Reconciliations are a team effort, and assigning them to the right people based on the complexity of the account is key to running an efficient finance function. Many teams assume that the senior accountant should handle all reconciliations simply because they have the most experience. However, let’s explore why spreading the workload across your team is the best approach — and how it can both save time and improve quality.  

Leverage Expertise 
The person in the finance team closest to the account should be the one reconciling it. For example, the team member who handles accounts payable should reconcile the accounts payable and accrued expenses accounts. They’ll have the context and knowledge to spot discrepancies quickly and understand what each posting relates to. While the senior accountant could technically reconcile the accrued expenses account, they would likely end up asking the assistant accountant numerous questions about why certain postings were made and what different balances relate to. This adds unnecessary time and creates inefficiency.  
Additionally, assigning reconciliations to junior team members helps train them and gives them exposure to the full accounting cycle from posting journals through to reconciling and reporting. As junior members handle simpler accounts, senior members are freed up to review the reconciliations. This allows them to spot issues more easily, as they’re not too close to the details and reviewing the reconciliations fresh.  

Avoid Overloading One Person 
Assigning all reconciliations to a single team member is a recipe for burnout and inefficiency. Not only will they struggle to keep up, but they may also lack the technical expertise to reconcile complex accounts like deferred tax or equity. This approach creates a bottleneck in your month-end process, as one person becomes the gatekeeper for all reconciliations. By spreading the workload, you’ll ensure reconciliations are completed faster and with greater accuracy.  

Training and Development 
Reconciliations are a great way to train junior team members. By assigning them simpler accounts, they’ll learn the process while more senior team members review their work. This not only builds skills but also ensures everyone understands the importance of accuracy. For example, a junior accountant reconciling the petty cash account will gain valuable experience in identifying discrepancies and documenting adjustments. Over time, they can take on more complex accounts, building their confidence and expertise. 

Faster Turnaround 
When reconciliations are spread across the team, they can be completed faster, as there’s no hold-up waiting for a single person to finish them all. When a team member is responsible for the reconciliation process, they’re more likely to take ownership of that account. This means they’ll take extra care with their work and monthly journals, as they’ll be responsible for finding and fixing any mistakes. This reduces errors and the need for corrections later in the process, saving time and reducing stress.  

Match Accounts to Expertise 
Assign accounts to team members based on their responsibilities. For example, the person who manages payroll should reconcile the payroll liability account. This ensures the person reconciling the account has the necessary knowledge and context to do the job effectively. 

Rotate Reviews 
While junior team members can handle simpler accounts, it’s a good idea to rotate reviews periodically. For example, every six months, have the financial controller or manager review smaller accounts to ensure consistency. This not only provides a fresh pair of eyes but also helps identify areas for improvement.  

Use Technology to Streamline 
Balance Sheet Reconciliation Software can help organize and track reconciliations across the team. With features like automated reminders and centralized storage, you’ll ensure nothing falls through the cracks. For instance, the software can notify team members when their reconciliations are due, reducing the risk of missed deadlines and keeping the month-end process on track.  

The Bottom Line 
Reconciliations are a team effort, and spreading the workload ensures they’re done efficiently and accurately. By leveraging your team’s expertise and using the right tools, you’ll save time and build a stronger control environment.