Account reconciliation is a common task for teams ranging from staff accountants to FP&A groups. But even with something as commonplace as the general ledger, reconciliation involves collecting and consolidating data from multiple sources. It is also known for rigid structures, which allow users to manage reports and business workflows but not to prepare data or modify calculations.
Analytics offer an alternative approach to rigid applications that oblige departments to follow the same path, whether it fits their needs or not. Instead of processes that work only with out-of-the-box systems, analytics automate the process of reconciling data, such as from assets and liabilities, using a standardized and automated process. That allows accountants to get in front of issues faster and have more time to follow up on identified outliers.
With Alteryx, you can:
- Bring together the records from various sources of financial data
- Perform pivots for arithmetic operations on the data
- Join all the data and perform reconciliation checks