AutoRek’s ability to reconcile general ledger accounts to line of business systems and to external sources allows a very rapid and real time confirmation of balance sheet numbers.
Reconciliation of balance sheet accounts is a cornerstone of any finance function’s discipline. Without reconciling and proving the balance sheet at period end, any number of errors and omissions may impact the trading results presented and the decisions the executive make on them.
Balance sheet reconciliations take many forms and AutoRek can be used to automate them all. Typically a balance sheet account is controlled by being:
- Compared to an external record like a bank statement, supplier statement for example
- Supported by a sub-ledger (e.g sales ledger, fixed asset register, inventory management system)
- Analysed in an open item way to highlight non-cleared effects (suspense or collection accounts)
- Manually posted and explained such as accruals, sundry debtors or reserves
- Agreed to other general ledger accounts (intercompany)
- Matched to or posted directly from an underlying line of business system
AutoRek makes all of these easier. The transactional matching capabilities of AutoRek will eliminate 75% of core reconciliation process and in high volume bank reconciliations for example, will increase the frequency of the performance of the reconciliation and accelerate the remediation of the exceptions. Our workflow and case management features mean that the traditional period end process is happening all the time (without manual intervention in many cases).
Our experience in balance sheet reconciliations is extensive and our client list boasts many of the world’s most respected brands.
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Alternatively, download the following related resource: Why You Should Automate Reconciliations
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