Reconciling
The elements that make up a good reconciliation are similar across every organization, so a consistent approach should be undertaken to standardize the reconciliation process.
What constitutes a good balance sheet reconciliation?
A reconciliation should begin with comparing the General Ledger closing balance to the sub-ledger or other relevant sources (such as bank statements or other third-party documents). Differences between the two need to be investigated, quantified, and where possible, resolved by posting correcting journals to the general ledger or sub-ledger as required. Anomalies should be recorded as reconciling items to provide visibility. The balances should match and be fully supported with all documentation attached to the reconciliation.
The review process ensures the reconciliation is complete, and you can also add a layer to approve the reconciliation being complete. A framework and a standardized process go a long way to improve the reconciliation process each month-end.
Reconciling Items are simply inevitable. Dealing with them in a framework that provides greater visibility reduces the chances of having expensive write-offs of un-actioned reconciling items.
How we make it better.
RecWise can equip you with a solid and robust framework that can provide statistics on where the financial close is at. Imagine having a reliable tool that offers real-time financial close insights, identifies reconciliation issues, and automates tasks via a user-friendly dashboard. This way, when the CFO or the Board request integrity figures, you can deliver with certainty.
With our software, you are able to set parameters within the application simply and add in familiar templates that users understand without complicating the process.
Our Balance Sheet Reconciliation Software is browser-based, allowing you to access the application from anywhere in the world. While we provide the application, we believe it is best kept on your servers, either on-premise or on your trusted supplier platform. This way, you can benefit from the economies of scale while remaining in complete control.
What sets RecWise apart is our ability to deliver a best practice application that fits the needs and budget of our customers. From enterprise to medium-sized businesses looking for a solution that works, our Balance Sheet Reconciliation Software is the answer to streamlined financial confidence and compliance.
