If the phrase “data reconciliation” causes you to let out a small groan, you are not the only one who feels this way. Instead of being a labor of love, it is more of a necessary evil for most dealership managers. Although it is essential to close the books daily, this should not be interpreted as permission to arrive at work early, stay late, and have lunch in front of a spreadsheet. So, what’s the solution? The answer is automation. Data reconciliation using Data recon software can help you stay at the top of reconciliation. Our recon software is designed with everything you need to automate the data reconciliation at your dealership business. Click here to read more about the data reconciliation software.
Because it requires so many different kinds of input, revenue reconciliation is highly prone to inaccuracy, which is one of the most significant risks. When this work is completed via a manual procedure, it results in erroneous ledgers and unclear decision-making, both of which potentially put the future of the store or brand in peril. Because of this, dealers ought to think about using an automated method for revenue reconciliation to solve these issues once and for all.
The advantages that come with using automation
Automating the income reconciliation process is becoming increasingly popular among dealers to turn an obligation into an asset. The efficiency of the operations vastly improves when a more significant portion of the task is handled automatically and intelligently. Just think about some of the positive aspects.
Eliminate mistakes
Intelligent processes can manage massive amounts of transactional data with pinpoint precision. Because it is based on the most complete and accurate information that is currently accessible, the process of making financial decisions is immediately improved.
Take steps to prevent theft.
It is considerably simpler to discover and eradicate instances of theft when revenue and inventory are being reconciled simultaneously.
Elevate the level of inventory
When employing automated revenue reconciliation, you will not have to worry about issues related to too much or too little inventory. Because the most critical indicators are monitored in real-time, stocking, ordering, and reordering are facilitated in a manner that is both more efficient and effective.
Save time
Even in a relatively modest store, reconciling the revenue takes significant time. The automated revenue reconciliation system takes care of the majority of the labor. It provides considerable relaxation for managers and makes time and energy available for use in other efforts.
Improve the reporting
A better overall accounting system can be achieved by automating revenue reconciliation. When securing and maintaining growth, decision-makers now have access to more in-depth data in a shorter time, which is a significant value.
Automated revenue reconciliation succinctly makes life a lot simpler and more accessible. The question is not whether to put it into action; instead, it is how to implement it efficiently.
If you want to get the most out of your accounting overhaul, make sure to follow these best practices:
1. Develop a use case for it:
To get started, you should thoroughly investigate your existing reconciliation method. This demonstrates the areas that are most likely to benefit from implementing automation. Additionally, it sheds light on the components of reconciliation that humans best handle. Having this information makes it easier to establish a use case for automation, which may then be used to influence when, where, why, and how a solution is implemented.
2. Come up with an all-encompassing solution:
It is possible to automate only certain portions of the revenue reconciliation process; however, the most effective solutions link these capabilities with those of other operational and accounting systems. A dealership can achieve a 360-degree level of coverage with a solution that integrates all the functions into a single system: CRM, marketing, reporting, human resources, and accounting. Then, the stores can collect data from many touchpoints, organize and analyze it, and apply it across all their properties and sales channels. An overall enterprise update now includes revenue reconciliation automation as only one of its many components.
3. Bring all of the staff on board:
Even the most sophisticated accounting software is useless if employees cannot utilize it in a straightforward and thorough way. Investigate potential solutions that emphasize being accessible. After that, getting people trained and educated is a top priority before implementing the new solution. In ideal circumstances, reconciling the revenue is so highly automated that it requires very little to no input from the user.
Bottom Line
The older techniques of revenue reconciliation helped stores keep things as they were, but the technology available now can assist them in moving forward into the future. The hours previously spent on accounting may currently be allocated to marketing, employee training, and customer service; these are the parts of any dealership that will genuinely move the needle. Fill out this form to schedule your free demo of data reconciliation software.