Nestled within the thousands of tasks and activities comprising the Record to Report (R2R) process are balance sheet reconciliations, a tedious, but necessary, highly labor-intensive and risk-laden component of your Close cycle. The completeness and accuracy of reconciliations have a profound effect on the quality and speed of the entire R2R process, as well as your final financial reports and disclosures.
On average, it takes a company 21 work days to reconcile and update the chart of accounts, and this figure is much higher for companies with international offices. However, your organization must aspire to be more than “average.”
By precisely configuring your policies and reconciliation procedures with Trintech, you’ll have real-time visibility and be able to reduce risk by enforcing standardization of the format and content found on each reconciliation.
Trintech’s solution eliminates your dependency on error-prone spreadsheets and risk-ridden manual processes. Now, you’ll be able to, not only ensure that your reconciliations meet your organization’s quality and compliance standards, but that each reconciliation is also sent through a user-configured workflow, starting with a preparer who can then electronically move it on to an assigned reviewer and/or approver, which greatly streamlines the whole process.
In addition to the streamlined workflow processes, you can evaluate certain types of reconciliations for automatic certification. Trintech uses Robotic Process Automation (RPA) to automatically satisfy the preparation requirements for many reconciliations.
In addition, if you are part of a global organization managing many different currencies, you know that the additional complexity is yet another prime opportunity for errors during the reporting process. To help, our reconciliation templates offer extensive multi-currency reporting capabilities.
Transforming your balance sheet reconciliation process from a standalone, spreadsheet-bound activity can be a daunting task, but with Trintech, users are able to quickly consolidate all reconciliations into one multi-dimensional database. Our console provides high-level metrics and allows users to drill down into the smallest of details to quickly review confirmed activity.
Reducing risk in today’s business environments comes in many forms. Let technology automatically alert you of possible risk factors through Robotic Process Automation (RPA), allowing you to dedicate more time to mitigating risk and updating your policies that prevent newly discovered issues from happening again.
Streamline the entire reconciliation process to make it both accurate and efficient so that your team can focus on more important things like giving proper oversight to the compliance and risk factors associated with the complete Close 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