflow management capabilities to streamline processes and enhance productivity across teams.
Data Integrity and Confidentiality
Maintaining data integrity and confidentiality is crucial, and the tool provides features to protect sensitive information effectively.
Approver
Reviews and approves reconciliations to finalize the process
If a reconciliation is rejected, it is returned to the preparer
Preparer
Reviewer
The approver has also access to key administrative settings, such as:
Key Benefits of Using @run
Automation of Repetitive Tasks:
Automation reduces time spent on manual data entry, enabling teams to focus on more strategic tasks.
Focus on Analysis
With less time for manual tasks, finance teams can dedicate more time to data analysis and decision-making.
Improved Productivity
Automation and streamlined workflows lead to measurable productivity gains across the organization.
Increased Transparency and Accountability
@run improves visibility throughout the reconciliation process, enhancing oversight and governance.
Enhanced Audit Trails
@run provides detailed audit trails that log every step of the reconciliation process, ensuring full traceability
Fostering Trust and Compliance
Greater transparency and control build trust and help meet regulatory requirements, supporting effective governance.
Questions and Answers on Financial Reconciliation
F.A.Q
Financial reconciliation is the process of comparing two sets of records, typically the internal financial records of anorganization and the external statements provided by financial institutions, to ensure accuracy and consistency. This process helps identify any discrepancies or errors that may have occurred in the recording of transactions.
Financial reconciliation is crucial formaintaining accurate financial records, detecting fraud, and ensuring compliance with regulatory requirements. It helps organizations to verify the integrity of their financial statements, manage cash flow effectively, and make informed decisions based on accurate financial data.
The common steps in financial reconciliation include:
· Gathering internal financial records and external statements
· Comparing transactions in both records to identify discrepancies
· Investigating and addressingany discrepancies found
· Adjusting the internal records to reflect accurate data
· Documenting the reconciliation process and findings
Some common challenges include:
· Data entry errors leading to discrepancies
· Timing differences due to transactions being recorded at different times
· Complexity in matching transactions from different sources
· Inadequate documentation ormissing records
· Identifying and addressing fraudulent activities
Technology can significantly streamline the financial reconciliation process through automation, reducing manual errors,and improving efficiency. Financial software can automatically match transactions, generate reconciliation reports, and provide real-time insights. Additionally, advanced tools can help detect anomalies and potential fraud,making the reconciliation process more robust and reliable.