According to the survey, which was conducted using a sample of Adra Matchâs 3,000-strong Northern European customer base, the public sector, usually seen as very bureaucratic and administration heavy, accounts for two thirds of the firmâs customers. Throughout Northern Europe, many local administration offices have even been using automated reconciliation software for as long as a decade. Surprisingly, the IT and financial services sectors, which could be expected to be at the cutting edge of new processes to improve efficiency and reduce costs, account for 33 per cent and 18 per cent respectively of the companyâs clients.
âNo one would have bet on the public sector being so open to new technologies, never mind outpacing the finance and IT sectors. These results mean that a lot of education work is needed; however, our 95 per cent client retention rate is proof that once the software is installed and the staff trained, companies really see the benefits of automated reconciliation,â said Michael Coppack, Managing Director UK, Adra Match.
In many organisations, the responsibility of account reconciliation falls to the individual departments who frequently use their own manual method to reconcile their sub and general ledgers, populating spreadsheets manually with cash, cheque and credit card transaction data, which are then matched by an individual against bank statements. A typical organisation will have teams of employees permanently checking and re-checking accounts. Requiring meticulous attention to detail, reconciliation is a laborious and monotonous process and it is precisely the type of process that is ripe for automation.
Adra Match Accounts controls the reconciliation process and provides real-time visibility into its progress. Designed to support the organisationâs needs through flexible and configurable business rules and ease of use, Adra Match Accounts is scalable to millions of transactions per day. The average number of transactions that can be reconciled manually is actually four per minute, whereas Adra Match Accounts can reconcile up to 4000 in the same minute, reducing the labour-intensive process from days to a matter of hours, reducing costs, improving control and managing exposure to risk.
Automated reconciliation obviously improves accuracy, but also ensures compliance with business rules and speeds up exception identification. The time saving alone makes automated account reconciliation solutions a sound investment, especially in tough economic times.