Even with strict regulations for accurate and compliant financial reporting, many organizations still use manual or semi-automated processes for reconciliation and certification. Such processes can result in errors, operational inefficiency and lack of visibility into the numbers during certification.
That’s why organizations turn to Frontier Reconciliation from Fiserv. Automated reconciliation can have a significant effect on the bottom line while also reducing risk.
How Does Account Reconciliation Software Help You?
A comprehensive end-to-end reconciliation and certification solution, Frontier Reconciliation forms a complete account reconciliation picture across your enterprise that makes exceptions instantly visible and reduces manual interventions. Workflows fully automate labor-intensive processes and ensure compliance with corporate and regulatory controls.
Frontier Reconciliation minimizes the risk of financial misstatement with transaction-level matching and a full audit trail. Organizations using Frontier Reconciliation have seen a 50 percent reduction in errors.
Designed as a data-agnostic system, Frontier Reconciliation can ingest data from virtually any source and in any of the most commonly used formats to identify and resolve exceptions with speed and accuracy. Organizations using the automated reconciliation solution have reported a 75 percent reduction in write-offs.
But reducing errors and write-offs is only part of the picture. By minimizing the need for manual research or interventions during the reconciliation process, organizations can achieve major efficiency improvements and lower operational costs while enabling staff to perform more value-added work. Users of Frontier Reconciliation have reported, on average, productivity and process efficiency improvements of 60-80 percent.
Users can expect the following benefits from account reconciliation software:
- Provides accurate data for use in financial close process
- Increases operational efficiency and helps meet regulatory requirements
- Offers greater data visibility and exception detection with transaction-level matching on one-to-one, one-to-many and many-to-many levels
- Provides full audit trail
- Processes large volume of transactions per day on highly scalable platform
- Handles all transactions and account types
Frontier Reconciliation integrates with core platforms as well as general ledger solutions such as Prologue™ Financials from Fiserv.