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Dec 21, 2021

Finance Leaders: Here’s How to Survive Year-End Reconciliation

Rich Beattie

Technology & InnovationReturn to blog

Year-end reconciliation is a massive undertaking that can turn a finance team inside out.

But it doesn’t have to be that way. In fact, at a time when maximizing efficiency is essential, it can’t be. As PwC reported, the pressure on finance teams has never been greater; they’re being asked to find efficiencies and do more with less. One place to begin is with the TripActions guide, “Year-End Reconciliation Survival Guide for Finance Teams.”

Why is this arduous process so important? First, an accurate and efficient year-end close is a reflection on the finance team and on the company’s financial systems and processes as a whole. Year-end reconciliation also provides an essential snapshot of where the company is financially, which will help guide projections of where it’s going.

Yet finance teams can get held up by many factors, including a lack of communication, inefficient processes, and outdated systems. When these factors don’t operate in sync, it can slow the process down.

What’s the answer? The TripActions guide serves up checklists that finance teams can use to get the process going and streamline the work; it also offers factors to consider when doing a post-mortem analysis.

Let’s face it: Moving into 2022 with manual systems and without the most recent data is going to result in an inefficient process and an incomplete financial picture. And this is exactly where TripActions Liquid comes in. This solution provides the tools necessary to give finance teams exactly what they need: streamlined operations that increase efficiency and accuracy. By incorporating real-time data and automated reconciliation—not just at year’s end but every month along the way—finance teams can achieve the kind of result that will reflect well on their department…and their company.

Learn more about how TripActions Liquid can transform your entire expense management operation in 2022.

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