Automating account reconciliation used to be a task relegated to companies with numerous cash accounts. With the advent of Sarbanes-Oxley and other accounting and auditing standards, this is no longer the case. Every publicly-held company must reconcile every balance sheet account. More importantly, every publicly held company must prove its reconciliation process follows and enforces their financial controls. Identification of weak spots in the process, strong management reporting, documentation of corrective actions - these all become imperative.
The Total Reconciliation Solution (T-Recs® Enterprise) from Chesapeake System Solutions, Inc., is designed to meet these challenges. T-Recs Enterprise:
- Provides matching capabilities and reconciliation tracking and certification capabilities in one system
- Allows you to define your financial controls, rather than forcing you to pick from a limited list of controls defined by someone else
- Produces detailed and summarized metrics reports, as required by SOX
- Rolls reconciliations to any required level
- Allows review and certification by account, or by groups of accounts
- Automatically certifies reconciliations for accounts with no activity