Can Improved Management of Exceptions Reduce Overheads and Facilitate Data-Driven Decisions?

exception management

Sonas understands that identifying and solving exceptions are crucial to validate and maximise cash flow. Exceptions often stem from errors surrounding individual transactions. It is common for the root cause to be unknown. If a thorough audit trail exists and has been documented through the initial process, exceptions are easily identified and investigations are effortless and readily resolved. It begins with a robust reconciliation process.

Reconciliation is a fundamental control to monitor finances and enables data-driven decision making. This is the process of comparing sets of data to check and authorise that they have matching totals or individual items in an exact, predefined way.  In other words, the process guarantees that records from two or more sources are accurate, equivalent, matching. This assures the legitimacy of the transactions and the accurateness of the company records.


Reasons to Reconcile 

Reconciliation is a crucial task for any business. For self-service terminals, the goal of reconciling is to guarantee that the recorded transactions on the device match bank statements and physical cash counted. 

The Sonas solution not only reconciles the device cash and digital transactions but provides a transparent cash flow.


Poor Management of Exceptions 

The use of Excel-based worksheets for intercompany reconciliations has led to errors and lost productivity, causing a backlog of unreconciled accounts and a lack of root-cause analysis.

Sonas’ end-to-end reconciliation and data capture method improves fundamental controls and audit trails, enabling faster decision making, and reduced training costs. 

In addition, improve business decisions by standardising processes to foster more accurate compliance and improve the financial integrity of reports. 


Human Error

Exceptions often arise from human error.  These errors can occur at any point along the supply chain and contribute to discrepancies in inventory counts, from issues in physical counting to mistakes in picking and placement.

One of the easiest ways to minimise human errors is to use an all-in-one system that captures data at the source and in real-time with optical character recognition technology, analyses the cash cycle automatically and provide transparent data. 

Exceptions are costly in lost revenues and profit and can lead to wasted labour collecting evidence and data.

With Sonas System’s reconciliation solution, you can reduce your overheads and increase efficiency. Our solution automatically reconciles and identifies discrepancies for the balancing of self-service devices within each cycle.