Financial Close Tools: Task Templates

Key Benefits

  • Define all recurring activities required for Close
  • Establish insight into Close progress against task set
  • Tasks can pertain to activities to be performed in or outside of the tool
  • Enforce policy by establishing tasks for best practice, audit and archive

 

Overview: ReconArt provides best-in-class tools to define your Close process, ensuring teams are able to manage Close effectively, efficiently and with the required level of control. Task templates are a prime part of the Close toolset. They define the scope of work for the Close driven by the various needs of established routine, best practice, compliance and audit.

Purpose: The Financial Close process has a number of innate challenges. How will the team establish the work necessary for a wholesome Close? How will progress be tracked? How can the organization be sure all tasks have been completed? How will the work be coordinated and how will it be communicated? Tools to address these challenges have not been sophisticated especially with regard to work definition, work coordination and work progress. The quality of the Close performance would often suffer on the back of these shortfalls either in terms of accuracy or timeliness. ReconArt’s offering provides a single, integrated solution to meet these challenges adding dependability, integrity and control to the Close process. Our solution’s Task Templates are a critical, enabling tool in direct support of these demands and something that evolves the Close process in maturity.

 

Close Challenges:

  • Work definition. Work to be conducted for Close may have been held in spreadsheet checklists shared by the team. In certain cases, the checklists may not be documented and left to practice by individual team members operating with personal as opposed to institutional knowledge.
  • Work assignment and coordination. The assignment and coordination of Close tasks has been conducted with a range of tools: email, spreadsheets, phone calls. When the environment included a multitude of accounts and/or distributed team members, the shortcomings of these methods create natural inefficiencies.
  • Work progress. Under circumstances where the toolset is not comprehensive and consolidated, tracking work progress is difficult. At any one moment, the true status may not be known given the effort required to compile progress reports. This is difficult because it leaves the management team with no true means to lend direction and support where it is needed.
  • Audit. Given that Close is a pillar of financial integrity, it is necessary to ensure all activities are fully audited. The toolset that is distributed or unsophisticated can make audit trails difficult to establish.

 

The Task Template Solution:

  • Work definition. ReconArt’s Task Templates make the defining tasks necessary for your Closing process simple. These tasks can be defined for all types of activities and are not limited to those executed in ReconArt itself. This ensures that your work is structured and is consistently executed with each account Closing.
  • Work assignment. Task Templates make it easy to assign Closing work to individuals or groups servicing accounts. Work coverage and delegation are also possible.
  • Work progress. Without information one cannot manage. With ReconArt, progress against the Close tasks is easily accessible. Now it can be determined whether the execution is keeping pace with plans and where support is needed. You are empowered with this insight through our dashboards and reporting capabilities.
  • Audit. Everything in ReconArt is fully audited. With this detail, it can be determined whether the work performed is in-line with accepted internal and external standards. It can also be determined whether and by whom that work was taken up.

 

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