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🔎 How long should general ledger reconciliation take? 🔎 When it comes to reconciling the general ledger, every hour counts. Ideally, this process would be automated, seamlessly handled by a single ERP system. But as many finance teams know, the reality is often far more complex—requiring careful coordination across multiple systems, manual checks, and time-consuming validations. 🌟 According to the American Productivity and Quality Center (APQC), the median time for general ledger reconciliation stands at six hours, with leading organizations completing it in five and others averaging around 10. With multiple systems and an ever-increasing volume of transactions, achieving timely reconciliations is critical, not only to maintain data integrity but also to enable strategic decision-making. 💡 Here are some key strategies to help speed up reconciliation: → Leverage financial automation: ensure your team is fully utilizing the latest digital automation features available for managing your financial process. Newer tools and technologies can simplify matching transactions and consolidating data across systems. → Consolidate financial systems: The more systems in play, the longer reconciliation can take. Choosing to overlay a Saas-based solution that integrates with your existing technology can streamline the process and reduce the risk of lost, overlooked, or misclassified transactions. → Easily connect the stakeholders involved: accounting staff, the financial controller, and the director of accounting/CFO all have a role in reconciling the general ledger. Choosing a solution that facilitates communication and query sharing between these parties can accelerate your monthly reconciliation. 🔄 By tightening up the reconciliation process, you set the stage for a faster monthly close, more accurate financial statements, and improved forecasting—empowering your finance team to bring even greater value to the organization. Is your organization’s reconciliation process optimized? Let’s discuss how Comply can help you accelerate your month-end close each month. Contact us now for a demo. #FinanceOptimization #LedgerReconciliation #FinanceTransformation #Automation

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