Over the past 40 days, we’ve hosted events bringing together financial experts in Nigeria and Ghana, to discuss the challenges and solutions in account reconciliation. The consensus: systematisation and automation are crucial for the future of this field.
Key Insights:
Dr. Yele Okeremi, MD/CEO of PFS Ltd., highlighted the importance of investigative capabilities, proactive leadership, and the involvement of all stakeholders in the automation process. Some Ghanaian bankers highlighted their pain points that included reconciling several GL modules that include ATM, E-settlement, mobile money accounts etc.
The simple solution is CLIREC: an AI-powered tool that has over 30 years of usage, development, and deployment across more than 40 organisations in 40 countries. CLIREC addresses these challenges by:
1. Achieves 100% success in matching transactions.
2. Enabling up to 99% accuracy with a well-structured chart of accounts and defined keywords.
3. Eliminating 95% of human judgment and errors.
4. Providing a 100% paperless experience.
5. Preventing report tampering.
6. Ensuring 100% transaction traceability and archival.
7. Enabling intra-day reconciliation
8. Role-based access that enforces 100% segregation of duties
9. Delivering data-driven and collaborative reports for enhanced business intelligence.
10. Enhances security and audit control abilities
Moving forward and to maximise the benefits of automated reconciliation, organisations should focus on:
1) Developing a comprehensive chart of accounts.
2) Implementing robust keyword definitions.
3) Empowering managers with tools to effectively oversee the process.
4) By embracing automation and implementing best practices, organisations can achieve greater accuracy, efficiency, and control in their account reconciliation processes.
Account reconciliation is a tedious task, time-consuming, and thankless…
Don’t call us:
1. If you love sleeping in the office,
2. If you don’t like your weekends free,
3. If you aren’t scared of jail…
Call +234 802 378 5403 or +234 807 193 9329 for a chat that guarantees a simple solution that breaks barriers; or send an email to bd*@th****.biz or ra***@th****.biz
