Description: Traditionally, Account Reconciliation activities have been widely dispersed across the Finance organization and the related business units at many companies. However, recently there has been an emphasis at some corporations to consolidate these activities into a central location to standardize the process, gain greater efficiencies, and improve overall quality levels. This Peercast will look at the steps companies are taking in this area and what the results have been up to this point in time.
Background: Traditionally, Account Reconciliation activities have been widely dispersed across the Finance organization and the related business units at many companies. However, recently there has been an emphasis at some corporations to consolidate these activities into a central location to standardize the process, gain greater efficiencies, and improve overall quality levels. This poll looks at the status of consolidating the Account reconciliation process and drivers in making the decision to do so.
Implemented – highly consolidated | 36% | |
Implemented – moderate consolidation | 18% | |
Approved – in process or limited consolidation | 4% | |
Evaluating, not yet decided | 32% | |
Evaluated, decided no | 0% | |
Not considered | 11% | |
Tried, not successful | 0% |
Implementation of a new financial system | 0% | |
Implementation of a new technology solution specifically related to Account Reconciliations | 11% | |
Implementation of a new process design for Accounting / Finance | 18% | |
Consolidation of Accounting / Finance operations as a whole | 39% | |
Other (Please comment) | 7% | |
None – We have not consolidated the Account Reconcilation process | 25% |