Benchmark: Balance sheet reconciliation automation rates

Leveraging our insight from hundreds of organizational interactions, here are the benchmark automation rates we’re seeing for balance sheet reconciliation.

Bottom quartile attributes

  • Lack of advanced technology: You rely heavily on outdated systems and manual processes
  • Manual reconciliations: Your team members are performing financial reconciliations and it’s time consuming
  • Limited real-time reporting and analytics: Without reporting tools in place, it’s a struggle to provide timely insights

Median attributes

  • Basic technology use: There’s technology in place but it remains underutilized
  • Limited automation: Some automation rules have been implemented, but they’re not extensive
  • Stale systems: The systems you have in place need to be optimized to fully unlock automation benefits

Top quartile attributes

  • Optimized technology: Best-in-class systems are used to the fullest capacity, and you’re getting the most use out of your investment
  • Extensive automation: You’ve automated all that you can, minimizing manual tasks where possible
  • Continuous improvement: You are regularly revisiting your technology, processes, and policies to find out what can be optimized for maximum ROI

Categories: Financial close
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