Introducing a faster, more accurate and insightful financial close
Stop wasting time cutting, pasting and creating pivot tables in Microsoft Excel. In 30 days, you can take the drudgery out of the financial close to enable your accountants to spend more time on high-value tasks like analyzing variances.
Your accountants work hard each month, and even harder during your quarter and fiscal year end close. Help them work smarter with an automation solution that complements your existing account reconciliation approach and tools (e.g., Blackline, Trintech) and prepares reconciliation entries based upon the individual requirements of each account using simple rules established and maintained by your accounting team.
How ReconBotz works
- Identifies accounts needing to be reconciled in the period. It’s run on each day during the close process, so it will also process late accounting entries.
- Processes ledger and sub-ledger data, and other data sources as needed.
- Prepares 100% customized reconciling entry for each account based upon accountant instructions. This step replaces the MS Excel pivot tables and data manipulation often performed manually by accountants today.
- Determines whether the reconciling entry is ready for certification, based upon situation or accountant managed rules.
- Loads reconciling entries into organization’s reconciliation system of record such as Blackline or Trintech.
- For accounts it cannot reconcile due to missing data, it provides the reconciling data to the accountant responsible for the account, so they can focus on analysis rather than data gathering.
Account ReconBotz is a best-of-breed tool based on how humans prepare reconciling entries and how a computer could create the exact same entries. With the Account ReconBotz solution, you’ll reap the following benefits:
- Prepares reconciling entry faster (e.g., Cut from 30 days to <1 week; week to days; days to hours)
- Eliminates the preparer’s work either entirely or substantially; monetizing your returned hours is up to you.
- Frees accountants for analysis
- Accountants/preparers maintain control of how each account is reconciled without coding
- Means to standardize reconciling entry by account and account-type; easily implemented over time
- Provides a basis of feedback for functional development of accountants / preparers
- Promotes reconciliation consistency across periods and regions
- Accommodates late journal entries
- Data stays in the country within your firewall
- Reduces financial reporting risk with complete auditability
In turn, you’ll also increase the quality and reliability of your financial close process.
Preferred services partners for our Account ReconBotz solution
RPG: RGP is a global services firm with 4,000 industry experienced professionals, 70% of whom are CPAs or hold advanced degree.