We are a UK based consultancy delivering best-in-class Close & Consolidation solutions.
A huge part of a fast and quality close is Account Reconciliation.
Account Reconciliation is a key control step to ensure the completeness and accuracy of all financial statements. It should be a straightforward part of your close, but that is not always the case. With a manual process, discrepancies may occur when reconciling. These can be caused by a variety of factors including timing differences, missing transactions, or mistakes down to human error.
Risk
In a single company, whilst there is risk, it can be managed when the accounts reconciliation process is at arm’s length. But what about a global group with different accounting practices, different cultures and different ERP solutions in the mix? All you can see is risk.
So how do you mitigate that risk? Just as a financial consolidation solution brings the books of all the companies in a group into one central place, there is software that does the same for critical bank and balance sheet account reconciliations. Imagine being able to review all key account reconciliations in one group, in one place. Aside from risk mitigation, it means the CFO gets to sleep at night and simplifies the Group audit. Imagine further that this account reconciliation software is on the same platform as your consolidation and planning solution.
An advanced Account Reconciliation solution will help you address several challenges. For a start, it will remove manual, labour-intensive activity. For many, account reconciliation is also steeped in errors due to factors such as decentralised data, segregation of duties, incorrect postings, and a lack of control. There are often time pressures involved in the account reconciliation process which adds a further vulnerability.
Key Features
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:
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.
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.
We don’t just sell the software, we become your partner.
- Leading UK Consultancy
- CCH® Tagetik UK Partner
- Proven best-in-class delivery
- Trusted UK based support team
A client case study
“We were looking for more than just the application, and we wanted the support that came with it which HAYNE was able to provide. Having a go-to person for any concerns gave us confidence and reassurance that we had selected the right support partner for us. The partnership with HAYNE allowed us to easily pivot and see what our solution would look like”.
John Chan – Finance Systems and Business Insight Manager
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What do our customers say?
At year end we have to publish 13 sets of annuals reports. This was a time consuming and manual task. Tagetik has now automated this task leading to a more timely review and less areas of error.