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The public sector in Europe leads the way in automation

Posted: 01 July 2009

Survey findings released today by Adra Match, the leading supplier of automated reconciliation software, reveal that organisations from the public sector have embraced automated reconciliation more heavily than those in the private sector.

According to the survey, which was conducted using a sample of Adra Match's 3,000-strong Northern European customer base, the public sector, usually seen as very bureaucratic and administration heavy, accounts for two thirds of the firm's customers. Throughout Northern Europe, many local administration offices have even been using automated reconciliation software for as long as a decade. Surprisingly, the IT and financial services sectors, which could be expected to be at the cutting edge of new processes to improve efficiency and reduce costs, account for 33 per cent and 18 per cent respectively of the company's clients.

"No one would have bet on the public sector being so open to new technologies, never mind outpacing the finance and IT sectors." said Michael Coppack, Managing Director UK, Adra Match.

In many organisations, the responsibility of account reconciliation falls to the individual departments who frequently use their own manual method to reconcile their sub and general ledgers, populating spreadsheets manually with cash, cheque and credit card transaction data, which are then matched by an individual against bank statements. A typical organisation will have teams of employees permanently checking and re-checking accounts.

 

 

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