Does low-tech necessarily mean low-cost? Perhaps not. Financial Close Reconciliation software is transparently cost-effective.
We like security. You like security. As CFO’s we not only like security, we demand it. Our brains will always store constant reminders of Governance, Risk and Compliance.
Storing all monthly close reports in binders may provide that old-fashioned feel of security, but that feeling is misleading.
The sudden audit check
What if you are suddenly audited? What happens when you need to go back and check a reconciliation statement? What happens if you are a large company and its internal auditor or your Risk Manager wants to ensure fraud is kept at bay in the Month End Close process? What will it take?
In all these scenarios, using binders to archive is going to prove more of a hindrance than a help:
– Which binder is it in? The physical space required to store the binders is a growing inefficiency.
– Where is it? It usually is a hefty binder to go through.
– Can the reconciliation be understood easily enough? And it’s supporting documentation? It’s difficult to trace who the reconciliation was actually performed by, especially if there is a reference to another account. Searching through your archive binders is tedious.
– Even if impeccably filed, it will still take a member of your finance team some time to uncover the specific piece of information required.
– Chartered Accountants costs. The extensive manual search time in finding all the information that proves that your Month End Close was correct, costs money. If you are a group of companies, they have to travel to your different offices and that costs money too.
With the Adra Match financial close software all the Month End Close reconciliation work is stored in digital archives. The act of searching for and retrieving documents is usually required at a moment’s notice…for any references. Or even for searches on which reconciliation policy and which reconciliation procedure was used.
Checking documents from this perspective might lead to a suggestion for improvement, which is valuable. Or how about the criteria for the supporting documentation, is it good enough? Or, how was this account reconciled in the previous period? Or, how does the same reconciler reconcile other accounts?
Answering critical questions like these via electronic search compared to manual searching is truly cost-effective, don’t you agree? The digital archive in the Cloud is also more “secure’ against fire or flood. The chartered accountant won’t even have to travel to your offices, the audit can be done from their office.
High tech accounting software doesn’t always mean high-cost
High tech financial software can also be relatively low-cost compared to low-tech solutions. Yes, it is always going to cost a little more than Excel, but so much less compared to the work to make “Excel Reconciliation’ effectively complete the Month End Close – it also, more importantly, addresses and satisfies the common problems listed above.
The Adra Match BALANCER software is a prime example. It features…
· automated reconciliation management
· an approval workflow scheduler
· a compliance checker
· a digital archive
· and more…
…to make your monthly close process faster, easier and less risky.
This enhanced reconciliation software has been purposefully designed to meet all the challenges finance professionals expressed in the recent Adra Match financial close benchmark survey. Or if you want a quick overview, get the infographic covering the financial close benchmark results.
Adra Match’s financial close reconciliation software, BALANCER is transparently cost-effective and gives you features only large companies were large enough to afford. Until now.
Visit the BALANCER reconciliation management software page to see how the enhanced reconciliation software meets all of your key business challenges.