Account Reconciliation: Insights from 'our' Alwin Berkhout

Who are you and what is your position?

"I am Alwin, an experienced professional in the field of finance and accounting. Initially I was responsible for financial consolidation and internal and external reporting. Since the late 1990s I have been working as a consultant for consolidation solutions. With more than 100 full life cycle implementations at listed and private companies in various industries, I bring extensive experience. The combination of my financial knowledge of consolidation and my in-depth technological knowledge makes me an excellent lead consultant for Tagetik and other EPM software implementations."

How is your position related to account reconciliation?

"Account reconciliation is a critical aspect of the closing process. You compare financial data and transactions with local and consolidated figures to ensure consistency and accuracy. As a consultant, I regularly help organizations improve their closing processes."

Have you ever done a manual account reconciliation yourself?

"Yes, in my career, I have done manual account reconciliations for about 10 years in the past."

What do you see as the pitfalls of account reconciliation without software?

"The pitfalls of account reconciliation without software include the risk of human error,challenges in managing large amounts of data and lack of real-time visibility into anomalies or exceptions."

We read in marketing materials that software-based account reconciliation and/or transaction matching saves a lot of time. What are your experiences in practice?

"I can confirm that software-based account reconciliation and transaction matching do indeed save significant amounts of time. By automating the reconciliation process, the software can efficiently match transactions, identify discrepancies and flag exceptions, allowing financial professionals to focus on analyzing and resolving complex issues."

What are your experiences regarding the implementation of the CCH Tagetik solution for account reconciliation and transaction matching?

"Regarding the implementation of the CCH Tagetik solution for account reconciliation and transaction matching, my experiences have been positive. The software provides comprehensive functionality, streamlines the reconciliation process and improves efficiency. It offers features such as automated matching algorithms, exception management and full audit trails, which improve accuracy, transparency and control."

What would you say to a financial professional considering automating account reconciliation?

"I would highly recommend automating account reconciliation. Automation not only saves time but also improves data accuracy and reduces the risk of errors. By using software solutions such as CCH Tagetik, finance teams can improve productivity, gain real-time insights and allocate more resources to strategic analysis and decision-making. In addition, it will save time for external auditors. The automation of account reconciliation allows professionals to focus on value-added activities, improving overall efficiency and contributing to the success of the finance function."

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Want to know more about account reconciliation and corporate reporting?

On March 28, we are hosting The Future of Corporate Reporting, the event for the finance, sustainability and corporate reporting professional who wants to be prepared for the future of this field. Register via this link!

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