Account reconciliations are a critical control for financial reporting, data integrity, and fraud prevention. Yet, many organizations still perform them manually.
@run provides smart, interactive tools designed to optimize your daily workflows, boosting efficiency and effectiveness.
How is the process handled in @run?
Account master data
TXT file
User's type
Connection
Account master data
Workflow Management and User Access Control
User Access Controls
User access controls ensure that only authorized personnel can access sensitive information, safeguarding data from unauthorized access.
Data Integrity and Confidentiality
Maintaining data integrity and confidentiality is crucial, and the tool provides features to protect sensitive information effectively.
Robust Workflow Management
The tool offers efficient workflow management capabilities to streamline processes and enhance productivity across teams.
Approver
Reviews and approves reconciliations to finalize the process
If a reconciliation is rejected, it is returned to the preparer
The approver has also access to key administrative settings, such as:
Preparer
Reviewer
Key Benefits of Using @run
Automation of Repetitive Tasks:
Automation reduces time spent on manual data entry, enabling teams to focus on more strategic tasks.
Focus on Analysis
With less time for manual tasks, finance teams can dedicate more time to data analysis and decision-making.
Improved Productivity
Automation and streamlined workflows lead to measurable productivity gains across the organization.
Increased Transparency and Accountability
@run improves visibility throughout the reconciliation process, enhancing oversight and governance.
Enhanced Audit Trails
@run provides detailed audit trails that log every step of the reconciliation process, ensuring full traceability
Fostering Trust and Compliance
Greater transparency and control build trust and help meet regulatory requirements, supporting effective governance.
F.A.Q
Financial reconciliation is the process of verifying that internal accounting records match external or supporting data such as bank statements, subledgers, or third-party reports to ensure accuracy, completeness, and control in financial reporting.
Reconciliation helps identify errors, discrepancies, or unusual activity early, supporting reliable financial statements, faster closing, and audit-ready reporting.
Reliable financial statements require strong reconciliation controls. When accounts are not reconciled consistently, organizations face higher risk, limited visibility, and slower close cycles.
A structured reconciliation process strengthens internal controls, improves cash management, and ensures leadership can rely on the numbers used for decision-making.
A typical reconciliation process follows a structured sequence to ensure accuracy, control, and traceability:
Collecting data from internal accounting records and external or supporting statements
Comparing balances and transactions to identify differences or exceptions
Investigating discrepancies to determine root causes and required actions
Resolving and adjusting entries to ensure records reflect accurate information
Documenting the reconciliation to support reviews, approvals, and audits
Reconciliation becomes challenging when processes rely heavily on manual effort and disconnected data sources. Common challenges include:
Manual data entry errors that lead to unexplained discrepancies
Timing differences caused by transactions recorded in different periods or systems
Complexity in matching data across multiple systems, accounts, or formats
Incomplete or inconsistent documentation, making reviews and audits difficult
Delayed detection of unusual or fraudulent activity due to limited visibility
Technology transforms reconciliation by replacing manual, error-prone tasks with automated and controlled workflows. By automatically matching data, highlighting exceptions, and structuring reviews and approvals, reconciliation becomes faster, more accurate, and easier to manage.
Modern reconciliation tools also improve visibility through real-time status tracking, standardized documentation, and audit trails helping teams reduce risk, accelerate the close, and maintain confidence in their financial data.
Questions and Answers on Financial Reconciliation