Listed companies are under enormous filing pressure. The final phase-in of the accelerated filing deadlines saw the SEC reduce the time allowed for "large filers" to submit their Form 10-Ks by 15 days.
This reduction presents a significant struggle for finance departments to meet these requirements, especially as they can't change the external environment to reduce the pressure the regulations place on the close process. For many, the close cycle has been exacerbated by a mixture of human and technology related factors:
- Emerging process problems (e.g. weak intercompany reconciliations)
- Multiple charts of accounts and a complex reporting environment
- Manual reporting procedures and systems
- Poor processing performance of information systems supporting the closing cycle
- Systems that are not integrated to support company-wide performance management
Using AutoRek for Financial Close
AutoRek enables business units to reconcile all manner of close-critical numbers including stock, bank and intercompany balances reconciliations to facilitate a faster close.
Because AutoRek performs and escalates reconciliations and exceptions automatically, at period end business units are presented with out of the order exceptions. AutoRek has a defined methodology for helping fast close giving enhanced efficiency and cost savings in the finance function.
Furthermore, ReKognize allows organisations to monitor completion of mandatory reconciliation and attestation control procedures. This means higher value or higher risk accounts or divisions can be tracked for their potential impacts on the transition of the accounts.
With reconciliation removed from the critical path to financial close, benefits include:
- Eliminated extra work and delays at both the corporate and divisional levels
- A speedier financial closing process is achieved
- A more accurate financial closing process is achieved
Read our whitepaper
For more information, download your complimentary copy of our whitepaper - How to Improve the Speed and Accuracy of the Financial Close or Schedule an AutoRek Demo.