Financial close: Variance analysis

Core Capabilities of ReconArt Software

  • Evaluate key period-end balances against previous periods

  • Set acceptable threshold amounts or percentages to flag larger variances

  • Assign analysts and approvers to collaborate on explaining fluctuations

  • Ensure variances are fully documented and analyzed

  • Provide auditors access to detailed info on balance fluctuations

Financial close: Variance analysis

Key Benefits of ReconArt Software

  • Establishing best practices to manage risk and prompt actions based on differences of concern

  • Quick insight into differences between planned and actual account balances

  • Increased visibility and operational efficiency

  • Full support for all typical file formats to ensure ease of bringing along all required data

  • Business user friendly

Financial close: Variance analysis

How ReconArt streamlines the reconciliation process?

Variance Analysis, as a quantitative approach of identifying deviations in business performance from defined standards, can be a powerful management tool. This ReconArt functionality is part of our financial close management solution allowing teams to analyze differences in account activities, uncover the patterns of deviations, facilitate performance measurement and improve control. The monitoring automation of account activities and their fluctuations over any selected time period can become a significant component of continuous accounting methods.

Through process automation, accounting and controlling teams can focus on identifying, investigating and mitigating the uncovered risks. Being able to analyze the differences between expected and actual balances while the reconciliation activities are in progress, not only saves time, but allows flags to be raised at the right moment. Functionalities as setting thresholds and collaborating with workflow approvers to substantiate differences, act as a control point that facilitates compliance and audit readiness.

Connect Your data with Your decisions:

ReconArt software integrates your reconciliation data in one place and allows for its use across a powerful Reconciliation engine, Exception Management and Journaling as well as across a rich financial close management platform, including Balance sheet reconciliation and Certification, Task management and Variance Analysis. Financial Management best practices state that Variance Analysis should be completed across all desired accounts prior to period-end close and certainly prior to reconciliation sign-off.  This allows decision makers to make key adjustments and align business strategies.

read more

ReconArt Customer Success Stories

ReconArt is proud to receive the trust of our customers and we are dedicated to our mutual success. Here are some of the customers who leverage our reconciliation software to automate their reconciliation and close processes.

Banco Unico
Banco Unico

Banco Unico, the fifth largest bank in Mozambique, has earned a reputation of an innovative, dynamic and client oriented financial institution

read more
Calgary Co-op
Calgary Co-op

Calgary Co-op is a member owned retailer operating food, pharmaceutical, petroleum, home health care, liquor, and cannabis outlets. Founded in 1956 in Calgary, Alberta, Canada.

read more
Fullerton Health
Fullerton Health

Fullerton Health Australia, est. 2013, is a group made up of a number of established businesses that have been delivering health services to more than five million people over the last 25 years.

read more

Let's Talk

We welcome the opportunity to explore your needs and introduce you to our solution.

Let us know you have interest
What to expect from us
  • check iconQuick response
  • check iconCollaborative discovery
  • check iconTransparency and openness
  • check iconClear next steps