To have confidence in the financial value of your company, amortization and depreciation scheduling of your pre-paid, fixed assets, investment accounts and more must be a well-defined, controlled and reliable process. Understanding how your company’s depreciating assets lose value over time is an extremely crucial component of how you calculate the value of your organization and the validity of that final number.
The time-consuming tasks of applying amortization and depreciation rules, scheduling payments, and creating the associated journal entries can be easily automated. We can help you take control of this process.
Because amortization and depreciation can occur over many different time frames and with various amortization methods, when a record is posted in your general ledger, we make it easy to identify the method and scheduling for all amortized entries, automatically apply them to the proper accounts, and subsequently increasing the efficiency of your Close process.
Instead of spending the majority of your time simply calculating schedules, recording journal entries and identifying support documents, you can send escalation controls to alert you only when necessary – allowing the rest of the process to be automated.
At the end of your accounting period, a journal entry automatically amortizes the expense and accurately accounts for it during the reconciliation process.
AstraZeneca struggled with a lack of standardization and visibility over its reconciliation process and wanted to achieve global standards in the account reconciliation process to eliminate inefficiencies, improve compliance, increase balance sheet visibility and reduce costs. It quickly realized that the only way it would achieve full global visibility and a world-class reconciliation process was to simplify, standardize and automate.View Customer