Balance Sheet Reconciliation and Close

Balance Sheet Reconciliation and Close
  • Streamlined and centralized repository for reconciliations and supporting documentation
  • Fully auditable attestation approval workflow
  • Configurable templates for all kinds of accounts - GL, Ledger to Sub ledger, Bank, Pre-paid, Intercompany, and Rollup
  • Support for different calendars and notifications
  • Ready-to-go reconciliation and status reports

ReconArt delivers robust functionality for workflow-based balance sheet account reconciliation and attestation and the financial period-end close. At its core, this process is all about substantiation of account balances and overall demonstration of accountability in the organization when it comes to balance sheet reporting and close. ReconArt’s software supports best practices and tooling for sound financial close management.

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.

Challenges of Balance Sheet Reconciliation and Close
  • Account Certifications have been scattered across multiple departments with no central means of communicating or tracking progress during the period-end financial close
  • The risk associated with aging items and unjustified account variances remains outstanding and unchecked
  • Manual, spreadsheet driven period end process consumes large amount of time and is error-prone
  • With no centralized data base, there is lack of control and transparency in financial reporting
  • Ensure all hundreds of accounts are reconciled with none missing or lost

ReconArt Customers

Here are some of our customers who leverage ReconArt to support their reconciliation and close processes.

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