ReconArt delivers robust functionality for workflow-based balance sheet account reconciliation and certification, which is offered both as an individual solution and as integral part of our Financial Close management platform. At its core, balance sheet reconciliation and certification is all about substantiation of account balances and overall demonstration of accountability in the organization when it comes to balance sheet reporting and close.
For years, some types of organizations, such as public companies and banks, have been mandated by specific accounting regulations to maintain compliant and auditable balance sheet reconciliation and close processes. Nowadays, all organizations are advised to do so, in order to expand their best practices in accounting and finance, increase their financial control and visibility, and streamline an otherwise disjointed and time-consuming processes. Traditionally, companies have addressed these needs by collaborating on spreadsheets and shared databases to track account amounts and approvals, reconcilement items, aging, and other period-end tasks. How complex and labor intensive this is depends on the organization and its size, entity and GL/subledger structure, and internal and external audit requirements. …
Whether your goal is to drive SOX compliance or meet other similar regulatory requirements, or simply to automate and modernize your balance sheet reconciliation and close, ReconArt can help you achieve this. Our reconciliation software is fully configurable to work with any ERP and other data sources, all type of accounts, and flexible workflow requirements. Attestation policies, reconcilement entries, substantiation notes and attachments are all stored perpetually in a centralized, secure, and fully auditable solution. From a small team of up to 10 people, to hundreds of users across different geographies, there is virtually no limit on the scope that ReconArt can support in your financial close management process.