{"id":7259,"date":"2022-11-14T10:02:05","date_gmt":"2022-11-14T08:02:05","guid":{"rendered":"http:\/\/localhost\/salient\/?p=7259"},"modified":"2024-04-03T16:02:34","modified_gmt":"2024-04-03T14:02:34","slug":"the-1-pick-for-finance-team-efficiency","status":"publish","type":"post","link":"https:\/\/staging3.zealousys.com\/salient\/the-1-pick-for-finance-team-efficiency\/","title":{"rendered":"The #1 Pick for Finance Team Efficiency"},"content":{"rendered":"[vc_row type=”full_width_content” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” class=”single-post-section” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_spacing=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text]\n
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One of the many efficiency challenges facing CFOs across all industries, relates to increasing the finance team\u2019s contribution, without increasing its size.\u00a0 Modern businesses value actionable insights from their finance team; such insights serve to inform decisions that improve profitability and overall performance.\u00a0 Time spent on functions that could be automated prevent the finance function from meeting these goals.\u00a0 By freeing up time spent on productivity killers, the finance team changes its impact on the business by answering the needs of decision makers, rather than performing manual processes.<\/p>\n<\/div>\n<\/div>\n

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In the retail environment, retailers depend on the faultless functioning of their point of sale (POS) systems, the processing of debit or credit card transactions using a reliable switching service and correct settlement from the relevant banks to receive accurate payments.\u00a0 The correct functioning of the above system pillars should be monitored through a critical financial reconciliation protocol, championed within finance, to ensure the retailer successfully receives the tendered amounts due for each transaction from the shoppers\u2019 bank.<\/p>\n<\/div>\n<\/div>\n

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Traditionally, finance teams have relied on software like Microsoft Excel to perform these reconciliations that serve to compare the data of the retailer\u2019s POS system, to the information provided by the switch and the bank settlement.\u00a0 The objective of the reconciliation process is to ensure:<\/p>\n

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  1. Banks settle the retailer for bank card tender received from the consumer.<\/li>\n
  2. Differences in settlements are isolated for internal follow up or interrogation.<\/li>\n
  3. General ledger entries arising from the reconciliation process can be substantiated.<\/li>\n<\/ol>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n[\/vc_column_text][vc_column_text]\n
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    The value of the reconciliation process lies in its outcome, not in the process itself.<\/h4>\n<\/div>\n
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    For many retailers, the process itself is the most resource-hungry step in getting to point three above.\u00a0 Herein lies the real opportunity for automating the process of the reconciliation and achieving the resulting efficiencies in the finance team.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n[\/vc_column_text][vc_column_text]\n

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    Meet ReconAssistTM<\/sup><\/h4>\n<\/div>\n<\/div>\n
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    Ecentric\u2019s ReconAssistTM<\/sup>\u00a0software targets the resource-hungry manual reconciliation process through an automated and overnight reconciliation, which is prepared for store and back-office staff to interrogate the following day.<\/div>\n<\/div>\n
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    The software delivers confirmation of transactions accurately processed and settled by 3rd<\/sup>\u00a0parties and provides granular details of transactions that have failed in processing and\/or settlement.\u00a0 Store and back-office staff can then dedicate their allocated reconciliation time to these \u201cfailed\u201d transactions (or reconciling items) to successfully resolve them.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n[\/vc_column_text][vc_column_text]\n
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    How it works<\/h4>\n<\/div>\n<\/div>\n
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    Ecentric has designed this market leading, single platform enterprise reconciliation solution to provide end-to-end automated reconciliation to business, recording and accounting for all omnichannel transactions processed.\u00a0 It is unique as it accounts\u00a0at transaction level<\/em><\/strong>, rather than summary level.\u00a0 It offers practical features and is designed ready for use, delivering faster period closure.\u00a0 In a nutshell, ReconAssistTM\u00a0<\/sup>delivers a granular view, with financial certainty.<\/p>\n<\/div>\n<\/div>\n

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    It is suitable for the reconciliation of:<\/strong><\/p>\n