Your organization will see significant improvements in its Record to Report process when it performs variance analysis in conjunction with its account reconciliation process, rather than waiting until year-end. As you are probably well aware, it’s much better to discover underlying issues sooner rather than later.
Detecting underlying factors of period-to-period variances doesn’t have to be a complicated, unreliable process, and, when done well, it will proactively prevent costly compliance issues. It’s time to start identifying and automating variance controls to ensure any significant issues receive prompt attention.
The detailed analysis will help your organization detect underlying factors by setting parameters that alert users of variances between given time periods (Month over Calendar Year, Month over Fiscal Year, Month over Month, and Month over Quarter) and provide audit-ready tools for capturing variance explanations.
The reconciliation and variance analysis templates can be configured to include robust business rules that determine when additional analysis is mandatory, based on the amount of variance or by the percentage of fluctuation your company is comfortable with.
Variance explanations for each account are visible to you while preparing summary level analysis and they can be included in any assessments or reports, keeping all important information in one place for future references, such as internal and external audits.
Panera uses Trintech’s reconciliation solutions for its reconciliation processes to increase visibility and control depository accounts, credit cards and general ledger accounts – all in Excel. Due to the company’s rapid growth, Panera Bread Company had done everything they possibly could in-house and needed to implement an automated solution to keep up with the pace. There were several key requirements for this reconciliation solution including the ability to seamlessly integrate…View Customer