Account reconciliations are a key control that help finance leaders gain confidence in the completeness and accuracy of balances. However, the account reconciliation process can be manually-intensive, consuming scare resources whose efforts could be better deployed toward more valuable activities. It can also be difficult for finance leaders to gain visibility to the full account reconciliation process to ensure standard procedures are being consistently followed throughout the organization. The PwC Account Reconciliation Automation app enables the implementation of leading practices into your organization’s account reconciliation process. The app helps drive automation of multiple process steps, creates a single global platform for retention of reconciliation support, and provides end-to-end process transparency through real-time and postmortem dashboard reporting.
High level account reconciliation process status, can be looked at by Period, Account, Account Priority, and Company.
Period end report provides a way to see the status and trends in the account reconciliation process. these trends can be used to improve underlying data/ processes.
Standardized data form to be used for each account, across different companies.
Simplifies and automates the transaction matching process, which can be customized by different matching criteria.
Change threshold settings, add/ remove accounts and companies.
Automate population of data into standardized reconciliation templates
Certify accounts that reconcile via auto certification
Automate identification of reconciling items above predefined thresholds for the account and its specific risk-ranking
Automate matching of transactions with multi-layered matching logic to investigate and resolve reconciling items
Centralized support repository
Store all account reconciliation support and evidence in digital format on a single global platform
Dashboard and KPI reporting
Monitor progress of period-end account reconciliations with real-time status dashboards
Analyze period-end KPIs and trends over time to identify and correct systematic issues, monitor cycle time improvements, etc.
Read-only reports for audit purposes; alleviates need for accounting staff to provide supporting evidence of account reconciliation performance for audit purposes
Imagine the power of 180,000 people with a common purpose—building relationships that create value for you and your business. This is PwC. Every day, our people work with you to build the value you are looking for. Our specialist financial and performance management teams optimize the use of Anaplan to align planning, consolidation, reporting, and analytics processes, systems, and information to provide business insights that drive better decisions and actions.