Close your month-end faster with the reassurance that the numbers are accurate, giving yourself more time to spend on value adding activities such as reporting and analysis.
Whether you’re working with spreadsheets, binders or a digital archive, maintaining effective control and a clear overview are essential. You need to have all documentation in place and the means to access the status of every person and every task in the close process at any given moment.
This is where Adra BALANCER comes in. BALANCER streamlines and digitizes the monthly financial close process so you can trust your numbers, free up time, and close faster. BALANCER puts finance managers and their staff back in control with full visibility, accuracy and compliance throughout the entire month-end close process.
Key BALANCER benefits
BALANCER has a great number of benefits for all personnel involved in the month-end close:
- Full control – total transparency and access to all activity and details
- Real time overview – instant visibility of tasks and procedures
- Full compliance – internal and external audit trail and instant tracking digitally available
- Increased productivity – through prioritisation, automation of tasks and instantaneous uploading
- Faster close – shave days of you close by digitalising and streamlining the month-end process
- Internal Control – mitigate risk with stronger, more robust internal control.
- No more Excel – Eliminate error-prone spreadsheets, increase efficiency, control and visibility.
BALANCER gives you instant visibility, at all times, into the planning, progress and status of the reconciliation process. This includes visibility of the different roles of preparer, approver and reviewer, in addition to reconciliation policies and procedures.
BALANCER simplifies regulatory compliance by safeguarding the quality of your final balances as they are carried down. It provides instant tracking, as well as an audit trail that can be made digitally available to any internal or external auditor.
Specification and documentation
Everyone can work in parallel in BALANCER which means that there are no locked files and no multiple non-consistent files. Key accounts and high risk accounts are easily prioritized. Instead of general policies – whom few read and even fewer adhere to – descriptive reconciliation procedures are available on each account. Templates which everyone understands, ensures consistent specification and documentation, before the preparer and approver make a digital certification that the account is reconciled according to its own specific reconciliation procedure.
You are automatically ensuring the ”Four Eyes”-principle since no-one is able to approve her/his own preparations in BALANCER. As an Audit Trail is built in from start traceability exists on every item. The proof for the Four Eyes principle is the personal digital certification on every account of every preparer and every approver.
Archive digitalisation Immediate archiving takes place on every step of the process – every step each user makes, every specified amount and every supporting documentation. Everything is archived in only one place – in our secure cloud. The digital archive is well structured and easily searchable.
To improve productivity and efficiency while improving control and compliance, Business Administrators and Local Business Administrators can define criteria and rules that allows for automatic system preparation. It is possible to define system approval of accounts that meet defined criteria, saving users from having to do this manually and reducing lead-time. For each account you determine whether to allow system preparation, system approval or both.
External and internal audit
It is easy to understand and find information in the digital archive as specifications and documents are consistently structured. It is easy to review every reconciliation, especially as every account’s own purpose and own reconciliation procedure is available on each reconciliation. Even the Month- End Close process itself is easily checked and audited. If the auditor wants to leave audit comments these comments can be made on precisely the account where the improvement should be considered. Auditors can have a secure digital access, even from their own office. Auditors can also download all balances and all supporting files to fulfil their obligation to register this information in their internal auditing systems.
Policies and procedures are distributed for every account – regardless of your staff’s location – so that each person knows how their tasks should be completed, as well as when and how.
Error-prone tasks are eliminated, allowing staff to concentrate on their top priorities of reconciling and approving. As well as freeing up staff time, the automation of a number of key processes significantly reduces printing costs – all of the data is instantly uploaded to a secure digital archive, thereby eliminating the need for archive binders and photocopies.
Faster closing, avoiding risks
By streamlining and digitizing the month-end close process, BALANCER can help shorten the entire process by days. At the same time, it eliminates the usual trade-off between speed and accuracy by simplifying compliance and meeting the high demands of governance for the financial close process. Provide accurate, key decision making data to stakeholders quicker than ever before.