Reconciliation issues exist because data moves
between different operational, financial, and reporting
systems from different software vendors.
The finance and operational teams you are a part of or
depend on to make good decisions, must reconcile the
data and metadata so the numbers are trusted, this is
an expensive and perplexing task.
Common daily problems that UniversalReconSM solves so that professionals can focus on driving margin instead of bookkeeping tasks are:
1. Identifying accounts that are in the source system but not in the target system. Example: Somebody created an account in a source system like NetSuite, Oracle, SAP… but did not create that corresponding account in the reporting or budgeting / planning / consolidation or SEC reporting system. This creates account capture issues between the source and target system.
2. Mapping nightmares – Does the account code or name in the source system correspond to the account code or name in the target system?
3. Contra Account logic issues.
4. Changes in historical data that nobody told you about.
5. Currency differences.
6. Metadata issues like properly defining account types i.e., Assets / Liabilities…
7. Naming changes that make data suddenly disappear.
8. Validating dimension assumptions.
9. Validate account roll ups.
These issues add up to real time and money on lost productivity. Data and metadata reconciliations can cost up to 25% of staff time every single month.
What costs even more is the impact on the reputations inflicted by recons. If not done correctly and quickly, recons can easily destroy the reputation of both the staff members and leadership at
any company when things go wrong; and they usually do.
UniversalRecon is the simple tool to fix that problem.
Purpose Built UniversalReconSM Extensions
For These Products: