Discover how strengthening reconciliation processes and financial controls improved reporting accuracy and enhanced stakeholder confidence.
Problem Statement:
Kristal.ai was in the process strengthening the financial controls by implementing a system of reconciliation of cash flows with the internal records. The absence of such reconciliation system brought risk of inaccuracy in the financial reporting and limiting stakeholder confidenc
Solution Offered:
- Mapped reconciliation process, by tracing the data in internal records with the bank statements
- Developed a smart classification engine to organize transactions into categories : fees, deposits, and withdrawals
- Delivered a comprehensive report outlining reconciliation status, reasons for unmatched transactions.
- Proposed process improvements to enhance confidence for both internal and external stakeholders.
Result/ Impact:
- Stronger financial control.
- Increased confidence among stakeholders
