While reconciliation was earlier perceived as a necessary evil in the functioning of the back-office, but regulatory compliance and risk management have made it essential to coordinate data sets across the enterprise. Organizations are increasingly adapting reconciliation platforms to handle the financial close processes to reduce the burden on accountants at the end of the month. Workflow automation saves time by cutting down on the multiple rounds of paperwork previously required to verify and certify financial information manually. It includes submission confirmations, due date reminders, assignments, approvals, rejections, alerts and completion.

The cloud-based reconciliation processes enable accountants to access data more efficiently and provides an up-to-date overview of the current status and overall close process. Other features of the advanced reconciliation platforms used today include comprehensive trend analysis that optimizes the match rate and lowers the number of exceptions. Most organizations also set materiality thresholds and tolerances to avoid wasting time in reconciling low dollar values. The ability to make model choices for each reconciliation also benefits customers by promoting cost optimization. The need for manual intervention is further lowered as exceptions on the platform are immediately visible across the enterprise.

Reconciliation platforms have significantly lowered the risk of financial misstatement with their transaction-level matching feature. As new technologies are developed at a rapid pace with more developments on the horizon, a distinguished panel comprising CEOs, CIOs, VCs, industry analysts, and CIO Outlook’s editorial board has reviewed the top oncology reconciliation platform providers and shortlisted the ones that are at the forefront of this industry.

We present to you Capital Markets CIO Outlook’s “Top 10 Reconciliation Platform Solution Providers - 2018.”