Success Story Library
Rohm and Haas Implements AssureNET GL for General Ledger Reconciliation and Certification
Overview
Since 1909, Rohm and Haas has created and developed innovative technologies and solutions for the specialty chemicals industry. The company’s technologies are found in a wide range of markets including: Building and Construction, Electronics, Food and Retail, Household and Personal Care, Industrial Process, Packaging, Paper, Transportation and Water. The company, with its network of more than 100 manufacturing, technical research and customer services sites in more than 27 countries, is dedicated to the principles of responsible care and sustainable compliance. In March 2006, the company received the highest rating for best corporate governance practices with a select number of other companies. This represents the second year in a row for this prestigious award. Governance Metrics International (GMI), an independent corporate governance research and rating agency chose the best from 3,220 global organizations. Based in Philadelphia, PA, Rohm and Haas generated annual sales of approximately $8B in 2005.
Challenges
Rohm and Haas wanted an automated, web-based solution for general ledger reconciliation and certification. Historically, users had been generating business warehouse reports through a bolt-on application to SAP, and creating sub ledger information in Excel. Once that information was tied together, it was compiled and placed into a paper file. The file was then delivered to a team lead, who would review it a week or two later. The entire process was cumbersome and labor-intensive. Moreover, this course of action was taking place in several different regions of the world. At each physical location, where a finance unit existed, there were cabinets filled with hard copies of reports. Electronic files were kept on a network, but there was no central depository for general ledger reconciliation and certification data. Rohm and Haas manages a significant number of general ledger accounts worldwide over many legal entities.
Objectives
- Automate processes to improve workflow
- Automate advance notification of due dates and past due reconciliations to managers and staff
- Improve visibility into the status of reconciliations, including use and aging
- Roll out a global standard, and incorporate a global data repository accessible from anywhere in the world
- Provide enhanced reporting to upper management that demonstrates the efficiency and accuracy of the verification and reconciliation process
- Increase ability to meet compliance requirements (”lock” reconciliations after they have been reviewed and certified) and advanced abilities for auditors to review
Capabilities Provided
Trintech’s AssureNET GL was first implemented across Rohm and Haas’ Electronic Materials business, and later to their North America Chemicals business. Finance units in offices in the United States, Canada, Brazil, the United Kingdom, and China are all benefiting from improved workflow processes. AssureNET GL provides Rohm and Haas with the following:
- Workflow management that allows prioritization
- 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
- Proactive identification of current and potential compliance issues
- Extensive reporting, including delinquency analysis, open items aging analysis, summary of exception statistics, and risk attribution
Testimonial
“Rohm and Haas has very high standards. Our choice of AssureNET GL to further enhance our internal controls exemplifies the degree to which we’re committed to outstanding governance.” - Lewis H. Johnston, Corporate Audit Director
Other Information
For more information on how we can help you enhance your general ledger reconciliation and certification processes for improved compliance, contact Trintech today.
