Variance Analysis Challenges
Despite the benefits that a timely variance analysis offers to the office of finance, the process is often left to be completed with whatever time is left at the end of the period. However, by automating the analysis through the use of Risk Intelligent RPA (RI RPATM), the office of finance can now effectively identify areas of financial risk and craft a proactive business strategy, even while reconciliation and close activities continue on smoothly.
- Analysis is conducted throughout the period to more quickly assess trends and capture significant variances
- Data is pulled from the ERP and compared across multiple established time periods for a more in-depth view of trends
- Potential fraud is more quickly mitigated with efficient and timely detection
How It Works
To initiate variance analysis with Cadency, the office of finance establishes minimum analysis thresholds for when human intervention is required based on specific time periods and configures them within the solution. RI RPA then embeds those rules into its comparative review of data coming from each ERP. When the minimum threshold is reached, alerts are sent to the appropriate team member for higher-level analysis.