As awareness for the need of reconciliation solutions has increased companies have often faced an important decision between transferring reconciliation to an outsourcing vendor or keeping it in-house.
Outsourcing provides specialized experienced and knowledge, often not available within the organizations, that can be leveraged to the clients advantage.
It is also a viable alternative as clients avoid license and maintenance fees as well as the constant need to upgrade software and hardware. This provides an opportunity to cut-costs.
Outsourcing reconciliation also provides companies the opportunity to refocus resources on core business activities. Generally, reconciliation duties are given to individuals who have other tasks that require the majority of their attention. This may lead to the reconciliation process taking a "back-seat" to other tasks. Problems can become further compounded as trained users leave and are replaced with untrained users. This slows down reconciliation, which in turn slows down the business process. As these slow downs continue, frustration mounts and alternate solutions are looked at.
Whether you decide to outsource your reconciliation or keep it in house, SS&C has the solution for you. Products, such as Recon, provide extensive automation, which provides a facilitated and hands-free approach making reconciliation an easier process for even the smallest companies. Or if you would like to outsource your reconciliation process, SS&C's Outsourcing services, SS&C Direct, can also manage your reconciliation so you can focus on what you do best – managing money.