Part 4 of the "Financial Close: Simplify, Automate, Succeed!" demo series
The final video in our “Mastering Financial Close Series” discusses the essential steps to prepare for implementing an account reconciliation solution, emphasising the importance of upfront preparation for a smooth and successful process.
Key points covered:
- Documentation of current reconciliation process to identify baselines and improvement areas.
- Creation of a comprehensive inventory of reconciliations, including:
- General ledger account names and numbers.
- Supporting data sources, such as subledgers, bank statements, or external files.
- Complexity levels, such as standard, high-risk, or complex reconciliations.
- Understanding and documenting:
- Data sources and integration points (e.g., ERP systems like Oracle or SAP).
- Existing reports that can be repurposed to streamline implementation.
- Defining team roles to ensure efficient collaboration, including:
- Establishing clear, measurable goals to align teams and measure success, such as:
- Reducing reconciliation time.
- Automating processes for accounts.
- Improving accuracy and reducing manual errors.
- Emphasis on leveraging expert guidance and tools to ensure a smooth implementation process.