Posts Categorized: Account Reconciliation

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July 18, 2019
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Three Benefits of Streamlining the Financial Close in Aged Care

Australia has a global reputation as a nation of surfers and Outback explorers, and all that healthy outdoor living has led to the sixth highest life expectancy in the world[1]. With that increased life expectancy comes a sizeable aged population needing specialized care. Though subsidised by the government, the Australian aged home care sector’s finance...

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June 27, 2019
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Reconciliations: Part of a Global System of Controls to Ensure the Integrity of Your Financial Close

There are no compromises in producing reliable financial statements, and balance sheet reconciliations is one of the most important internal controls over financial reporting that can’t be under-appreciated. Read this blog to find out how a System of Controls can ensure the integrity of your financial close.

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June 20, 2019
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Moving from Manual to Modern: The Benefits of Business Process Automation

When it comes to automation in the workplace, not a week goes by without the release of a new study on how machines will impact jobs. Some suggest that the transfer of repetitive tasks from the hands of workers to machines will elevate the type of work people do. On the other hand, there are...

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June 13, 2019
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The Power of the Checklist: Gaining Control of the Financial Close

Ten years ago, the world was captivated by the scenes on TV of a plane in the Hudson River as passengers stood on the wings waiting to be rescued. Despite the loss of both engines shortly after takeoff, all the passengers and crew were saved because of the quick actions of Captain Chesley “Sully” Sullenberger...

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May 1, 2019
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The Invaluable Benefits of Transparency in the Financial Close

As a corporate finance leader, you regularly strive to deliver useful, timely data to support decision makers inside and outside your organizations. To that end, the close process must be robust and controlled to provide a reliable snapshot of company performance. Yet how much do you really know about your month-end close process? About the details and due dates and deliverables? How much can you really see?

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March 12, 2019
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Trintech to Launch New Visual Data Discovery Capabilities Driven by Financial Reconciliation

Trintech, a leading global provider of integrated Record to Report (R2R) software solutions for the office of finance, will soon release ReconNET Advanced Reporting, an expansion of the existing cloud-based solution’s capabilities. The new addition provides timely business intelligence through a multi-dimensional, on-demand view of financial performance based on reconciliation data. “As many business leaders...

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December 4, 2018
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How to Solve Capital Lease Reconciliation Challenges

What is the outstanding amount on each of your current leases? It seems like a straightforward question, but it can be very tough for companies with multiple capital leases to manage these amounts correctly. Invoices are often spread out over years, with the original lease contract filed safely away in a folder somewhere, making reconciliation problematic....

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October 15, 2018
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How Audits Impact Your Approach to the Account Reconciliation Process

Due to increasingly strict and complex compliance laws, it is imperative that errors in the account reconciliation process be found well before the auditor arrives. The increased scrutiny on finance departments began with the passage of the Sarbanes-Oxley Act (SOX) in the United States. The law states that public companies are required to report errors...

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September 1, 2018
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Control Risk in Your Balance Sheet Reconciliation Process

Nothing sinks a company’s office of finance’s credibility faster than a poorly-managed balance sheet reconciliation process – but where is the risk and how can you control it? For many businesses, managing financial risk could be the difference between sink or swim. The close process should be a way to clearly gauge your financial position,...

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August 8, 2018
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Account Reconciliation Best Practices

So Many Reconciliations, So Little Time As you probably know, your account reconciliations form the foundation of your financial close and establishing best practices for this process provides a reliable beginning for everything you have to handle during the period end. However, if you are still managing your reconciliation processes manually with spreadsheets and even...

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