Reconciliation

Intercompany reconciliations are one of the many hurdles that challenge a fast and accurate accounting cycle. This pressure common place for financial directors, managers and clerical staff. Autorek’s suore of products include the core Autorek reconciliation product and the complementary Klear module for attestataion.

From experience with UK and SA listed companies, one of Grey Dot’s management recalls his time in Group reporting roles.
‘When reporting for a listed large international mining group and a listed tobacco group , we used a large amount of spreadsheet manipulation and review. Despite investment in consolidation modules and packages, we still had to run numerous spreadsheets to allow for differences in accounting practices, exchange rates and disclosures.
It was surreal to see my spreadsheet converted into a glossy document overnight and handed out to investors and the press. Luckily everything was correct, but an incorrect validation formula wouldn’t have been picked up. In my opinion there was a massive overreliance on spreadsheet use’.

As experienced by our management, and probably by yours too many groups have divisions and subsidiaries reporting and managing their business in a multi-currency environment, and often also have local accounting done in different accounting systems. The manual consolidation and manipulation of these results are where errors occur.

The automation of intercompany reconciliation eliminate the possibility that it can become a point of risk, and also a blockage in the reporting process. Quite often the intercompany reconciliation can only be performed once all the of the groups trial balances have been reviewed and finalized. Hence this places and inordinate strain on the reporting team.

Autorek’s software and Grey Dot’s financial reporting experience enable you to reconcile intercompany balances and to close your books faster. Once set up in your organization, AutoRek will identify and reconcile balances directly with one another, eliminating extra work and delays at the corporate and divisional levels. This process happens almost instantaneously, so you can constantly run the reconciliation to identify and solve where the unbalanced accounts are situated.

The key benefit from this process is that the the intercompany reconcilatiaion does not become a blockage on the critical path in the reporting process and improve the speed and accuracy of the closing and reporting cycles.

Autorek’s Intercompany reconciliation tool won the Best New Initiative in the Finance category of the Global Informa Awards (2011):
“We have over 470 companies with outstanding balances with each other and like many big companies, the month end processes were taking too much time. We picked AutoRek’s reconciliation tool because it had great flexibility and because the AutoRek team demonstrated a great deal of knowledge of the complicated issue of intercompany reconciliation. The award speaks for the big difference the tool has made for us.”
Head of Applications & Infrastructure Support at Informa Shared Services

For more information on the reconcilations that Autorek can perform, please follow the below links to some more information on the Autorek website or contact us.

• Balance Sheet Reconciliations
• Bank Reconciliations
• Box Management Reconciliations
• Custody Reconciliations
• General Ledger Reconciliations
• Intercompany Reconciliations
• Stock Reconciliations
• Supplier Statement Reconciliations
• Suspense Account Reconciliations

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