Book Image

Managing Data Integrity for Finance

By : Jane Sarah Lat
Book Image

Managing Data Integrity for Finance

By: Jane Sarah Lat

Overview of this book

Data integrity management plays a critical role in the success and effectiveness of organizations trying to use financial and operational data to make business decisions. Unfortunately, there is a big gap between the analysis and management of finance data along with the proper implementation of complex data systems across various organizations. The first part of this book covers the important concepts for data quality and data integrity relevant to finance, data, and tech professionals. The second part then focuses on having you use several data tools and platforms to manage and resolve data integrity issues on financial data. The last part of this the book covers intermediate and advanced solutions, including managed cloud-based ledger databases, database locks, and artificial intelligence, to manage the integrity of financial data in systems and databases. After finishing this hands-on book, you will be able to solve various data integrity issues experienced by organizations globally.
Table of Contents (16 chapters)
1
Part 1: Foundational Concepts for Data Quality and Data Integrity for Finance
5
Part 2: Pragmatic Solutions to Manage Financial Data Quality and Data Integrity
10
Part 3: Modern Strategies to Manage the Data Integrity of Finance Systems

Avoiding common reconciliation errors and mistakes in finance teams

A number of problems could arise throughout the account reconciliation and accounting process that would influence the integrity of financial data. Let’s dive deeper into the common reconciliation errors.

Understanding common reconciliation errors

Some of the most prevalent problems in the area of reconciliation include those discussed in the following subsections. Afterward, we’ll discuss how to avoid and prevent these issues.

Unrecorded transactions

Transactions that are not documented in the financial records may cause discrepancies between the financial records and the supporting documents. Simply put, it is essential to ensure that all transactions are appropriately recorded and documented to prevent this type of issue.

For example, a cash sale in a restaurant might not be recorded due to the rush of evening sales when the store is about to close for the day. Another example would...