SmartStream Technologies - Account Reconciliation Management

SmartStream's Transaction Lifecycle Management (TLM®) account reconciliation management solution increases productivity, control and visibility at the core of the financial close process, delivering control and efficiency to account reconciliation and balance sheet substantiation. TLM account reconciliations management creates a unified, automated platform for daily, monthly and quarterly reconciliations.

Account balance, transaction reconciliation and balance-sheet substantiation

Reconciliations at both the account balance and transaction level are combined with balance-sheet substantiation (account certification) through workflow for account ownership assignments, distribution of reconciliations results, exception management, approvals, sign-offs and reporting.

At every stage of the process, TLM account reconciliation management provides full visibility of all actions and activities to CFOs, controllers, reconcilers and auditors.

Problems of a manual financial-close process

Many firms have taken steps to drive cost and complexity out of routine business processes in their finance and treasury functions. Yet the financial close process at period end is still characterised by manual processes and re-keying of data that presents too many occasions for human error and mis-statements to occur. Manual processing lacks the proper operational controls, extends the time needed to evaluate underlying accounts, carries a high cost and blocks management visibility into the close process.

A manual and fragmented approach, with several points of potential failure, increases both the risks and costs of the financial close process. As a result of this patchwork of processing activity, organisations find themselves with a range of problems preventing effective account reconciliation and certification:

• Finance teams processing data rather than performing financial analysis
• Senior management lacking timely visibility into the status or accuracy of account reconciliations
• Lack of a consistent, repeatable process for closing accounts at month, quarter and year end
• Increased audit costs due to a lack of consistent processes
• Incomplete reconciliation coverage, with accounts remaining unreconciled past the close date
• Increased risk of material weakness disclosures and reputational damage as a result of restatements

Controlled, efficient and transparent account reconciliation processing

CFOs require automation and workflow tools that improve productivity, bring accuracy, ensure full coverage and reduce the costs and cycle time associated with financial reporting. SmartStream's experience and expertise supports the organisation's move to more controlled, efficient and transparent account reconciliation processing.

Account management automation and control

TLM account reconciliation management enables companies to introduce the right automation and control into their operational process, including:

• A common tool for all account reconciliations
• Consistent, repeatable and efficient period end processes
• Increased transparency into every point in the financial close process
• Timely, more accurate reporting to senior management
• Exceptions-based processes for more effective resolution and defect elimination – continual process improvement
• Increased reconciler productivity
• Enhanced control and audit

About SmartStream Technologies

SmartStream Technologies delivers operational advantage to clients through enterprise-wide, real-time TLM solutions that automate, track and control financial transactions and processes within and beyond the enterprise.

Built on SmartStream's TLM enterprise control architecture, TLM Solutions provide greater transaction visibility to create exceptions-based operations capable of automating complex and high volume transaction flows. Operational risk and cost is reduced while customer service levels are improved.