In our previous blog “Controlling Chaos” we delved into the world of retail accounts and found chaos was still prevalent when it comes to account reconciliation. Retail companies across Europe are still data matching their receipts, invoices and credit card statements manually, creating days of work and potentially hundreds of errors. We have already looked at what automatic account reconciliation has done for our clients but what are the facts and figures to show that manual data matching fumbles really are costing your business?
(All facts and figures available in our free ebook Control the transaction flow!)
3 in 4 – The proportion of European companies with sales over €10m still reconcile financial data manually using pen and paper or spreadsheets.
£80,000 – 180,000 – The potential cost of spreadsheets per year to a business with £10,000,000 annual turnover.
59% – The financial department resources that go into transaction duties such as manual account reconciliation.
£560,000 – The fine issued by the British Financial Services Authority (FSA) to W Deb MVL PLC (WDM) for incomplete change requests resulting from manually reconciling their accounts just once a year.
75% – The percentage of financial procedures that are now automated to save time and improve accuracy – account reconciliation accounts for a large portion of the remaining 25%
95% – The average percentage of data that can be automatically matched in a matter of hours with the Adra Match software, leaving only the toughest entries to reconcile manually.
3,000 – The number of European companies already taking advantage of time-savings and improved accuracy afforded by the Adra Match software.
When these figures are put together, the dramatic difference automatic account reconciliation makes to businesses is clear to see. In fact, most of our clients found the time saved and improved accuracy outcomes from using the Adra Match software delivered a return on their investment in under one year.
As with many other areas of business, the last ones to modernise processes are likely to suffer in the market. Technology has meant that the world is speeding up: people expect results faster and for essential account data to be on hand as and when they need it. Automatic account reconciliation software allows for continuous data matching, providing you with all the data you need to best plan ahead.
To find out more about how the software works why not download our free ebook or book yourself a free online demonstration? If you have any questions not answered then let us know through our Twitter or Facebook pages and we will get right back to you.