Your back office, in particularly, Finance & Accounting Team’s operations must be capable of supporting evolving business development and the organisational change in order to help achieve growth ambition.
In this article we will share all our tips and hints on the acceleration of the period-end close under the remote condition, leveraging the automation of reconciliation and account certification.
> Learn more about our world class reconciliation software – XREC Reconciliation
COVID-19 crisis accelerated the digitalisation to businesses, transactions, and working conditions across industries worldwide.
F&A teams have drifted apart when full mobilization is expected during the COVID-19 crisis and the traditional approach of using out-date tools such as Spreadsheets suffer from disruptive change.
However, we have still seen some companies, who embrace digital transformation within the financial and accounting operations before the crisis, outperformed their competitors with a well-functioned and highly productive F&A team despite the world changed dramatically.
> Check out our customer success stories – Neo-Bank NICKEL
Who really initiate the transformation within the financial and accounting process? CEO, CFO or the COVID-19 crisis?
It looks like a no-harm, lousy joke; however, from some certain aspects, it does bring out the core issue within the current organization – We start to notice the importance of essential transformation only when we are facing the challenge that will damage the business.
A recent survey from Gartner showed that 48% of employees will consider continuing the hybrid working module after COVID-19. At this moment, we have seen the urgency of carrying out the digitalisation and the transformation within the back office in order to maintain the productivity and efficiency that can further help support the business.
The reconciliation and matching of transactional data and certify the account with well-organised resolution process, in a timely and accurate manner, is a significant challenge to most of organizations.
It is the moment to implement an automation software that can be customized to adapt any company’s business requirement.
Running your reconciliation and matching processes remotely with spreadsheets and emails must be abandoned to avoid potential operational risk and human-made error that could possibly damage the business.
One of the most common situations looks like this – After exchanging few modifications and files, the team fails to synchronise and ‘stay on the same column’ under the teleworking mode. The team is burn-out without producing any accurate outcome after few weeks.
You can avoid these nightmares by implementing an automated reconciliation solution. It ensures your Accounting and Finance Team to work on the latest data and collaborate with each other on the same interface, no matter where they are.
From ingesting the external data, configuring the matching rules, automating the matching, performing the manual reconciliation, to resolving the expectation with the supporting documents – The team can proceed all the steps simultaneously without quitting the web page of our solution.
You unify data from multiple sources and the entire operation on a single platform with full tractability and complete governance, thereby minimise operational risk throughout the entire process.
At the beginning of 2022, we have already seen more and more companies redefine their work module and give options such as ‘work from home’ or ‘hybrid’ to employees so that they can freely adjust the way they work according to their own preference.
During the year of 2020 and 2021, we accompanied several companies that, with surprise, moved against the tide and experienced a tremendous growth.
Many of them came to us with a difficult challenge and eagerness to find a right problem-solving technology – How can CFO and the leaders of F&A handle the daily operation with such sudden change within the organisation and the growth, or unfortunately, the business loss.
Our advice and approach are to seamlessly adapt and minimise the impact toward the operation in favour of a more flexible and scalable process with the help of advanced automation. By equipping a powerful and robust reconciliation automation solution, the back office can be efficient throughout the whole financial controls process and ready to support your complex business challenge.
According to a recent survey conducted by the National Association ANDRH, among 270 human resources managers in the private sector, 70% of companies plan to introduce a ‘two days per week of teleworking’ module.
However, only 42% of organisations embraced the digitalisation of the reconciliation and financial control to support their F&A.
Most of home offices cannot provide a same secure working environment what we have in the company office. Many employees are still used to download the spreadsheets from different counter parts and perform a reconciliation and certification process, then upload or exchange the outcome through email or external communication application. It makes sensitive information fall into an insecure environment, which can cause a potential risk of data breach.
A well-constructed reconciliation solution can remove this major concern for the F&A leaders as the solution achieve the compliance to the standard regulations and certifications such as PCI-DSS, ISO/IEC 27001, SOC 1 TYPE II and SOC 2 TYPE II.
The data from other third parties can be ingested automatically through API and workflow configuration. The employees can directly execute all the matching tasks with up-to-date data and collaborate with other team member to solve the exception on a single cloud platform, under the protection of high-standard data encryption.
It minimises the risk within data transmission and ensure the data security without sacrificing outcome quality and full governance, no matter where your F&A team members are.
Reconciliation Specialist or Internal Controller in your F&A teams need a solution that is capable of doing all type of reconciliations and account certification remotely, reliably, cost effectively, in a secure auditable environment, no matter how the company organisation evolves.
Embracing the automation in accounting processes and achieve greater efficiency that can fully support your growth and success.
CALIXYS delivers an intuitive, flexible platform to automate your reconciliation and matching of transactions, which reduces the workload while remaining full audit-proof and complete traceability.
Users can fully focus on those identified as urgently requiring remediation, ensuring the team has the tools to focus on the real high value issues with relative speed.
CALIXYS has integrated the processes of account reconciliation and period-end closing of accounts into one single solution. Your organisation can now directly proceed the entire period-end accounting close life cycle with great accuracy and economies of scale.
As an expert in financial data reconciliation and management, CALIXYS fully understands your business requirements regarding financial data reconciliation and management. We offer a flexible financial control and automation solution that fully adapts to your current enterprise resource planning system.
Our innovative solution can bring real added value to your existing financial reconciliation operation and account certification processes.
To start leveraging your precise reconciliation automation and financial controls to fuel the productivity and efficiency of your F&A, contact us now and learn how CALIXYS and its solutions can help achieve your business goal in 2022.
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