Enterprise Account Reconciliations are a core accounting process and takes up a massive chunk of productive time in your finance organisations. It’s a process prone to high error rates leading to management and compliance risk. TAO’s AutoReconTM Solution delivers a quantum uplift in process performance for account reconciliations.
Error rates are reduced to marginal levels and risk and compliance are significantly improved. It is highly customizable and reusable, enabling you to rapidly deploy and run the bot enabled process. You can start realizing the benefits as early as four weeks from full deployment.
TAO AutoReconTM in Action
A Global Insurance Company: Automating Collections Reconciliation
Reconciling Accounts Manually Eats Up Productive Accounting Time and is Fraught with Risk
- 85% of an accountant’s time is spent on completing reconciliations
- 15% of accounting personnel’s time is spent on research and fixing the breaks
- 50% of companies with over $500M revenue have more than 500 Accounts reconciled quarterly
- There is a risk of $1 to 2 million for a company with a $100 million turnover
The Process is Error-Prone and Expensive
- Cost - Prone to manual errors and requires a large workforce.
- Risk - Variances between parties and errors in Financial statements.
- Process - Large volumes and high cycle time. Lack of standardization
- Compliance - Regulatory changes changing reconciliations requirements and late error detection
TAO AutoReconTM delivers accelerated benefits while transforming the entire reconciliation process
- Timely period closing of accounting books
- Eliminate errors in the current process
- Redeploy workforce to other tasks
- Increase compliance
TAO AutoReconTM works across all types of account reconciliations
- Intercompany reconciliation
- Vendor statements and payments reconciliation
- Customer statement reconciliation
- Bank statement reconciliation
- GL Balance sheet reconciliation
- Statement of Accounts reconciliation
- Fixed Assets Records reconciliation