Reconciliation Software Implementation

Client needed assistance with unresolved issues with reconciliation software.

Challenges

  • Implementation of reconciliation software did not meet Client's objectives and added inefficiencies o the reconciliation processes
  • Management was over-burdened with signing-off on completed reconciliations, delaying close process
  • Numerous reconciliation templates located in multiple support documents created further inefficiencies
  • Reconciliations performed by a small accounting team and not by personnel primarily responsible for processes being reconciled

Solutions

  • Revised account descriptions for the balance sheet accounts for their corporate entity, including: nature of the account (what transactions flow through), if its system generated, manual, or both, and who records (system, manual, or both) and frequency
  • Drafted reconciliation policy
  • Prioritized chart of accounts and producing Blackline guidelines document (more specifics on how best to utilize Blackline software)
  • Unbundled general ledger accounts that contained multiple transactions
  • Created standard templates
  • Added accounts related to acquisitions that were not formerly included in subledgers to appropriate subledgers to eliminate the unreconciled items noted each period
  • Automated exporting subledgers
  • Appropriately configued ERP application tools to perform tasks currently completed within reconciliations (e.g. FX translations accounts)
  • Provided training to all personnel involved in preparing or reviewing balance sheet reconciliations

Impact

  • The project moved through the impending deadlines ahead of schedule
  • Developed a team process approach to elements to provide research, confirmation, balancing and quality oversight to project on routine intervals
  • High-level response coupled with quality and industry knowledge exceeded Client's expectations