Financial reconciliation is a crucial aspect of any business. As the complexity and variety of available data increases, spreadsheet-based reconciliation is becoming obsolete. Solutions available in the market presents different degrees of complexity and possibilities for automating the reconciliation process. The providers of these services claim stunning results in terms of the efficiency and timeliness granted by their solutions.
However, concerns regarding the actual applicability and the security of such approaches remain. In this white paper, after broadly presenting the market’s current situation, some reasons to transition to the automated reconciliation method are analyzed. What emerges from this short analysis is that steps towards automation in the reconciliation process are worth taking. However, an overall enhancement of the data management process is required for these solutions to work at their best.