Business analytics joins forces with reconciliation solutions for efficient decision making | | World Class Reconciliation Software
Summary
For example, cash flow forecasts take into consideration sales data, but some recurring deviations may follow a pattern related to post-sale incidents such as payment errors, fees & interest rates incurred, penalties and discount miscalculations. Reconciliation is not isolated in the realm of financial accounting and it can build organic correlations with other essential business operations such as supplier management, customer retention policies, partnership development efforts, planning and budgeting cycles, etc. • In turn, payment service providers can keep track on FX exchange rates and volumes to counter currency risk, or, alternatively, to monitor delays / bottlenecks and manage effectively their partner network. In combination with the rich visualisation capabilities of third party software such as Microsoft Power BI, Tableau, IBM Cognos, Sisense, Qlikview, etc, it forms the backbone of the business analytics setup. Thanks to the new technology solutions for process automation, reconciliation has made a remarkable comeback as an integral part of the business decision making framework proving its robust capacity to reveal valuable analytical insights.
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