How “Modern Finance” processes add efficiency, control and visibility to your reconciliations
Bank and credit card reconciliations are a key control that companies rely on to ensure that their financial data is accurate and appropriate. While many ERP systems, including NetSuite, offer basic functionality to manage these reconciliations, they do not allow a true reconciliation to be performed. In addition, many processes remain manual, time-consuming, and error-prone including the:
- comparison of ERP account and transactional data with bank and credit card statements
- identification of uncashed checks, undeposited funds, chargebacks, unmatched transactions, or other exceptions
- routing of exceptions to proper personnel for investigation
- preparation and execution of reconciliations with standardized templates, attaching of supporting documentation, and approval workflows
Our webinar will illustrate how strategic extensions like BlackLine can help NetSuite users improve traditional finance processes. In part 1 of the series, Finance Transformation expert Susan Parcells, CPA, discusses how to add efficiency, control, and visibility to the bank and credit card reconciliation process. This webinar will also discuss reconciliation management in NetSuite, and will explore how Enhanced Finance Controls and Automation (EFCA) technology can be used to create a Modern Finance organization through broader automation of accounting and finance processes.
See how you can add immense value to your ERP system by turning the time consuming process of high-volume reconciliations into an automated and efficient process for your organization.
What You’ll Learn:
- Industry best practices for bank and credit card account reconciliations
- How EFCA technology can drastically reduce risk and fraud in the reconciliation process
- Solutions to persistent challenges with bank and credit card account reconciliations