Azdan account reconciliation process will decrease the time spent simply on completing reconciliations to save your time for analyzing the implications of your results.
What is Azdan Account Reconciliation solution?
The Finance department in most organizations is under increasing pressure to transform and streamline the financial close and reporting function while continuing to maintain the integrity of the financial statements and close process. A key part of this close process includes the completion of detailed account reconciliations, which is often a major bottleneck. The need to understand and certify an account balance and its transactions are prompted by regulatory and audit control requirements. these tasks can be easily carried out using Azdan Account reconciliation solution.
How can you overcome Account Reconciliation main challenge?
As one of the first steps in ensuring balance sheet integrity, your account reconciliation process must be both accurate and consistent. many organization falls into the trap of implementing account reconciliation solution without a proper business advisory or process re-engineering to make sure that their process follows the best practices in the market. Azdan advisory services enable more “quantum leap” improvements to business models prior to any solution implementation.
- TrackingYour team will Keep track of preparer and approver assignments for each reconciliation. The teams can distribute workflow and ensure efficient and timely preparation.
- Collaboration and WorkflowYou will gain workflow support for the account reconciliation process including monitoring, reporting, and analysis. Azdan will facilitate communication across the departments and ensure capture of all audit documentation.
- Comprehensive Reconciliation FormatsYour will leverage prebuilt reconciliation formats or create their own, providing a flexible environment for creating and deploying reconciliation formats across all your organizagion.
- Compliance-Driven FrameworkYour team will utilize rule-based thresholds for automated certification and risk assessments.
- Signoffs and ApprovalsYou will get instant visibility into the progress and status of the reconciliation lifecycle.
- Data Optimization and NormalizationYou will maximize the number of matches created using tools that improve data quality.
- Flexible Matching Rules with Configurable TolerancesAzdan consultants will help you to define match rules that produce 1 to 1, 1 to many, many to 1, and many to many matches. Configure tolerance rules that allow match creation with acceptable thresholds.
- Interactive MatchingView suggested matches and decide whether to confirm or reject. Create manual matches subject to configurable constraints.
- Management of DiscrepanciesCreate adjustments for variances between data sources, and track the resolution of the adjustments.
- BalancingCreate period-end balancing reports that satisfy accounting compliance requirements.
- Improve the process• Rationalize the number of accounts.
• Establish a standard definition of “reconciled” and use it across the organization.
• Perform a separate reconciliation for each balance sheet account.
• Establish risk-based criteria for the timing of account reconciliations.
• Facilitate faster identification of errors through timely reconciliations.
- Manage your valuable assets “Information”• Use a standard account reconciliation form.
• Require that supporting documentation be attached to account reconciliation forms.
• Establish action plans for all reconciling items.
• Document approval for all account reconciliations.
• Report to management regularly on account reconciliation status.
• Require action plans on delinquent reconciliations.
- Automate your reconciliation process using modern tools• Simplify and streamline financial systems.
• Maintain ERP transaction tables and account linkages.
• Automate reconciliations to be performed in a systematic manner.
- Organization development and training• Establish clear ownership and accountability for each account reconciliation.
• Implement regular training programs.
• Perform peer reviews of account reconciliation techniques.
• Establish a quality control team.