CFOs need to be able to reconcile data faster, to produce monthly, quarterly or annual reports with confidence that the data is correct, to reduce write-offs and potential fraud, to ensure timeous financial closures, while at the same time continuously innovating and creating efficiencies that help ensure their team’s success.” So says Darren Turnbull, Chief Executive Officer of financial services solutions specialist MoData. In increasingly complex environments, manual financial reconciliations have become more time-consuming and labour-intensive. Machine learning-enabled automated account reconciliation overcomes these challenges, saving CFOs time, increasing efficiency and improving accuracy for faster reporting.

The New Normal has changed the way we work and live. It has tested the processes, systems and controls that financial institutions used for years, especially in the back-office. Manual processes are more of a hindrance than ever before.

Automation is key to navigating the new normal of Covid-19. Even for those who have already automated the reconciliation process, more can be done.