Oracle Cloud EPM Streamlines Aluminum Manufacturer’s Tedious Account Reconciliation Process
Account reconciliation is a vitally important accounting process for every business. Designed to certify the accuracy and integrity of financial records, account reconciliation is a multi-step and multi-purpose task that is designed to track spending, spot unauthorized transactions, eliminate potential misapplied payments, and assess inconsistencies in an organization’s statements versus its books. It is not a one-and-done process either. It has to be completed several times annually and correctly performed each time to ensure that discrepancies are rectified.
As important as it may be, account reconciliation can be time-consuming and tedious. Even so, the process that is supposed to help a company remain nimble by minimizing risk can lead to inefficiencies elsewhere. That was the problem for our recent client which turned to Inspirage to implement a robust, set-and-forget-it account reconciliation solution.
As an industry-wide innovator with close to seven decades of experience, the client had streamlined its customer-facing capabilities. But its account reconciliation processes had gotten out of hand. The complex organizational structure of the firm made account reconciliation a painfully lengthy and confusing process rife with errors and omissions. Furthermore, the client‘s data was in different formats, making it difficult to decipher and reconcile.
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