Task Management

Key Benefits

  • Schedule reoccurring tasks for every financial close period
  • Keep track of action items, their progress and accountability
  • Standardize processes across multiple teams or company entities
  • Focus on task dependency and enhance collaboration within teams

 

Overview: Our integrated task management functionality takes the guesswork out of the financial close process by offering a structured and sustainable workflow. Accounting teams are enabled to work together efficiently while managers are empowered with the necessary tools to track the progress of the entire close process, ensuring its timely completion.

Purpose: During month or year-end financial close, time and resources are often stretched thin and requiring teams to collaborate closely on interdependent tasks. ReconArt adds a structure and organization to this naturally complex and sensitive process, which includes schedules, tasks, dependencies and approvals.

Compliance: The Sarbanes-Oxley Act requires public companies to certify important accounts on a regular basis to ensure financial integrity through compliance reporting and documented accountability. COSO (Committee of Sponsoring Organizations of the Treadway Commission) urges companies to have a solid and concise internal control for reconciliation and account certification. ReconArt provides this control across the board. It allows companies to operated under compliance mandates as well as adopt them voluntarily as part of practice or policy.

Visibility: Even if SOX or other external compliance is not a driver for your organization, putting in place a standardized, streamlined, and fully auditable financial close process is a major benefit that demonstrates financial soundness and ensures delivery efficiency. ReconArt’s Task Management functionality provides management and other concerned parties with transparency of the financial close, which is a crucial component to conducting this important financial operations work in a timely and accurate manner.

 

Challenges:

  • The number of tasks involved in the financial close process can be overwhelming and can easily get out of hand. Individual tasks that are missed can quickly accumulate and translate into missed deadlines which can cost the business time, money, and even its reputation or financial integrity.
  • Basic human error can cause the financial close to get delayed.  Tasks that are missed, skipped, or performed out of order could cause confusion and lead to hours of costly rework to get back on track.

 

The Solution:

  • Using ReconArt’s integrated task management solution ensures tasks are handled when and how they should.  The solution provide for easy set up of tasks, assignments and sequence.  It empowers your workers to collaborate effectively and easily meet important deadlines.
  • During the financial close, tasks can be created with dependencies on other tasks or in a specific order. This makes certain that no task can be missed or skipped. Tasks can also be made mandatory for approving accounts. In this way, an account will not be eligible for approval until all the associated tasks are completed by the preparers of the account. Of course, insight is given to the outstanding tasks. All of this information resides in one solution with a single, unified user interface for everyone involved in the process.
  • Task management is an integrated element in the ReconArt system – not a separate module. Tasks can be managed and completed without leaving the application environment, which reduces the time required for account certification and greatly reduces the chance of errors and delays.

 

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