Challenges

With over 100+ reconciliation processes to handle, the client’s team manually cross-referenced data between internal financial records and external banking records. This process was primarily done using Excel spreadsheets, which was time-consuming and labour-intensive.

Managing a high volume of reconciliation tasks was challenging, especially with varying formats and data points across internal and banking records. This increased the likelihood of human error, leading to data discrepancies that required further investigation and correction.

The manual nature of these processes put a significant strain on the client’s resources, taking up valuable time that could otherwise be dedicated to more strategic activities. This also impacted the auditing firm’s overall efficiency, as reconciling financial data was a repetitive and resource-intensive task. Without automation, there was a constant risk of errors and inconsistencies due to manual data entry and matching. These discrepancies often required additional reviews and follow-up, resulting in delays and a lack of confidence in the reconciliation outcomes.