Case Study - ReconArt automates balance sheet reconciliation and account certification for a US bank
| Industry: | Banking |
| Focus: | Balance sheet reconciliation & account certification |
Company profile: a US bank with national coverage and commitment to digital transformation
The Client is a Boston, Massachusetts-based bank institution, founded in the late 1980s to serve both consumers and businesses. With its national coverage and US$1.2 billion of assets under management, the bank is a member of the Federal Deposit Insurance Corporation and has received several peer recognition awards.
Business case and challenges: replacing spreadsheets in balance sheet reconciliation
The Client’s primary reconciliation objective was to increase financial control, to enhance compliance and to audit-proof its accounting systems. The Client was well aware that an enterprise-class reconciliation solution would be superior to the conventional manual spreadsheet-based methods when it comes to balance sheet account reconciliation and certification. It would streamline the period-end close process under unified standards. The bank performs regular internal audit checks and pursues an invariably clear record, even more so in periods of unprecedented growth.
The solution: transforming period-end processes through standardization and automation of balance sheet reconciliation
After a careful preselection, the Client chose ReconArt in 2016. The business logic was captured and translated into ReconArt’s configuration as one of the implementation project deliverables. Another was the comprehensive training for the Bank’s administrators, enabling them to manage the reconciliation solution independently and to scale the reconciliation processes according to their needs.
Period-end reconciliation and certification was the focus of the initial ReconArt implementation. The process has been automated in line with user defined certification criteria. Those parameters shape the ReconArt’s certification templates, which were configured in close cooperation with the client. Today, more than a thousand balance sheet accounts (with or without sub-ledger data involved) are reconciled and certified on a monthly basis within the ReconArt system.
The levels of approval and the certification workflow for each account are predefined in the system. Reconcilers are prompted automatically to review and confirm the account balances. The solution orchestrates the reconciliation and certification process in line with the established separation of duties and deadlines. File attachments and user notes are stored within ReconArt, making supporting documentation readily available on auditors’ demand.
The reporting functionality of ReconArt tracks items from origin to resolution. Those dynamics (also known as transaction aging) are monitored per period, per account, or any other relevant property the client formulates. Such instant analytical insights help prevent bottlenecks and act in a timely manner.
Benefits & results: efficient financial close management and improved controls
The Client team responsible for the reconciliation and account certification process conclude the recurring month-end activities faster and with greater precision. The standardization and automation of repetitive steps speed up the period-end activities and contribute to the financial audit readiness. ReconArt provided powerful reporting instruments for improved risk management and enhanced visibility.
Case Study
Calgary Co-op
| Industry: | Retail |
| Focus: | Credit Card Reconciliation, Exceptions Reporting |
Calgary Co-op is a member owned retailer operating food, pharmaceutical, petroleum, home health care, liquor, and cannabis outlets. Founded in 1956 in Calgary, Alberta, Canada.
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