CPM - Audit & Reconciliation - Fastclose

Corporate Performance Management

Audit & Account Reconciliation

Crucial for financial accuracy, yet ERP systems often fall short in this area. Many businesses face challenges with reconciling control accounts and stock balances.

With dedicated dashboarding reports, such as Goods Received Not Invoiced (GRNI) and stock reconciliation, swiftly identify reconciliation discrepancies.

Why it’s important

Audit and reconciliation is essential for the accuracy and integrity of financial data.
Without it, your dashboards and KPIs may look beautiful – but they’re also wrong.
A crucial aspect of double entry book keeping in the modern ERP, are the control accounts in the General Ledger.
These should reconcile to your subledgers (AP, AR, Fixed Assets etc)

So why are these reconciliations often significantly off, causing concern at month-end?

Time Pressure

Audit and Reconciliation is a time consuming business.

So due to the pressure on time, some businesses ignore is until the auditors arrive, leading to questions such as:

But hang on – shouldn’t my ERP do all this automatically?

Automated Processing

Indeed, the modern ERP promises to provide in-balance General Ledgers as well as reconciliation programs, but they frequently fall short.

So how is everyone else solving this?

Money ...

There are many products that can assist with reconciliation, but most require your transactional data to be transferred to vendor specific databases before processing.

Because of complexity, cost and training required, these systems are typically only accessible to large multinationals.

... Time, ... or both!

For everyone else – it’s manual data dumps to Excel – late nights, and a great many cups of coffee.

How is FastClose different?

Reporting direct from your ERP, there is no need transfer data to a separate tool, saving time and reducing the risk of manipulation or transfer errors.

Our dedicated GRNI (Goods Received Not Invoiced) dashboarding report identifies all those PO / Receipt / Invoice reconciliations requiring further investigation, with built in rapid drill to the underlying transactions to get to the root cause of discrepancies.

Our stock reconciliation reports compare the transactions recorded in the inventory subledger with those in the GL ensuring stock balances are accurately reflected in financial statements and helping identify discrepancies.

In Summary

Our approach supports the reconciliation process, reduces the risk of errors and provides out-of-the-box reports, to enable you to put your finger on the root cause of issues, fast.

By using the live ERP database, FastClose reports your data as it actually is, accurately and up-to-date.

FastClose clients

I identified a discrepancy in our AP control account within the general ledger, stemming from disparities in the AP aging. I resolved this by generating a Fast Close report, which allowed me to pinpoint all GL postings related to this account and the corresponding vendors, swiftly resolving the issue.

Howarth Powell

Management Accountant, Luceco

Luceo PLC one of Epicor’s largest UK clients, utilises FastClose for reporting and audit.