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Intercompany Reconciliations

Intercompany reconciliation continues to pose the most significant challenge to a fast and accurate accounting cycle.

Intercompany reconciliations are required to ensure that balances owed to and from companies in the same group are in agreement. With many groups are now global with divisions and subsidiaries reporting and managing their business in a multi-currency environment. Furthermore, many groups have local accounting done in different accounting systems with the consolidation of the results performed manually.

 

Why automate intercompany reconciliations?

By automating intercompany reconciliation, you remove it from the critical path of your company's primary financial reporting operation, eliminating the possibility that it can become a blockage. Improvements in your intercompany reconciliation processes can drastically reduce the overall amount of time it takes your business to accurately close its books.

 

AutoRek will enable you to reconcile intercompany balances and to close your books faster. We give you the ability to help your company identify and reconcile balances directly with one another, eliminating extra work and delays at the corporate and divisional levels. As a result, you can remove intercompany reconciliation from the critical path – and improve the speed and accuracy of the closing process.

 

Award Winning Intercompany Software

Our Intercompany reconciliation tool won the Best New Initiative in the Finance category of the Global Informa Awards (2011):

“We have over 470 companies with outstanding balances with each other and like many big companies, the month end processes were taking too much time.  We picked AutoRek’s reconciliation tool because it had great flexibility and because the AutoRek team demonstrated a great deal of knowledge of the complicated issue of intercompany reconciliation.  The award speaks for the big difference the tool has made for us.”
Alistair Goodall
Head of Applications & Infrastructure Support at Informa Shared Services

 

To find out more, arrange an Intercompany Reconciliation Software Demonstration.


Alternatively, download our related whitepaper: Solving the Problem of Intercompany Reconciliations

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icon-aboutautorekAutoRek® is a product of API Software Ltd and was born in 1994 in the days of mass privatisation and de-mutualisation. By working closely with a number of stockbrokers involved in these massive share sales, we discovered that existing manual reconciliation systems simply couldn’t cope with the volumes, short timescales and accuracy demands placed upon them. Find out more about AutoRek.

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