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Following an acquisition, a large regional bank needed help with loan reconciliation. We identified about 400 aged items the bank could not clear without taking staff away from essential loan-production activities.
We assembled a team of four accountants to augment the bank’s staff and assist with clearing the aged items.
Over a two-week period, our team of four researched and cleared 80% of items that were aged more than 20 days. The bank’s staff was able to address the remaining 20% without a negative impact on daily operations. We also offered recommendations for process improvement to help the bank avoid a similar scenario in the future.