When do you need reconciliation software?
What are some factors that might indicate a company is ready to look into reconciliation software?
One key challenge is when companies see they’re lacking data they would like to have available. For example, a CFO might need to access numbers on which products were sold and what customers were buying those products to generate effective reports and make the right strategic decisions. When that data isn’t easily accessible, it could be an indicator that your current systems can’t keep pace and it’s time to look for a financial setup that supports increased functionality and visibility. Another obvious red flag is when a company is growing, the team is struggling to keep up, there’s too much manual work, and there’s a need for optimization. Payments are still being reconciled, but it’s being done by someone going through an Excel spreadsheet and manually ticking all the boxes – often over many hours and at the expense of other critical tasks. That’s usually a sign that it’s time to start exploring reconciliation software that meets your current and future business needs.
