Reconciliation Management is one of the financial governance areas where several efficiencies can be achieved through structured organization of reconciliation activities and the use of smart software to increase automation in all possible steps.

The reconciliation process is included in the company’s internal control procedures where financial risks are mitigated through control activities. These will include financial reconciliation activities such as bank reconciliation, sub ledger matching and consistency of accruals.  In addition, operational reconciliation activities such as analytical review of sales figures for consistency and data integrity of ERP systems are also an important part of reconciliation management.

Account Reconciliation Manager

Benefits of Reconciliation Management:

  • Ensure accuracy of financial data and mitigate risk of financial misstatement
  • Comply with regulations and best practice
  • Achieve Optimal Resource planning with efficiency and quality improvements

Key elements to consider in the reconciliation process:

  • Get a clear view of the status of the reconciliation process. Who has done what, when, and how
  • Provide and get visibility of the mitigated and managed risk in the reconciliation process
  • Automate manual low-risk activities; zero balance accounts, accounts with no movement and General to Sub ledger comparisons
  • Evaluate the materiality of the accounts
  • Align prioritization within reconciliation process with internal control framework
  • Communicate and inform all teams and management involved in the process

 How Adra supports Reconciliation Management:

ACCOUNTS

An advanced and effective transaction matching software that supports automatic reconciliation of any kind of data. All forms of financial and operational reconciliations are supported, and focus can be directed exclusively to exceptions to efficiently ensure the accuracy of data. Read more.

TASK MANAGER

Organizes the entire Reconciliation Management process by giving an unparalleled overview of all task lists and statuses, due dates and user assignments in real-time.  In addition to financial reconciliation tasks, the software will also keep track of operational and internal control activities to ensure transparency and compliance with regulations. Task Manager will help the organization achieve a lean reconciliation management process. Read more.

BALANCER

Designed to organize the documentation and account reconciliation tasks of the balance sheet during the financial close. The approval process and the detailed audit trail give integrity to the reconciled balances. Descriptions of the reconciliation procedures and risk assignments on each account provide consistency, as well as transparency, to the approach for mitigating financial risk. Read more.

Test and evaluate your Financial Close Process and find out how it compares.