Typically, data required to support the reconciliation process is held in company Enterprise Resource Planning (ERP) systems, front-end trade systems and a range of other systems. With multiple sources of reconciliation data across the business, there's no single version of the truth. In addition, the manual work required to compare and reconcile data in different systems increases administrative costs, introduces the risk of errors and slows down exception management.
Fragmented reconciliation systems and processes also make it difficult for the finance department to accurately track and report on accounting information. With no way to standardize the exception management process, there's a risk of non-compliance with corporate and industry controls.
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