Account Reconciliation Improvement Process
Today, all businesses are thriving at a rapid pace. But even for them, handling finances can seem a challenging task. When it comes to managing the accounts and funds, you can’t take them for granted. It is very critical to look for a system that has fewer chances of human error.
In this article, we will list out the ways to have a more streamlined automated process that can improve the account reconciliation process of your business in the UAE. So, let’s look at the best ways that can help you in business process automation and reconciliation:
Automate the Workflow
Accountants need to go through different steps of verification and certification of information. They are usually overloaded with work, and this can also lead to error. Additionally, it may lead to more workload on other accountants, and it also reduces efficiency. However, when you go through the automated process, it will reduce the manual work, and it will also boost the pace of the account reconciliation process. Through business process automation, the accountants, reviewers, and approvers can be kept informed at every process and level of account reconciliation.
Use the Cloud Storage Facility
It is very important for organizations to leverage the benefits of cloud storage. This feature helps accountants to access data from any device they want and at any time. They don’t always need to have their workplace desktop to complete their work. However, when you’re using a cloud-based system, it is essential to look for a certified system that can handle your documents well, and that is secure enough.
Avoid Excel sheets
Gone are the times when Excel sheets were the best tools to use for a better account reconciliation process. Using Excel sheets is a primitive method, and it needs to be changed if you want your accounts to get managed well without any human error. One small human error in your Excel sheet can be a stain on your reputation and integrity as an accountant. Thus, instead of relying on these spreadsheets, try to leverage technology that has built-in controls so that there are no chances of human errors.
Use of Standardized Templates
Different templates are available online for all kinds of reconciliation processes. These templates help you to get consistency, and it also becomes easier for others to review your work. It reduces the time and effort of the team, and therefore, they can work with better efficiency. You can also make use of checklists on these templates to get better accuracy and completeness of your work.
Monitor the Process
Every reconciliation process needs to have a head that can play a lead role. This person doesn’t always need to be a part of management; instead, he/she can be an outsider who can track each step’s roles. This way, accountants will try to complete their work on time, and the reconciliation process won’t get delayed. Thus, if you are looking to enhance your organization’s reconciliation process, you need to appoint a person in a lead role, who has the sole responsibility of checking the improvement of the process.
Use of Reconciliation Software
The use of account reconciliation software has made work easier for many organizations all over the world, so it is the best time to use them if you want to improve the account reconciliation process of your business. Using software will enable you to follow the best practices in account reconciliation processes, and there will be fewer chances of human errors. Tally is an enterprise resource planning software that you can use for your account reconciliation process. You can handle aspects like accounting, inventory management, tax management, payroll and bank reconciliation in Tally.
Using all these best practices and the processes mentioned above can help you improve your organization’s account reconciliation process. So, make use of all these processes and enhance the account reconciliation process so that your organization can go up the ladder of success.