Simplifying and improving recurring account reconciliations
Superior consulting services delivering successful accounting and finance solutions
A local financial institution had identified issues with their recurring account reconciliations. Accounting staff spent a significant amount of time completing reconciliations and other important tasks were not always completed. The company turned to Aventine Hill Partners to provide a well thought out and cost-effective solution to take the strain off of their accounting team.
Our first step was to perform an in-depth analysis of the Chart of Accounts structure as compared to the company’s reconciliation process. Our consultant noticed quickly that the Chart was excessively complex and the number of accounts could be dramatically reduced, thereby eliminating the need for many reconciliations. A conversion was performed that reduced the number of accounts from approximately 5,000 to 2,500 while still supporting the institution’s financial reporting needs. Our consultant then performed another review of the reconciliation process itself, streamlining it to gain further efficiencies.
As a result of our accounting and finance consulting services, this financial institution was able to perform recurring account reconciliations in a fraction of the time it took previously. In addition to the gains in efficiency, the company also benefited from a new and improved Chart of Accounts that increased accuracy. Learn more about our Accounting Optimization services.