The Best of Account Reconciliation

2. The Solution

The clients CoA already present within Enterprise Resource Planning (ERP) and Fusion GL, and implementations already achieved with Financial Consolidation and Close Cloud Services (FCCS). Using this framework to accompany the process we achieved the final product via an interlinking web of these services, automated and simplified using tools like EPMAutomate and other scripts. Here we will show the detail and the process we went through for this application to be a success.

At its core, the needs were that the client’s cash flows needed to be reconciled and tracked at various levels of operation. This is the basis or ARCS as a service, each of these are reconciled on an account by account basis using profiles designated for each target of account, entity, dept. Further though, each account has specifications needed based on the account type and we were able to create formats to accommodate. These formats we create then lead to the creation of reconciliations, where users can view and make use of the reconciliation process.

One of these specifications was a comparison of budget versus the actual spending of a series of accounts for tracking how close operations stay within budget expectations. Another such is a variance analysis, which tracks the account activity based on a prior period for comparison and explanation. For other accounts we run comparison of the MTD or YTD balance sheet vs the income statements as sub and source systems. At the POS level, we implemented Transaction Matching to reconcile at the transaction level for credit card and sectional charges.

The data loaded into the application is done via a series of integrations we have woven into the fabric. Data Management as a tool comes standard, and we use it to connect to our clients other platforms such as ERP and FCCS. Information is taken from each in the form of balances or profile information for each respective part of the reconciliation process.