Financial Close Management Tools: Automation

Key Benefits

  • Automatically distribute work assignments
  • Auto-certify accounts based on pre-defined rules
  • Reduce time-to-complete
  • Better leverage and manage team bandwidth
  • Increase accuracy, decrease risk

 

Overview: ReconArt offers sophisticated capabilities to automate many aspects of the financial close management and certification process. These tools allow teams to operate at a new level of efficiency – speeding and reducing effort while increasing accuracy. When our automation ability is fully utilized, the team is free to focus on exception investigation and resolution thereby increasing accuracy while reducing risk and ensuring timely completion of the period close.

Purpose: Financial integrity operations are extremely important for any organization seeking to understand their full financial posture and to accurately present the summary accounting to all concerned parties. For public companies or those adopting public-like processes, these needs are compounded by external and internal mandates for timely reporting and role accountability. Typically, executing all the tasks required for up-to standard close and certification requires a colossal amount of effort, which has rendered the process notoriously difficult, slow, and unpleasant for many organizations. The ReconArt solution allows organizations to harness the power of automation to conduct account close and certification execution as efficiently as possible by accelerating work assignments, increasing visibility into work progress and supporting all auditing and reporting needs.

 

Challenges:

  • Work assignments. Allocating work assignments against multiple accounts and across multiple – and possibly distributed – team members has been cumbersome. Achieving recognition of progress against the task base has been difficult.
  • Risk-level assignments. Processes such as variance analysis and risk-based activities have been hard to coordinate. Traditionally, they would involve a multitude of tools and distributed teams working without benefit of efficient coordination.
  • Retaining valuable work. Work done in the trial balance phase is often cast-off when new trial balances are run, requiring redundant effort or a delay in starting this work until all account details are settled.Setup effort. Establishing accounts, periods and assignments has been a time consuming pre-requisite before any of the core work for close could even begin.
  • Varied source data. Data related to account balances is often sourced from multiple systems, manipulated in various ways and distributed across the team. This has made data collection and preparation a significant part of the process.

 

Automation Solution Capabilities:

  • Automated work assignments. With the ReconArt financial close management solution, issuing tasks for certification and dependent tasks for completion is automated. Dashboards and reports give immediate insight into work progress, allowing management visibility along the critical path and recognition of where additional focus and support is needed.
  • Risk-level assignments. The ReconArt automated reconciliation solution provides for automatic certification of accounts based on rules around variance.Retaining valuable work. Teams can begin work on accounts even during trial balance phases for accounts without pending updates. Future imports of balances and any certification work done against those accounts will be retained if there are no differences between the new postings.
  • Setup effort. ReconArt provides a means to upload in bulk account setups, users and user/account assignments.
  • Varied data sources. Using ReconArt’s robust data import, transformation and enrichment capabilities solves many problems from the past. Imports can be automated and data on-boarded and ready to go at the very start of the close process without eating up any of the completion window.

 

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