Enhancing error process handling in account reconciliation

Abstract

This thesis investigates inefficiencies in the reconciliation processes of purchase, sales, and inventory reports within a Finnish car retail company. The primary objective was to identify waste, the recurring occurrence of non-errors — system-flagged exceptions that do not indicate actual discrepancies — leading to increased manual workloads and operational inefficiencies. The thesis proposes a development plan regarding the most notable non-errors to enhance the accuracy and efficiency of reconciliation reports, supporting streamlined workflows and improved financial reporting.

Data for the thesis was collected over three months from July to September 2024 using a mixed-methods approach, incorporating participant observation, content analysis, and secondary data from company documents. The data analysis revealed that internal transfers, mismatched invoice numbers, and system limitations in handling multiple tax codes were the main contributors to inefficiencies. Applying Lean Six Sigma principles, the thesis proposed targeted improvements for optimising and refining the robots' instruction manual to facilitate the correction of these non-errors.

The proposed solutions aim to reduce unnecessary manual interventions, enhance report accuracy, and create a more efficient reconciliation process. By addressing the inefficiencies, the development plan supports the company in achieving greater data reliability and reduced employee workload by reducing the waste present on the reconciliation reports.