Ledger to Sub-Ledger Reconciliation

Key Benefits

  • Complete accurate and timely Ledger to Sub Ledger reconciliation
  • Enable approval at multiple levels during the process
  • Ensure all processes are completed with Task Management

 

 

Overview: Supporting a comprehensive, standardized and streamlined general ledger to sub ledger reconciliation process, ReconArt’s solution ensures the complicated task of GL-Subledger reconciliation is accomplished with minimal effort and less time than ever before.

Purpose: Certification of general ledger to sub ledger is one of the pillars in the accounting process. Tracking accounting discrepancies, errors and missed tasked are at the heart of a complete and thorough financial close. The ReconArt solution provides a sustainable and transparent workflow so you can complete an accurate and timely financial close.

Compliance: Best practices for accounting call for a complete and thorough reconciliation of your general and sub ledgers. Along with best practices, COSO (Committee of Sponsoring Organizations of the Treadway Commission) suggests tight controls on the reconciliation and account certification process throughout the entire organization. For public companies, the Sarbanes-Oxley Act of 2002 mandates this.

 

Challenges:

  • Keeping track of the sub ledger balance in relation to the general ledger during the financial close can become unwieldy and get out of hand. Tracing issues and trying to report on them in a timely manner could lead to discrepancies and errors in reporting.
  • With many people preparing accounts for close in a tight timeframe, it is easy for steps in the process to get missed or overlooked. This puts the integrity of the process at risk of delays and makes outputs subject to improper or inaccurate preparation.
  • Human error can cause delays and severe problems for future financial closes as well as create audit complications.
  • It is difficult to understand progress when so much work is distributed among the team with little time for completion.

 

The Solution:

  • ReconArt provides a configurable workflow for preparing and approving accounts during the financial close process. General ledger and sub ledger accounts are easily balanced across the team with the ability to add notes and justification documentation. These notes and attachments are kept with the account for future auditing needs, as well as, account performance review.
  • Through our task management capabilities, the financial close can be broken down into manageable pieces and organized into predefined work items for each individual on your team. Dependencies can be defined and links to tasks can provide a seamless workflow during the process to ensure nothing slips through the cracks.
  • Our approval engine not only keeps the process moving, but also provides for multiple levels of approval to help ensure quality and accountability. If quality issues are found, corrections can be returned to the team for remediation.
  • Our toolset allows for complete transparency of the process, highlighting work progress and backlogs. Dashboards and reporting capabilities provide this valuable insight in an intuitive, visual way.

 

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