Data Reconciliation is a constant periodic activity for most organizations between any two data sets generated both internally (e.g. invoices, payments, orders, expenses submission, item master etc.) and externally (e.g. bank statements, credit card statements, insurance claims, supplier statement, customer statement etc.). Most people use Excel to do Data Reconciliation.

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The key challenges in any Data Reconciliation process

• Excel based activity, highly manual with limited ability to audit the process and get on-demand reports

• Inputs to the reconciliation process involves data coming in text, pdf or excel files generated from various internal and external applications with transactional / summary details of periodic transactions 

• The reconciliation could be a one-one, one-many or many-to-many reconciliation

• Difficult to scale up to handle higher consolidated data volumes across a month or several months

• No element of data security and auditability in Excel as to who can and who did which reconciliation and why

• Over-personalized Excel sheets each with its own logics and formats with no organization control 

• Difficult to sign-off the reconciliation with confidence for management