Optimizing Reconciliation Process
Ensuring financial accuracy through streamlined reconciliation processes.
2023 | Deel
Time frame: 1 month
My roles: Researcher, UX and UI designer
Disclaimer: The visual language could not be changed completely as we had to stay as much within the company's design system as possible and maintain visual coherence with other platform jobs.
Contextualizing
Reconciliation
Reconciliation is a monthly process where companies verify the accuracy of their financial transactions. By cross-referencing the inflow and outflow of funds, companies like Deel ensure transparency, accountability, and deter potential fraud. This procedure is vital for audits and to maintain clarity in financial records.
Problem
Through interviews and process observations with users, the problem was identified. Many reconciliations were still conducted manually due to a lack of integration with banks and other Deel platforms. Users were constantly switching between tabs, manually copying and pasting information. This manual process was not only time-consuming but also prone to errors, making it inefficient and unreliable for the company's monthly financial checks.
Goal
To design an intuitive and integrated solution that streamlines the reconciliation process, minimizes manual interventions, reduces the need for switching between platforms, and enhances the accuracy and efficiency of financial checks.
Research and Discovery
CFMs Explained
CFMs, standing for Country Financial Managers, are integral to the monthly reconciliation process.
Responsibilities include:
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Overseeing financial operations for specific countries.
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Ensuring monthly transactional accuracy for their designated countries.
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Actively matching, verifying, and reconciling transactional data.
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Addressing discrepancies to maintain financial integrity.
User Research
Two interviews were conducted. An initial broad one and a second, deeper dive with CFMs to understand the reconciliation process intricacies.
First analysis & learning
Manual reconciliations primarily occur because the product isn't fully integrated with banks and other Deel platforms. This demands cross-referencing by a CFM.
There are various reconciliation types: inter-company, inter-accounts, Third-party, Fees, and Returned. The first two are within TMS, while others require data from Admin, the internal tool storing documents such as invoices from Deel.
Definition and Planning
Inter-company and inter-account transactions were prioritized since all necessary data was within TMS. Backend research was still necessary for future integration with Deel Admin to tackle other reconciliation types.
Flows
In this stage, I undertook the following tasks: understanding the current flow, identifying manual tasks, distinguishing between risky and non-risky ones, and also identifying any page jumps to address these points afterward.
In our workflow, certain actions have been identified as potential sources of inefficiency and error. First, copying and pasting are particularly prone to mistakes. Whether it's selecting incorrect data or pasting it in the wrong location, these errors can lead to repeated tasks or, worse, unnoticed reconciliation inaccuracies, prolonging the workflow.
Secondly, UI jumps disrupt the flow and increase the time required for task completion. The frequent opening of multiple tabs can leave users disoriented, leading to a cycle of opening and closing tabs, which not only adds to the time taken but also raises the risk of pasting information into incorrect transactions, potentially causing rework or process errors.
Lastly, manual actions like applying filters and identifying matching transactions are currently necessary. These steps, while crucial, contribute to the overall time and effort of the process, underscoring the need for a future state of full automation to address these inefficiencies.
Comparative Analysis
This phase aims to explore how Xero delivers reconciliation services. Given that 87% of the survey respondents mentioned this tool, I invested time in analyzing it.
Additionally, this phase also serves to review our current UI and identify elements that align with the feedback and observations gathered from user interviews, ensuring that valuable aspects are retained while also pinpointing areas that require change or improvement.
Note: Unfortunately, I cannot share screenshots of my testings here as I used my PM's Xero account, which contains sensitive information I am unable to disclose. All Xero images shared here were taken from Google Images.
1. Tabs for Reconciliation Categories: Providing users with the ability to choose the reconciliation type within the reconciliation space, allowing them to reconcile transactions according to their type in each specific case.
2. Matching Transaction Suggestions: Based on the amount, destination or source account, and/or other data, we can offer users pre-selected transactions that they can review and simply approve to complete the transaction, saving time.
3. Filter: This functionality needs to be retained for cases where the proposed reconciliation is not a match, and the CFM needs to search for the correct transaction.
4. Select Option: Providing the option to select one or more transactions at once allows the CFM to reconcile multiple transactions in a single action, rather than having to repeat the process multiple times.
5. Selected Transactions Area: Having an area that functions as a "summary" of the selected transactions allows the CFM to have an overview without the need for excessive scrolling through the table. It also enables them to perform multiple searches without losing context of what they have previously selected.
6. Subtotal: This was a user requirement that we can observe in Xero. It displays the subtotal and indicates whether the selected items match the value of the initial transaction.
1. Information Comparison: Retain the ability for the user to compare the information with the details of the original transaction.
2. Reconciliation Titles: All reconciliation titles were simply labeled as "Edit," lacking context for users.
3. Call to Action Buttons Overload: Excessive call to action buttons cluttered the UI and caused user confusion, often related to the need to open multiple tabs.
4. Multiple Transaction Recon UI: The UI underwent significant changes when dealing with multiple transactions.
5. Disruptive Editing Experience: During editing, the editing area shifted downward, causing a drastic change in the UI.
6. Filters: The platform offers numerous filters, but users only utilize a select few. Having an excess of filters tends to hinder rather than assist.
Explorations & Wireframes
Building upon the flow analysis and the examination of the current tool alongside the study of the Xero platform, I iniciated the phase of explorations and wireframes.
The objective was to initiate the process of envisioning how we would address various considerations, organize information, position elements, and more.
Mockups & Prototype
In light of the initial concepts, I began crafting the UIs using components from Deel's Design System while also exploring new solutions. This approach was necessary because the existing system didn't provide optimal solutions for products heavily focused on data analysis and management.
Iterations
New Flow
This updated version highlights the changes we've made, demonstrating a significant leap in efficiency. Here, you can see the improvements in the workflow’s dynamics.
Increased System Automation: We integrated additional automated actions within the system, leading to significant changes in user workflows. This shift towards automation aimed to enhance efficiency and ease of use.
Eliminating UI Jumps: A major challenge was to remove disruptions caused by user interface jumps. By achieving this, we ensured a more seamless and intuitive experience for users, facilitating smoother navigation through the system.
Eliminating Error-Prone Tasks: A primary goal was to eradicate tasks susceptible to human error. Streamlining these processes not only increased accuracy but also improved the overall efficiency of the workflow.
Learnings
In this project, I honed my user-centric design skills, learning to effectively address challenges by integrating user feedback. Working with designers, developers, and stakeholders, I appreciated the value of collaboration in shaping informed solutions.
The iterative process taught me the importance of adaptability and continuous learning. Each iteration brought new insights, shaping my future approach to design challenges.