Account Reconciliation
The Account Reconciliation process can be streamlined and automated with the help of CCH Tagetik. Users can provide rules for reconciliation, compare transactions, and find errors or outliers. The software provides workflows and notifications to assist with collaboration and ensure timely resolution of reconciliation issues.
You may monitor the status of account reconciliations with CCH Tagetik, keep an audit trail of your actions, and generate reports and analytics about the reconciliation process.
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Common Challenges
Discover the challenges of manual account reconciliation, including labour-intensive processes, error-prone practices, and lack of control. Learn how to overcome these obstacles for efficient accounting.
Labour Intensive
With a manual process, the summing up of numbers and associated grunt work of reconciling is a long, laborious process for accountants
Error Prone
For many organisations, account reconciliation is a process where errors can easily occur, especially due de-centralised data
Lack of Control
A manual process with a lack of a formalised workflow leads to a lack of control and no ability to monitor who is inputting what
CCH Tagetik addresses common challenges in account reconciliation by offering several features and functionalities that help streamline the process and improve its efficiency:
Features:
- Harmonise Accounts: Connect multiple data sources, subledgers, data formats, thousands of accounts, dozens of contributors, and interconnected jobs to harmonise accounts. The central repository connects to any system across the company to harmonise data.
- Unified Platform: With the CCH Tagetik unified platform for all financial processes, data duplication is eliminated, discrepancies reduced, and data across the organisation is aligned.
- Powered by the CCH Tagetik Analytic Information Hub: Process and store transactional, detail-level account reconciliation data that updates in real-time.
- Transaction Matching: Matching individual transactions from several sources will help automate a time-consuming manual operation before beginning the account reconciliation process.
- Reconciliation Templates with Risk and Aging View: Easily view, reconcile, comment on, and approve data with pre-built templates.
- Provide Notes, Comments, and Attachments: Attach attestation to confirm the accuracy of all essential account trial balances. Substantiate balances with additional entries, document attachments, and explanatory notes.
- Carry Forward Rules: Accelerate the process by rolling over the open items from the last reconciliation.
- Audit & Ad-hoc Reports: Generate audit reports or run ad-hoc reports automatically to show how adherence to controls and standards.
- Email Notifications: Reminders for upcoming due dates and tasks status changes will be emailed to the assigned user.
- Process Monitoring: Monitor Balance Exposure and check the status of the reconciliation process: reconciled, reviewed and approved, late and work-in-progress.
- Approval Workflow: Assign responsibility to numerous contributors and separate duties and certify signoffs so that no account goes unvetted or unapproved.
- Streamlined Integration: CCH Tagetik integrates with various financial systems, enabling seamless data exchange and reconciliation between different sources. It eliminates the need for manual data entry and ensures data consistency across systems.
Implementing CCH Tagetik Account Reconciliation can provide several benefits to organisations. Here are some of the key benefits:
Benefits:
- Increased Accuracy: During the reconciliation process, CCH Tagetik’s automated matching capabilities reduce the possibility of errors and increase data accuracy. The integrity of financial data is ensured by helping to recognise discrepancies.
- Time and Cost Savings: The automation of manual tasks, such as data extraction, matching, and exception resolution, reduces the time and effort required for the reconciliation process. This frees up resources to focus on more strategic activities, ultimately leading to cost savings.
- Improved Efficiency: CCH Tagetik streamlines the reconciliation workflow through automation, collaboration features, and task management. It enables efficient collaboration among stakeholders, eliminates manual processes, and cuts reconciliation cycle times.
- Enhanced Visibility and Reporting: The software provides real-time visibility into the reconciliation process through customisable reports, dashboards, and analytics. It enables users to monitor progress, track key performance indicators (KPIs), and make data-driven decisions.
- Strengthened Compliance: CCH Tagetik helps organisations establish and enforce internal controls, ensuring compliance with regulatory standards and reducing the risk of financial errors. The software maintains an audit trail, supporting transparency, accountability, and compliance requirements.
- Scalability and Flexibility: CCH Tagetik is scalable and adaptable to accommodate the growing needs of organisations. It can handle complex reconciliation processes involving multiple entities, currencies, and periods. The software is also highly configurable, allowing organisations to tailor it to their specific requirements.
- Risk Mitigation: The control frameworks and risk assessment capabilities in CCH Tagetik help organisations identify and mitigate risks associated with the reconciliation process. This leads to increased risk management and better financial decisions.
- Enhanced Auditability: CCH Tagetik’s comprehensive audit trail provides a complete record of activities performed during the reconciliation process. It supports auditability and facilitates internal and external audits.
Why choose HAYNE Solutions?
HAYNE are trusted UK CCH® Tagetik Partners with a proven ability in delivering best-in-class solutions
We are your Partner
Our reputation is well-known for our dedication and expertise in delivering best-in-class Enterprise Financial & CPM Solutions – from implementation and licence management to upgrades, training, maintenance and support.
The combination of the HAYNE focus and the strength of CCH® Tagetik delivers results for our clients time and time again. We are certified CCH® Tagetik Developers and can support you with the planning, training and implementation of your CCH Tagetik solution.