Account Reconciliations

Automated and standardized account reconciliation process can be easily implemented using SoftPoint designed application qFlow.   

Features

automated upload of balances from ERPs and consolidation software

auto-reconciliations

fully flexible workflows

notifications, reminders and escalations

full audit history

powerful reporting

electronic archives

increased visibility of balance sheet

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accounts reconciled automatically

Administrator

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Account balances are loaded from your accounting systems and consolidation systems into qFlow. Based on your companies account reconciliation matrix, accounts are routed for preparation and approval. 

Accounts where the balance can be automatically reconciled are processed and auto-approved. They are routed for investigation only in case of discrepancies. 

Reconciliation preparators

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Based on their responsibility (for account, location or process) accountants prepare cover sheets, supporting documentation and all underlying data supporting the account balance in qFlow. 

Reconciliation approvers

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Approvers can review all documentation, provide approval or reject back to preparator to fine-tune their work.  

All exceptions (based on value, region or sensitivity) can be configured in qFlow.

Internal / External audit

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If audit teams have access to qFlow, there is no need to send them print-outs or copies of reconciliations. Auto-reconciled items do not need to be audited, therefore it saves your audit fees and speeds-up the review. 

Compliance teams

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With qFlow powerful reporting, overview of every reconciliation and its status is on hand. With help of automated reminders and escalations all reconciliations will be prepared on time.  

Quality of your reconciliations will increase as internal ad-hoc reviews can be performed anytime. 

Archiving

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All reconciliation transactions will be archived in single repository, even if plants are decommissioned or people leave their positions.  

Using qFlow drives accuracy in the financial close by providing accountants with a streamlined process to verify the correctness and appropriateness of their balance sheets.

At SoftPoint we offer bringing

→ reduction of complexity and miscommunication

→ all departments talking the same language

→ streamlined and effective account reconciliation process