Success Story Library
AssureNET GL Provides Brady Corporation with a Standardized Process to Support General Ledger Reconciliation and Certification
Overview
Founded in 1914, Brady Corporation is an international manufacturer and marketer of products that help customers increase safety, security, productivity and performance. They include high-performance labels and signs, safety devices, printing systems and software, and precision die-cut materials.
The company has more than 300,000 customers in a variety of industries, including electronics, telecommunications, manufacturing, electrical, construction, medical, and education. Brady is headquartered in Milwaukee and employs more than 5,500 people in operations in the United States, Europe, Asia/Pacific, Latin America and Canada.
Challenges
As large global company, Brady has 60 business units with more than 10,000 general ledger accounts. Various processes were employed to reconcile them, including an Excel template, which each business unit maintained independently of the others. One business unit with 600 general ledger accounts filled an entire binder each month with their balance sheet reporting.
The process of ensuring that all reconciliations were completed and met basic requirements was a daunting and time-consuming task for the finance team. Additionally, the finance director had no real-time visibility into the performance of the various units, so it was difficult to know if the units were reconciling on time, and maintaining proper documentation. Under pressure to meet Sarbanes-Oxley Section 404 requirements for internal controls, the finance director opted to replace Brady’s manual system with an automated, out-of-the-box solution for balance sheet reconciliation.
Objectives
- Comprehensive, automated system to replace manual processes, mitigate risk and reduce the cost of administering the program
- Real-time visibility into the status of the reconciliation program/control across the enterprise, including transaction-intensive accounts
- Remote and secure access to reconciliations
- Increased ability to meet compliance requirements
Capabilities Provided
Trintech’s AssureNET GL has automated and standardized transactional processes across the enterprise, and provides the following:
- Complete visibility into the status of the reconciliation program/control across the enterprise, including detailed analysis by department, location or region
- Support for all types of balance sheet reconciliations, including various types of asset and liability accounts
- Workflow management that allows prioritization
- Proactive identification of current and potential compliance issues
- Extensive reporting, including delinquency analyses, open items aging analyses, summary of exception statistics, and risk attribution
Testimonial
“Before we had AssureNET GL, we had no visibility into how our 60 reporting units were performing. Now, I know reconciliations are completed. There is no gaming the system. I’m notified if reconciliations are delinquent. When it comes to SOX 404 compliance, this solution is leading edge.” Todd J. Endres, Finance Director
Other Information
For more information on how you too can gain support for all types of balance sheet reconciliations with AssureNET GL, contact Trintech today.
