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- Lack of advanced technology: You rely heavily on outdated systems and manual processes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