Challenge
If you are concerned that your general ledger reconciliation process may be creating balance sheet inaccuracies that will lead to costly misstatements, you are not alone. The financial close process, especially this very important foundational aspect, is still remarkably chaotic and inherently risky for many organizations around the world.
With Cadency Reconciliation Certify (Certify), financial executives finally have an automated solution that improves the integrity of all financial statements by automating account reconciliations, balance sheet certification and variance analysis. By reducing your dependency on spreadsheets and minimizing inherent risks of conducting this process manually, Cadency Certify gives management real-time visibility into the financial close — which also helps ensure regulatory and corporate compliance.
Use Cases
- Improve the speed and quality of your financial close process by automating the entire general ledger reconciliation process
- Remove the risk of data-entry errors and lapses in financial controls by eliminating your dependency on manual methods, such as documents and spreadsheets
- Conduct bank reconciliations, credit card reconciliations, P&L reconciliations, and variance analysis
- Standardize and streamline balance sheet verification
- Clearly identify and resolve exceptions
- Reduce operational costs and improve internal controls
- Research aged items and get visibility into how they are impacting your bottom line
- Gain visibility into progress and compliance
- Receive detail analysis of differences between specific time periods, identify underlying factors, and provide audit-ready explanations
How It Works
As data is transferred from your primary source (typically your ERP or another third-party system) into Certify, the solution streamlines the entire reconciliation process and drives accuracy, predictability and reliability of financial statements. In turn, accountants are then able to remediate any errors promptly as they receive notifications of items that require their attention along with any applicable risk factors.
