Our clients often tell us that, when performed manually, bank reconciliations are among their most laborious and time-consuming tasks. Completing a reconciliation involves pulling data from their accounting software and statements for multiple bank accounts, transferring the data into Excel, and then normalizing, sorting, and filtering the data. After that, clients need to gather ending balances, manually open a reconciliation for each account, and reconcile each transaction. In large organizations, this process may need to be repeated hundreds of times.
This adds up to an enormous amount of staff time. In fact, clients tell us that they spend up to 200 hours—occasionally even more—on reconciliations each month. Reconciliation delivery times can sometimes be measured in weeks, delaying other business activities and obscuring the organization’s true cash position.