main image
casestudies brand

Case Study - Case study: ReconArt balance sheet reconciliation for higher education

Industry:

Education

Focus:

Month-end Efficiency, Increased Visibility

Profile of the Client

The Client that leveraged ReconArt for streamlined balance sheet reconciliation was a large university in New Zealand:

  • History of more than 140 years
  • Eight faculties, several research facilities, six campuses
  • Annual turnover exceeding $1 billion
  • Net assets of $1.5 billion and growing

Challenge – struggling with manual balance sheet reconciliation and period-end account review

The Client has a decentralized finance function. Its policy is to have all balance sheet accounts reconciled by cost centre and reviewed within the individual business units on a monthly basis, with a second review performed by the Central Finance team at the end of each quarter. This leads to over 2,500 individual reconciliations that have to be completed each month. Due to the spread of offices over multiple locations, the monitoring of balances and visibility of overall policy compliance was poor. The task of collating all the balance sheet reconciliations for the quarterly review was overly onerous and time consuming, making it impossible to provide timely and meaningful management feedback. Accountants would perform balance sheet reconciliations manually using Microsoft Excel spreadsheets. These reconciliations were then printed, reviewed and approved, and then stored as hard copies across multiple physical locations.

In summary, prior to embarking on the search for technology to address these issues, the Client was experiencing major process inefficiencies, lack of visibility over key account balances and compliance with internal policy, internal control weaknesses flagged by external auditors, risk of non-compliance with GAAP, and unnecessary printing and storage costs.

Evaluation

The Client needed, therefore, to find a tool that would allow it easily to process, complete and store a large volume of reconciliations with automated date stamping of when they were prepared and reviewed. A primary aim was to allow greater visibility of compliance with policy and the ability to monitor account balances promptly. Another goal was to reduce printing and storage costs associated with preparing hard copy reconciliations.

As a result, the Client identified several providers, received demonstrations and performed a cost/benefits analysis of each. It also spoke with other Universities who used similar products to understand how they were using technology to meet these requirements and their experiences of vendor software solutions.

Solution – balance sheet reconciliation and account certification with ReconArt:

The cloud deployed version of ReconArt’s Total Reconciliation Lifecycle™ solution – ReconArt™.net – was selected after the evaluation process that encompassed a list of required deliverables and associated benefits, including, amongst others:

  • Massive reduction in the time required to complete a full month-end reconciliation cycle.
  • Automated account reconciliation workflow from preparer to reviewer and back to preparers if reconciliations are rejected.
  • Improved visibility of account balances and compliance with internal policy/procedures, thus leading to improved compliance with GAAP.
  • Reduced printing and storage requirements.

Summing up why ReconArt was selected as the University’s partner to meet these needs, the University Group Financial Controller stated:

ReconArt™ offered the greatest flexibility around being able to design the system to meet our specific requirements. We also felt the look of the ReconArt™ product was more appealing and “intuitive” for users to navigate around, and pricing was competitive.

Results – multiple operational efficiencies in the balance sheet reconciliation and account certification workflow:

Before adopting ReconArt™ the Client needed roughly nine working days for around 70-80 staff to prepare and review monthly reconciliations. This process additionally required a week for 1-2 staff to centrally collate all reconciliations submitted each quarter and then another week for around 4 central staff to perform the quarterly review, which was often not completed due to time restraints.

ReconArt™ was implemented in multiple office locations across all University campuses, and around 80 internal users access the user-friendly system. Accounts with a zero balance over more than one consecutive month are auto-certified within the system. As a direct result of using ReconArt™, the Client has experienced great operational efficiencies and other process and compliance improvements, not least:

  • Allowing staff more time to spend on other value-added priorities.
  • Providing structured visibility around inappropriate accounting practices.
  • Identifying errors that were previously known but difficult to quantify and demonstrate, and giving users ability to resolve them.

What's your situation? We got a thing.
Let's Talk Case study: ReconArt balance sheet reconciliation for higher education

Case Study

New South Wales Treasury Corporation

New South Wales Treasury Corporation

Industry: Government
Focus: Risk Management, Time Savings

TCorp is also a manager of clients’ asset and liability portfolios, providing financial risk management and investment management services to the NSW Government and its constituent businesses.

read more

ReconArt Customers

Here are some of the customers who leverage our reconciliation software to automate their reconciliation and close processes.

Soyven
Karhoo
Navan
Klar
Fujifilm
Expedia
Umpqua bank
Calgary co op B&W
Choice Bank
Nedbank
Asos
Fiat Chrysler
Ferratum
Quikrete
Deliveroo
Worldremit
Bill
Catalyst
Voyager
Toa

Let's Talk

We welcome the opportunity to explore your needs and introduce you to our solution.

Let us know you have interest
What to expect from us
  • check iconQuick response
  • check iconCollaborative discovery
  • check iconTransparency and openness
  • check iconClear next steps