The problem

The finance team needed to replace the existing manual accounts reconciliation process with an automated solution, otherwise we would continue to have issues demonstrating that reconciliations had been performed, reviewed and approved by appropriate staff members in a timely and efficient manner.

The challenges

How might we track and monitor the status of our reconciliations, so we know when they need updating, reviewing and approving?

How might we demonstrate to our auditors that reconciliations are performed and reviewed in a timely manner to satisfy audit requirements?

How might we remind people when reconciliations need to be updated and approved so they do not forget to do them?

How might we remove the need for staff to search through files and folders to locate reconciliations and the associated approval documentation?

How might we incorporate a trial balance feed into the system so that users no longer have to use the finance system to check account balances?

The outputs

• A centralised reconciliation system that holds all our information in one location.
• A system that can automatically send reminder emails to staff involved in any part of the process.
• A visual traffic light status system reflecting where each reconciliation is in the current cycle.
• A system that can identify any new reconciliations that need to be placed on the system for completion.
• A system that allows working papers to be restored from previous iterations if required, ensuring greater resilience.

The outcomes

• The system has saved staff and management time when locating, reviewing and approving reconciliations.
• The system allows us to easily produce a full date stamped audit trail of the activity relating to each reconciliation.
• The centralised system groups the reconciliations per function, for example, debtors, creditors etc. It also allows users to search by account code if required to locate reconciliations.
• The system allows greater transparency. Being able to run a report to identify each reconciliations status helps us identify potential issues during the reconciliation cycle and gives us greater control over the process.