Financial Control Systems
The latest generation, zero-compromise financial close software solution.
ReconArt Financial Control Systems & Financial Close Software
Publicly traded companies in many jurisdictions are mandated to conduct and provide proof of a
full and complete reconciliation of significant general ledger accounts. Many private and
other organizations also elect to follow similar principles to ensure strong financial
ReconArt™ Certification provides comprehensive functionality to support period end reconciliation and financial close processes adopted as part of best practice and those mandated by legislation such as Sarbanes-Oxley in the United States and equivalent statutory, regulatory, audit and compliance needs in other jurisdictions.
ReconArt™ supports the automated and scheduled import of some or all account balances from the General Ledger and any relevant sub-ledgers, along with the definition of flexible schedules for required periodic review, attestation and certification. Monthly, quarterly, semi-annually or any other required time period - you determine the frequency by type of account and associated significance and level of risk to the business.
Multi-level workflows and associated roles are configured to meet your financial close reconciliation needs - for example a preparer, reviewer, approver and auditor. Ownership of accounts for each role and stage of attestation ensures that users perform required reviews and digital sign off in accordance with your organization’s documented standards.
Dashboard alerts on a user’s Home Page, in addition to automated email notification, identify accounts requiring attention, and those overdue. Management information and metrics identifying the status of required financial close reconcilements for each period are readily available in both graphical and report formats.
A complete period end electronic reconciliation folder, including all its supporting documentation, is automatically created and available through a web browser to authorized users. Because everything is stored on-line in one place, compliance officers and auditors – whether internal or external - can immediately see what should have happened, validate that it did happen, when, and by whom.
ReconArt’s™ Financial Control System is a fully functional financial close reconciliation, attestation, and certification software solution in its own right. However, to maximize the benefits of housing all reconciliation activities in one integrated solution, organizations that also use other components of the ReconArt™ product suite for transaction matching enjoy enhanced ROI and financial control: one intuitive user interface for all financial control reconciliation activities, one area for administration and set-up, shared functionality for common tasks such as exception resolution, notifications, management reporting, and complete visibility across all functional areas.