Account reconciliation best practices for faster financial close

 

Are you looking to speed up your financial close process? If so, follow these best practices for account reconciliation. By reconciling your accounts quickly and efficiently, you'll be able to minimize the chances of errors and get your books in order faster. So what are you waiting for? Start reconciling today.

Best practices for account reconciliation

Reconciliation is one of the most important financial processes that companies go through to ensure their numbers are accurate. While it may seem like a tedious process, proper reconciliations can save your business money in late fees and interest charges. The sooner you reconcile your accounts, the faster you will be able to get an up-to-date view of your company's financial health. To speed up this process even more, follow these best practices for account reconciliation software .

Use the right tools

Keep things organized with the right software tools. Whether using cloud-based or desktop solutions, there are plenty of options available to keep track of all your transactions. From easy-to-use mobile apps to advanced analytics capabilities, you're bound to find the right fit for your company.

Review all accounts in one go

The key to a quick reconciliation is reviewing all of your accounts in one go, rather than taking them on one-by-one. This way, you can see any unusual activity across multiple sources at once. Reviewing everything simultaneously will also help identify errors faster and give you the opportunity to fix them before it's too late.

Be proactive about clearing information with third parties

If possible, work with your suppliers to ensure account information is always up to date and accurate. If you notice an error that wasn't there previously, contact the supplier immediately so it can be corrected quickly. You may even want to consider implementing new processes within your business to help prevent the issue in the future.

Follow a standard timeline for reconciliation

When it's time to reconcile your accounts, make sure you stick to a set timeline. Set yourself up for success by reviewing accounts at least once per month (if not more). By staggering your reconciliations, you won't find yourself scrambling to finish before the end of financial quarter or month. This also allows you to get ahead of any potential issues that may come up.

Find out more about improved finance management with account reconciliation software . Get started today!