Features
AssureNET GL Features
Account Reconciliation Processes
AssureNET GL is a control automation software solution for general ledger account reconciliations. It covers four principal functions – tracking, preparation, review , and assessment – for all types of account reconciliations, including balance sheet reconciliations, P&L reconciliations, consolidation system reconciliations, and operational reconciliations.
Tracking
As a result of Sarbanes-Oxley and similar international compliance legislation, companies are required to prove the effectiveness of their internal control structure. As it relates to account reconciliations – companies are required to track completion and review of reconciliations in order to ensure performance according to company policy. Many companies may have implemented some sort of tracking process for balance sheet account reconciliations in order to comply with Sarbanes-Oxley; however, the process is generally manual and quite inefficient.
AssureNET GL completely automates the tracking of account reconciliations, including the generation of reminder emails and late notices. Robust status reporting clearly identifies compliance breaches.
Preparation
Excel has been the tool of choice of accounting professionals for the preparation of account reconciliations. While Excel provides a great deal of flexibility, the tool does not provide a satisfactory level of standardization and control.
AssureNET GL introduces a completely new methodology for preparing account reconciliations called "Template-based Reconciliation" (while supporting both importing from and exporting to Excel). With template-based reconciliations, you determine what constitutes an appropriate style of reconciliation for each class of accounts. By precisely configuring templates to your requirements, you’ll be able to shift away from over-reliance on the review process, and instead utilize technological preventive controls over format and content of reconciliations. This ensures that reconciliations meet minimum standards for format and content before they are eligible to be released for review.
For multi-national companies, AssureNET GL is a true multi-currency reconciliation solution. Each account can be reconciled into multiple currency "buckets," and unlimited currencies per bucket. This capability is one of the leading reasons why AssureNET GL is the tool of choice for large multinationals that require reconciliation of many non USD accounts.
For high volume, transaction-intensive accounts, AssureNET GL integrates with ReconNET to provide an end-to-end account reconciliation solution.
Review
AssureNET GL provides paperless review capabilities, enabling reviewers to access the complete reconciliation package from within the application for purposes of conducting the review. Review is evidenced with an electronic signature and provides sub-certification capabilities in support of Section 302 of Sarbanes-Oxley.
Assessment
Post-review quality assurance assessment is a hallmark of a highly effective account reconciliation program. AssureNET GL provides an entire module dedicated to the provision of quality assurance reviews. Restricted access can also be granted to auditors to facilitate the performance of audit testing.
AssureNET GL provides an entire module dedicated to the support of Audit and Quality Assurance Testing functions.
Additional high value, integrated (not separate modules) functionality includes:
Trending / Variance / Balance Flux Analysis
There is significant value in performing trending / variance / balance flux analysis in conjunction with your account reconciliation process (rather than waiting until end-of-year). AssureNET GL facilitates this process by providing features that help detect causal factors of period-to-period variances, as well as tools for capturing variance explanations.
Robust variance analysis functionality supports preparation of variance/fluctuation analysis at an individual account level, as well as at the summary balance sheet roll-up level. Variance explanations prepared for an individual account are visible to the person preparing summary level analysis and can be included in the analysis. Analysis can be prepared across several flux buckets.
Reconciliation and variance analysis template can be configured to include robust business rules that determine when the analysis is mandatory, based on the amount of the variance or by the percentage fluctuation.
Closing Process Tasks and Activities
Beyond account reconciliations, there are a host of tasks and activities that must be performed to ensure a successful closing process. AssureNET GL tracks all of these activities, ensuring timely completion and review, as well as the capture of all key supporting documentation and evidence. Status reporting provides management with the visibility they need to ensure adherence to policy.