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Get a Faster Close: Introducing CCH Tagetik Account Reconciliation

Nov. 6 2020 by Sonia Barbarossa, Technology Product Management Associate Director​ - CCH Tagetik

Performance Management Consolidation & Closing

More than ever, finance is being asked to do more with less and meet the increasing demands for analysis and direction. To stand up to today’s unprecedented challenges, finance needs to accelerate the financial close. Finance needs an all-hands-on-deck approach for critical decision making, to provide data-based guidance and contribute strategy. With that in mind, a good starting point for expediting the close is by automating bottlenecks. Account reconciliation is one such sticking point.

A fine-tuned account reconciliation process is beneficial beyond balanced books; it can be an early warning system for potential business risks and usual activities, like incomplete or defaulted payments and it can give you the insight to manage cash flow more accurately. Pretty good, right? One question remains: if it pays to have your account reconciliation process down pat, what’s holding you back from using this process to its full potential?

3 Common Challenges of Account Reconciliation

If you’re thinking, “there’s no way my account reconciliation process can provide me with such robust insights,” you’re probably afflicted with one of these familiar challenges:

  • Manual prone data inputs: For many organizations, account reconciliation is a patchwork of slow and fragmented exports and uploads between systems. Not only does this expose delicate information to errors and book cooking, but this tedious work can also be frustrating for time-strapped accountants. While many have the ever-present desire to shorten the close and spend more time on analysis, it’ll never be more than a dream for those stuck manually plowing through the low-value grunt work of reconciliations.
  • Human-errors: Manual inputs = manual errors. Between uploads, human-powered calculations, data re-entry, standardization, and record matching, data is vulnerable to the simple mis-keying of information. This results in an account reconciliation process that’s steeped in data entry errors.
  • Lack of control: Decentralized data sources, many sub-ledgers, competing data formats, multiple accounts, dozens of contributors, and isolated tasks — these are just a few factors complicating reconciliation. Add in the time pressure to close and the need to provide audit reports, and reconciling accounts becomes long, burdensome and vulnerable to error. What’s more, many account reconciliation processes lack the record-keeping needed to provide context to unbalanced accounts.

We believe the account reconciliation process should be a hop, skip, jump of reconcile, review, and resolve *and* an insightful process that sheds light on business risks. That’s why we created CCH Tagetik Account Reconciliation.

How Does CCH Tagetik Account Reconciliation Work?

CCH Tagetik Account Reconciliation is a pre-packaged, automated solution for the end-to-end account reconciliation processes. We created this solution to enable consistency across all accounts by harmonizing data company-wide and standardizing methodologies.

You shouldn’t have to spend hours manually investigating a discrepancy. Our solution does the tedious work for you by automatically flags high-risk items. Since the solution uses your CCH Tagetik data, you don’t have to worry about importing and exporting information for analysis. It’s all right there for you in one single trusted platform.

Our solution cuts opportunities for error or fraud with built-in process monitoring, a detailed audit trail, and a mandatory approval workflow. What’s more? Our powerful data engine, the CCH Tagetik Analytic Information Hub, instantly prepares your granular financial and non-financial for analysis, so you can close the books faster and more efficiently. Our platform unifies all financial processes — from account reconciliation to close and consolidation, and all the way through to reporting and disclosure — which results in an accelerated close and a lower your total cost of ownership. It’s cost effective and more efficient. Who doesn’t want that?!

How Does CCH Tagetik Account Reconciliation Solves Common Problems?

1.Complete Transparency and Systems Connectivity

Our solution enables you to confirm the accuracy and integrity of account balances faster with a foundation for consistency. Multiple data sources –including ERPs, CRMS, transactions systems — data formats, thousands of accounts, dozens of contributors, and interdependent tasks are all connected in our one trusted platform. As an invaluable part of a fast close, our account reconciliation solution is in the same platform that you use to complete financial close, consolidation, reporting, and disclosure. That means you don’t have to scrounge, verify, or, track down account information. Nor do you have to import or export data from multiple systems. It’s all right there for you, validated and ready for analysis.

2. Automatic Account Reconciliation and Flagging

This solution takes the human effort out of low-value tasks — data entry, inputs, and summations — by automating them. What does this look like? Our pre-built solution automatically reconciles accounts, flags high-risk items early-on, and provides you with reporting templates and aging views. By standardizing account reconciliation methods and harmonizing all corporate data, accounts, contributors ​and interdependent tasks across your organization, you’ll set up a consistent global standard. The result? Accounts reconciled with less investigation, more substantiation, and an infinitely faster, more efficient close.

3. Built-in Control

We put the power to enforce policy and supply adequate attestation in Finance's hands. Our solution gives you the control of the account reconciliation — without that control becoming a burden. All contributors follow a set workflow, approval and signoff process that you can easily configure to meet your unique needs. The solution also facilitates collaboration and record keeping. Your attestation, explanatory notes, and any added entries or attachments are housed in a single system.

Account reconciliation can be so much more than a monthly formality. When perfected, it can provide you with insights that can re-shape your understanding of risk and cash flow. When automated, it can expedite notoriously slow, laborious, all-consuming processes like the close. Now you can get an automated process, a simplified close, *and* a greater understanding of risk in one solution.

Learn more about CCH Tagetik Account Reconciliation here.

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