Fast Reconciliation of Broker Statements: The Key to Staying in Control

Every day, investment managers receive lengthy broker statements, which can be pretty tedious to reconcile, especially in detail... This, however, is a big mistake as reconciliation is not only about ensuring that your broker's reported positions match the trades you’ve executed, but also about verifying that your commission and cost charges are accurate. 

Thankfully, our powerful data processing software, AUTOMAN, can help with fast reconciliation of broker statements. Here’s how.

How AUTOMAN Can Enhance Your Operations

One of the biggest issues with reconciling broker statements is that, when you’re managing multiple trades daily, conducting this analysis manually can be challenging. This is because repetitive manual tasks aren’t just time consuming and expensive, but also prone to errors.

Moreover, as we all know, when statements contain numerous currency conversions, it becomes even more critical to perform fast reconciliation of broker statements to monitor associated costs effectively. In cases where discrepancies arise or errors that may impact accounting are identified, it’s essential to track the issue until it is rectified. This diligent process not only ensures accuracy but also safeguards your investments.

Thankfully, there is software that can help simplify this by automating the whole process. Through that, you get to ensure that the work is done quickly and that discrepancies are caught early and efficiently resolved.

But not all software is the same. In fact, off-the-shelf, reconciliation software can sometimes fall short of what it promises. But not our Automan software, which runs daily to verify the accuracy of these on any statement:

• Trades: Ensure that trades sent to the broker match what is reported in the statement.
• Positions: Confirm that newly opened positions align with executed trades and the previous ones.
• Realised and Open P&L: Verify that the realised P&L, including any currency conversions, is accurate and that the Open P&L is calculated correctly by cross-checking market prices with a third-party source.
• Commissions, Financing, & Dividends: Ascertain that all commissions, financing, dividends, and any other transactions listed in the statement are calculated properly.

Automation: Your Best Option for Fast Reconciliation of Broker Statements

Replacing manual tasks with automated controls significantly boosts productivity and allows for the fast daily processing of broker statements. It also takes the guesswork out of the equation, thereby minimising human error, which can cost you more time and money.

Even more importantly, quickly reconciling broker statements can streamline your operations, enabling your team to focus on strategic decisions rather than getting bogged down in administrative tasks.

So what are you waiting for? Get in touch with us to discover how leveraging the right tools and technologies, can help you achieve a seamless and efficient reconciliation process, paving the way for better cost management and insight into your trading activities.