{"id":2519,"date":"2020-06-05T17:48:03","date_gmt":"2020-06-05T17:48:03","guid":{"rendered":"https:\/\/www.trintech.com\/the-roi-of-automated-reconciliations-and-close-management\/"},"modified":"2024-10-24T21:36:59","modified_gmt":"2024-10-24T21:36:59","slug":"the-roi-of-automated-reconciliations-and-close-management","status":"publish","type":"post","link":"https:\/\/www.trintech.com\/blog\/the-roi-of-automated-reconciliations-and-close-management\/","title":{"rendered":"The ROI of Automated Reconciliations and Close Management"},"content":{"rendered":"
\n\t
\n
\n
\n

The ROI of Automated Reconciliations and Close Management<\/h1>\n

Blog post<\/p>\n <\/div>\n

\n

Share<\/h2>\n
\n \n Email<\/span><\/span>\n <\/a>\n Twitter<\/span><\/span><\/a>\n Facebook<\/span><\/span><\/a>\n Linkedin<\/span><\/span><\/a>\n<\/div> <\/div>\n <\/div>\n\n
\n
<\/div>\n
<\/div>\n <\/div>\n \n\t<\/div>\n<\/div>\n\n\n

A recent study by The Hackett Group<\/a> found that accountants and financial personnel spend 65% of their time on manual, low-value processes. These are tasks such as reconciliations that accountants spend countless late nights completing and leave no time for completing more strategic tasks. With a growing amount of pressure on the CFO<\/a> and office of finance to produce more results and increase the integrity of the financial close, more CFOs are turning to automation to fill these gaps.<\/p>\n

Here are two of most challenging aspects of the financial close\u2014reconciliations process and close management\u2014and the return on investment (ROI) organizations can reap from automating them.<\/p>\n

Challenge #1: Manual Reconciliation <\/strong><\/h2>\n

The primary tool finance teams have historically used is spreadsheets<\/a>, which have created a manual, disjointed and high-risk environment for organizations, especially when it comes to the reconciliation process.<\/p>\n

With spreadsheets, the bulk of the reconciliation process tends to be split in two categories:<\/p>\n