Account Reconciliation

Enable a higher quality close. A huge part of a fast and quality close is Account Reconciliation.

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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.

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.

HAYNE Solutions

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.

Leading UK Consultancy

CCH® Tagetik UK Partner

Proven best-in-class delivery

Trusted UK-Based support team