Account Reconciliation
Enable a higher quality close. A huge part of a fast and quality close is Account Reconciliation.
Risk Management in Global Accounting
Managing risk is straightforward for a single company, but in a global group with varied accounting practices, cultures, and ERP systems, it becomes complex.
How can you mitigate this risk?
Just as a financial consolidation solution centralises company accounts, specialised software can streamline bank and balance sheet reconciliations, consolidating all key reconciliations in one place. This not only mitigates risk but also simplifies group audits, providing the CFO with peace of mind.
An advanced reconciliation solution minimises manual tasks and reduces errors from decentralised data and time pressures, enhancing financial integrity.
HAYNE will help you:
An advanced solution takes away these challenges due to the incorporation of several features. Below we list some of these key features to look for:
Instant transparency into the state of the close
You should have the option to view this whenever you choose.
Real-time view
This gives contributors an idea of what has been completed and what still needs to be reconciled.
Separates duties and enforces signoffs
Make sure that every account is examined and approved.
Risk Rules
Rules that can alter the workflow to ensure higher risk accounts have a risk rating and therefore require greater levels of approval.
Carry Forward Rules
Accelerate the process by rolling over the open items from previous reconciliations.
Intercompany Matching
The recording of transactions between affiliated companies where they are matched between reporting units.
Reporting Capabilities
The automatic creation of audit reports
Process Monitoring
Monitor your exposure and check the status of the reconciliation process: reconciled, reviewed and approved, late and work-in-progress.
Email Notifications
Reminders for upcoming due dates and tasks status changes will be emailed to the assigned user.
Provide Notes, Comments, and Attachments
Attach reconciliation proof and confirm the accuracy of all essential account trial balances.
CCH® Tagetik
One of HAYNE’s trusted vendors, CCH® Tagetik, offer Account Reconciliation as part of their CPM solution.
CCH Tagetik Account Reconciliation creates consistency across all accounts by harmonising data company-wide and standardising methodologies.
Their Account Reconciliation solution can be quickly implemented to help accelerate your close. This allows Close & Consolidation, Planning, Reporting and Disclosure to be unified into one solution.
The result is an accelerated close, increased planning agility, and empowered decision making ability.
Why choose HAYNE Solutions?
HAYNE are trusted UK CCH® Tagetik Partners with a proven ability in delivering best-in-class solutions
We are your Partner
Our reputation is well-known for our dedication and expertise in delivering best-in-class Enterprise Financial & CPM Solutions – from implementation and licence management to upgrades, training, maintenance and support.
The combination of the HAYNE focus and the strength of CCH® Tagetik delivers results for our clients time and time again. We are certified CCH® Tagetik Developers and can support you with the planning, training and implementation of your CCH Tagetik solution.