Many companies struggle with managing their journal entry process – you may even experience this as a result of disparate systems, missing or inadequate supporting documentation, improper management approval, and a lack of transparency into the impact of late adjustments. Unfortunately, the extent of this manual, inefficient, repetitive work increases the likelihood of errors and unforeseen costs.
The average number of journal entry tasks typically managed by global organizations is 470. We can help you handle each one as error-free and efficiently as possible.
Cadency’s Journal Entry Management process is a fully integrated workflow solution that provides governance and management oversight, allowing organizations to finally take control of their manual journal entry process. The solution enforces policies and procedures while delivering real-time visibility into the status of journal entry preparation, approvals, and posting.
With Cadency’s Journal Entry process, companies can significantly increase the efficiency of their JE process, while reducing their costs and risk of errors.
By facilitating two-way communication between any ERP system directly into Cadency’s journal entry management solution, you can input, route, and close assigned tasks. The automation capabilities will help you clearly define your process, create strong governance, and ultimately remove many issues that create a lengthy close process.
Through real-time visibility, control, and validation of the completion, for both standard and non-standard journal entries, you can significantly improve your understanding of the workflow status during the close cycle; initiated by journal entry preparation and concluded by approval and posting.
Throughout the close cycle, all of your close activities are centrally governed by defined policies and procedures and exception management, and they will automatically generate a single source of all history so you can stay prepared for any upcoming audits.
Siemen’s account reconciliation process was very decentralized amongst each of the company’s business units. Many locations relied on Excel and multiple shared directories to perform general ledger account reconciliation. Siemens wanted an efficient, automated solution that could integrate with their complex ERP environment to deliver best-in-class account reconciliation services to their various business units.View Customer