We all have collaborative challenges with Balance Sheet Reconciliation. For multinationals, it’s even worse. But Cloud-based solutions for the month end close process are particularly transformative for account departments. Here’s why…
Cloud – more than ‘storage’, a game-changer for Accounts
Anything in the “Cloud’ actually means it exists on the Internet. You don’t install anything; you just start your web browser, make a secure password login and off you go. Instead of software, files and database being installed and stored on your PC or on the servers of you IT-departments, it is all out there in the Cloud. But still it is as if it’s in your cellar. But safer, and any integration and synchronization is done just the same.
But the Cloud is more than a safe storage location.
Many times we have collaboration issues during the Financial Close reconciliation, even more for multinational companies that have to solve intercompany reconciliations.
People approach intercompany issues from their country perspectives: Perhaps different foreign exchange rates, different charge backs (or no charge backs), and mismatched registrations in their respective accounting systems. As intercompany reconciliations initiates, the inconsistency of reconciliation practices (in most cases actually a lack of a common reconciliation policy) and intercompany disputes, etcetera, all comes into play.
If done in Excel, it is better than not. But it is difficult to work in parallel, difficult to work with the same data across borders, and difficult to communicate. And there is still the usual challenge of reconciling your accounts quickly and efficiently.
Seamless & Efficient: Transforming your financial close process
The challenges of account reconciliation and intercompany reconciliation are neatly overcome with the help of Adra Match BALANCER, our Cloud based solution for Financial Close process.
Regardless of which corner of the world you and your colleagues are in, you can work in parallel on the same data, easily communicate in BALANCER. You all will also have the common company reconciliation policy with more precise procedures and clear description of the criteria for the supporting documentation, available just as you reconcile. Hence your collaboration is a breeze regardless of time zones, regardless of Excel files with hordes of tabs that has to be integrated (and sometimes are unfortunately locked), and e-mail communications drowned in the inbox.
Besides the collaboration, it brings speed and accuracy.
Heard the recent talk based on the improper Segregation of Duties, regarding fraudulent accounting activity? It does come to light as in this recent story of an accountant diverting £160k in funds from a company account. With Balancer in the Cloud, you will also get a secure Segregation of Duties.
Hence BALANCER, the Financial Close software in the Cloud, can be transformative.
Over to you…
As a finance professional, describe in one word your biggest challenge around the month end close in the comments section below.