BEST practices: Addressing common issues with manual reconciliations

Manual reconciliations create inefficiencies and risks for finance teams. Here’s how BEST’s solutions effectively tackle these common pain points:

Time-consuming tasks

Manual reconciliations consume valuable hours, often leaving finance teams to spend days matching transactions and investigating discrepancies.

BEST’s automated reconciliation modules achieve over 95% matching rates, allowing teams to focus on strategic initiatives rather than tedious tasks.

Inaccuracies and errors

Human errors in manual processes can lead to costly mistakes and flawed decision making.

Intelligent automation using BEST minimises errors by leveraging SAP’s data infrastructure and advanced matching algorithms, enhancing the accuracy of financial data.

Compliance risks

Manual processes often lack the robust audit trails and controls necessary for regulatory compliance.

SAP-certified modules from BEST provide comprehensive audit trails, real-time visibility, and strong internal controls, ensuring demonstrable compliance.

Scalability challenges

As businesses grow, manual recons become unsustainable, constraining growth or necessitating costly staffing increases.

Scalable automation using BEST’s in-SAP solutions efficiently handles increasing transaction volumes, from hundreds to millions, without compromising performance.

Cash flow management issues

Inefficient reconciliations lead to inaccurate cash flow forecasts, impacting investment decisions and borrowing needs.

With BEST’s in-SAP modules, you get real-time visibility into financial positions, which enables precise cash flow management and optimised financial strategies.

Employee burnout

Repetitive manual tasks contribute to low job satisfaction and high turnover rates.

With BEST, in-SAP automation of routine work allows finance professionals to engage in more strategic, fulfilling roles, enhancing job satisfaction. 

BEST’s suite of SAP-certified modules transforms reconciliations from a burden into a strategic advantage:

• Vendor recons module: Achieve over 95% matching rates.
• Balance sheet recons module: Ensure continuous compliance.
• Open item clearing module: Streamline period-end closures.
• Customer clearing module: Enhance order-to-cash efficiency.

By addressing these pain points, BEST empowers organisations to achieve audit readiness, ensure compliance, and unlock new efficiencies. In today’s competitive landscape, the shift from manual to automated reconciliations can be the key to thriving, not just surviving.

To learn more about how we can BEST help you navigate the challenges related to manual reconciliations