PRESS RELEASE
Accounting reconciliation
June 15, 2023
You’re familiar with the headache of account reconciliation? Unless you’ve worked in an accounting or financial department, you have no idea of the meticulous and exhausting work that this seemingly simple task requires.
Indeed, the process involves comparing a company’s financial data, including bank statements, with internal accounting records. This ensures that all financial transactions are correctly recorded and match the actual operations.
One might say that a well-thought-out Excel spreadsheet is enough, right?
In fact, it’s much more complex than one might imagine, and there are various application solutions on the market that can address it.
The main reasons to use an application for reconciliation are as follows:
1. Complexity of operations
Account reconciliation often involves a large number of financial transactions. Using a spreadsheet to manage this can quickly become tedious and error-prone, especially when there are numerous and varied transactions.
2. Risk of human error
Spreadsheets are prone to errors, especially when dealing with sensitive financial data. Specialized software tools for accounting reconciliation are designed to minimize these risks.
3. Automation
Software dedicated to accounting reconciliation offers advanced automation features. They can be programmed to automatically identify and reconcile the corresponding transactions, saving considerable time.
4. Exception handling
During reconciliation, there are often discrepancies between bank data and internal records. Specialized tools enable these exceptions to be managed in a structured and efficient way, making them easier to resolve.
5. Auditability and traceability
Accounting reconciliation solutions generally offer comprehensive traceability capabilities, facilitating audit processes and ensuring compliance with accounting and regulatory standards.
6. Data security
Financial data is sensitive and must be handled with care. Accounting reconciliation software offers advanced security measures to protect this information from unauthorized access.
At Tocndix we’ve developed it in low-code on Mendix, and the template is available on the Marketplace.
The main advantages of our solution are :
1. Ease of use
We load 2 Excel sheets and the application generates the results.
2. The power of the tool
The tool’s power allows you to define comparison directions, currencies, % tolerated deviations, and weightings for each line to trigger appropriate procedures.
3. Clear analysis
The clarity of the analyses generated, with explicit alert indicators, eloquent graphical analyses and a breakdown of errors by category.
4. Customization
Its customization and development in Mendix open up all horizons in terms of functions and graphics, with an accessible low-code language and API connection possibilities to existing management systems. Finally, Mendix guarantees compliance with the security standards required for sensitive data such as company financial information.
To find out more about the application, take a look at our video. You’ll understand the richness of the tool and wonder how our dear accountants did things before they had this solution 😊
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