Account Reconciliation Best Practices

Client sought to improve the quality and efficiency of it reconciliation process after purchasing Blackline reconciliation software.

Challenges

  • Reconciliations were complex and supported by numerous spreadsheets
  • Reviews of reconciliations were difficult and time consuming
  • Turnover within the accounting department impacted the timing and quality of reconciliations

Solutions

  • Analyzed reconciliations to identify causes of complexity
  • Improved controls over transaction stream impacting the reconciliations
  • Assisted in developing a reconciliation policy and implementation guidance
  • Tailored Blackline software to improve its utilization

Impact

  • Standardized the format and preparation of reconciliations
  • Established a sustainable reconciliation process
  • Optimized the use of Blackline software to improve work flow during the financial close process
  • Reduced the amount time to review and certify reconciliations