Resource Center Case Studies

Case Studies

Reconciliation Software Implementation

Advisory-and-Consulting_thumb.jpg

Client needed assistance with unresolved issues with reconciliation software.

Challenges

  • Implementation of reconciliation software did not meet Client's objectives and added inefficiencies o the reconciliation processes
  • Management was over-burdened with signing-off on completed reconciliations, delaying close process
  • Numerous reconciliation templates located in multiple support documents created further inefficiencies
  • Reconciliations performed by a small accounting team and not by personnel primarily responsible for processes being reconciled

Solutions

  • Revised account descriptions for the balance sheet accounts for their corporate entity, including: nature of the account (what transactions flow through), if its system generated, manual, or both, and who records (system, manual, or both) and frequency
  • Drafted reconciliation policy
  • Prioritized chart of accounts and producing Blackline guidelines document (more specifics on how best to utilize Blackline software)
  • Unbundled general ledger accounts that contained multiple transactions
  • Created standard templates
  • Added accounts related to acquisitions that were not formerly included in subledgers to appropriate subledgers to eliminate the unreconciled items noted each period
  • Automated exporting subledgers
  • Appropriately configued ERP application tools to perform tasks currently completed within reconciliations (e.g. FX translations accounts)
  • Provided training to all personnel involved in preparing or reviewing balance sheet reconciliations

Impact

  • The project moved through the impending deadlines ahead of schedule
  • Developed a team process approach to elements to provide research, confirmation, balancing and quality oversight to project on routine intervals
  • High-level response coupled with quality and industry knowledge exceeded Client's expectations



Industry Issues



Services In Focus
Alerts, News
& Publications


Tax Reform Considerations for Private Equity

The sweeping tax reform legislation, commonly referred to as the Tax Cuts and...
Read More

Georgia Enacts Income Tax Legislation

On March 2, 2018, Governor Deal signed “House Bill 918” (the bill) into law,...
Read More

DHG Partner Liz Gantnier to Serve as AICPA Quarterly...

Charlotte, N.C., March 22, 2018 – Dixon Hughes Goodman, a...
Read More

Events

6/28/2018 12:00 PM
Creating Real Tax Savings Through Accounting Method ...
Webinar-Virtual



Blog

Have You Heard of...
WCSC-TV’s Live 5
Read More

Warranty Woes in ...

Warranties seem
Read More

Case Studies