Your enterprise 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 find out about underlying issues sooner rather than later.
Detecting underlying factors of period-to-period variances doesn’t have to be a complicated process and it will proactively prevent compliance issues. It’s time to start identifying and automating variance controls to ensure significant issues receive prompt attention.
This detailed analysis will help your enterprise 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.
ConAgra Foods selected and deployed Trintech’s reconciliation solution to obtain a comprehensive tool that was scalable and would grow with the business. ConAgra wanted to implement Trintech’s cloud-based reconciliation solution so that financial center employees company-wide could use the technology and have full accessibility anytime, anywhere.View Customer