When it comes to investment managers checking daily broker and bank statements, the process becomes a tedious, routine task. In fact, while Excel is still widely used to store and compare data, it can be time-consuming and error-prone, especially when handling numerous daily transactions. In this blog, we discuss the necessity of reconciliation automation and how our reconciliation automation software, AUTOMAN, can enhance the efficiency of your operations.
How Reconciliation Automation Can Benefit Your Operations
Reconciliation automation replaces repetitive manual tasks with software solutions. This means that data can be collected directly in electronic formats, transformed as needed, and automated checks can be run to reconcile data from multiple sources, effortlessly producing control reports.
Though this process sounds straightforward, there are significant challenges in managing it effectively.
- Different data providers often deliver information in various formats and systems, making it difficult to collect and normalise this data for internal use.
- Another challenge is applying the necessary calculations or transformations to ensure that control checks and reconciliations are accurate. Given that investment managers typically trade multiple asset classes, different types of controls must be implemented for each asset class, complicating the process.
- Moreover, establishing varying tolerance levels for discrepancies is crucial. These levels help determine whether to approve a control report or flag any errors for further investigation by your team.
By opting for automated statement reconciliation, your team can focus on managing any discrepancies or identified errors, rather than spend hours each day on manual tasks.
This efficiency then translates into valuable time that can be allocated to more critical areas, such as resolving issues or optimising strategies.
Elevate Your Operations to the Next Level
When speaking with clients, we’re often told that they default to Microsoft Excel for the simple, yet pertinent reason that they are not software developers... That’s why, at Wakett, we have dedicated over a decade to developing reconciliation automation software to support operational needs and understand the challenges you face daily.
So, what are you waiting for? Get in touch with us and discover how we can enhance your productivity and help reduce costs with our reconciliation automation solutions!