One of the main reasons Financial Directors and CFOs are investing in automatic account reconciliation software, is to free up the vast amount of time usually spent manually data matching accounts. By automating this process, accounts departments are liberated from potentially days of tedious account matching and can get on with other tasks usually left on the back-burner.
So what are FDs going to spend all this extra time doing?
In any business, there are always pet projects you would like to get done but simply do not have the time to do. This is even more of an issue for the accounts department who are often under so much time-pressure to complete accounts that side projects have difficulty getting off the ground at all.
The time freed up by using automatic account reconciliation software means your team can not just get their projects off the ground but see them all the way through to delivery. It could simply be catching up on all the small tasks on your to-do list, or it could be the projects you think will add really deep value to your company. Either way, the massive boost in productivity from your department will not go unnoticed.
Improve Internal Processes
How many times have you been running through your daily processes and thought: “there must be a more efficient way of doing this!”
Perhaps you already have a couple of ideas of how to improve your day-to-day processes but you just need the time to sit and think them through. Well, by automatically data matching your accounts you will soon find you have that time.
By reviewing your processes, fully defining them and properly assigning them you quickly spot ways to streamline your day-to-day tasks. Disciplined and well-managed processes mean even greater efficiency and thus more time and resources at your disposal. A chain-reaction of efficiency savings!
Work on Your Presentation
When you are spending so much time manually reconciling your accounts to tight deadlines, it is easy to overlook the little things that help make a big difference, such as your monthly presentation of the figures. A hastily put-together presentation may include all the pertinent facts and figures, but will it really convey the information you want it to?
By automating your data matching you have constant access to accurate and up-to-date figures, so you can spend that little extra time on your presentations and transform them into truly informative experiences.
As if your increased productivity and efficiency savings weren’t enough to impress your boss, now you can wow them with your highly professional, highly polished presentations too.
To find out more about automatic account reconciliation and what it could mean for your department, download our free ebook today. Or if you would like to see the software in action, why not book yourself onto a personal online demonstrations?