ReKognize is AutoRek’s account sign-off and attestation tool, which is fully integrated with AutoRek’s award winning reconciliation solution. ReKognize ensures that an organisation’s accounting records and controls are sufficient to substantiate balances and transactions under review. Substantiation includes not just the accuracy of the value, but also the value that has not been impaired.
- Ownership of Every Account is Assigned
- Overdue Sign Offs are Automatically Pursued
- Organisational Hierarchies are Supported and Enforced
- Consistent Approach, Greater Control and Transparency
- Balances and Transactions are Refreshed as Often as Data is Available
- Faster Interrogation and Error Reporting
- More Efficient and Effective Management Sign-Off and Consolidation
- Supporting Documentation is Requested and Stored
- Frequency of Attestations is Recorded and Enforced
- Reconciliations are Locked Down During Fast Close, Driving Journal Requests and MI
- Clear Visibility of Ownership Across Legal Entities, Business Units, Locations
- Full Audit Trail Providing Visibility Across Fast Close Process
ReKognize significantly reduces the manual effort involved in fast close processes, mitigating the associated risks of errors occurring and deadlines being missed.
ReKognize supports any period end fast close, multi-layered organisational structures and is scalable to support large volumes of reconciliations which have to be completed and signed off on a frequent basis.
With regulators and stakeholders demanding more data, more granularity, more often, there is a real demand for organisations to close out period ends in fewer days, but at the same time produce more information.
ReKognize alleviates pressures by providing a centralised sign off and attestation tool, to manage tighter deadlines. ReKognize ingests data from any system in any format including reconciliations, trial balances, and ERPs. Supporting documentation is recorded and stored electronically within ReKognize. Version control is automatically applied, journals entries are automatically generated and full audit trails are recorded to substantiate the control of the sign of process. Target times are set against reconciliation and substantiation of accounts and sub accounts.
Real time control dashboards on a local, regional and global basis are produced showing status, dependencies and progress against fast close targets. Alerts and notifications of any delays, bottlenecks or breaches of SLAs are automatically generated to users and managers. Fully integrated workflow guides users through the necessary steps to resolve issues, resubmit accounts for approval, with any necessary journals being automatically produced and submitted for posting.
ReKognize significantly reduces the manual effort involved in fast close processes, mitigating the associated risks of errors occurring and deadlines being missed. ReKognize provides the transparency of data and robust control needed to ensure that accurate and complete management accounts and financial statements are produced on an efficient and timely basis. Comprehensive audit trails provide demonstrable audit evidence that is easily retrievable for external auditors.
“Our clients have all experienced acceleration in the month end close process, with greater transparency and integrity of management accounts and financial statements. Spreadsheets and manual processing have been eliminated, the time, cost and risk of the amalgamation and consolidation of data across business units and geographies has been significantly reduced.”