In the deep-dive demo, Alwin Berkhout and Job Hakkert discuss the challenges we typically see with our clients around account reconciliation and how to deal with them using CCH Tagetik. In addition, in the interview below, Alwin shares key insights and shows how you can use these solutions to optimize accuracy, effectiveness and strategic decision-making within your financial processes.
Demo Job Hakkert and Alwin Berkhout
Below you can read the interview with Alwin Berkhout.
Who are you and what is your position?
"I am Alwin, an experienced professional in the field of finance and accounting. Initially I was responsible for financial consolidation and internal and external reporting. Since the late 1990s I have been working as a consultant for consolidation solutions. With more than 100 full life cycle implementations at listed and private companies in various industries, I bring extensive experience. The combination of my financial knowledge of consolidation and my in-depth technological knowledge makes me an excellent lead consultant for Tagetik and other EPM software implementations."
How is your position related to account reconciliation?
"Account reconciliation is a critical aspect of the closing process. You compare financial data and transactions with local and consolidated figures to ensure consistency and accuracy. As a consultant, I regularly help organizations improve their closing processes."
Have you ever done a manual account reconciliation yourself?
"Yes, in my career I did manual account reconciliations for about 10 years in the past."
What do you see as the pitfalls of account reconciliation without software?
"The pitfalls of account reconciliations without software include the risk of human error, challenges in managing large amounts of data and lack of real-time visibility into discrepancies or exceptions."
We read in marketing materials that software-based account reconciliation and/or transaction matching saves a lot of time. What are your experiences in practice?
"I can confirm that software-based account reconciliation and transaction matching do indeed save a significant amount of time. By automating the reconciliation process, the software can efficiently match transactions, identify discrepancies and flag exceptions, allowing financial professionals to focus on analyzing and resolving complex issues."
What are your experiences regarding the implementation of the CCH Tagetik solution for account reconciliation and transaction matching?
"Regarding the implementation of the CCH Tagetik solution for account reconciliation and transaction matching, my experiences have been positive. The software provides comprehensive functionality, streamlines the reconciliation process and improves efficiency. It provides features such as automated matching algorithms, exception management and full audit trails, which improve accuracy, transparency and control."
What would you say to a financial professional considering automating account reconciliation?
"I would highly recommend automating account reconciliation. Automation not only saves time but also improves data accuracy and reduces the risk of errors. By using software solutions such as CCH Tagetik, finance teams can improve productivity, gain real-time insights and allocate more resources to strategic analysis and decision-making. In addition, it will save time for external auditors. The automation of account reconciliation allows professionals to focus on value-added activities, improving overall efficiency and contributing to the success of the finance function."
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