On-Demand AssureNET Express
Accounting Compliance Software for the Mid-Market
Account Reconciliation Processes
AssureNET Express 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
Sarbanes-Oxley and similar international compliance legislation (e.g., Basel II, MiFID, etc.) have required companies to prove the effectiveness of their internal control structure. In regards to account reconciliations, companies are required to track completion and review of reconciliations so that they can ensure performance according to company policy.
AssureNET Express fully automates the tracking of account reconciliations, including the generation of email reminders and late notices, and robust status reporting plainly identifies compliance breaches.
Preparation
Utilizing a template-based reconciliation methodology, AssureNET Express provides greater control over the format and content of reconciliations. Reconcilers are provided with reconciliation templates containing structured reconciliation formats tailored to the type of account and the style of reconciliation to be performed. Templates guide reconcilers through the preparation of a properly formatted reconciliation. This approach helps organizations minimize training requirements and reduce the burden on reviewers. AssureNET Express ensures that reconciliations meet the prescribed standards for format and content before they may be submitted for review.
Review
AssureNET Express provides paperless review capabilities, enabling reviewers to access the complete reconciliation package from within the application. An electronic signature provides evidence of a review as well as 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 Express provides an entire module dedicated to the provision of quality assurance reviews. Additional high value, integrated (not separate modules) functionality includes:
- Trending / Variance / Balance Flux Analysis – Rather than waiting until end-of-year, there is significant value in performing trending / variance / balance flux analysis in conjunction with the account reconciliation process. AssureNET Express facilitates this process with tools that detect causal factors of period-to-period variances and captures variance explanations. Variance explanations are eligible to be reviewed.
- Closing Process Tasks and Activities – Beyond account reconciliations, there are various other tasks and activities that must be performed to ensure a successful closing process. AssureNET Express can track these activities to ensure timely completion and review. Additionally, AssureNET Express can capture all key supporting documentation and evidence. Status reporting gives management the visibility they need to ensure adherence to policy.