Flyingcolour® provides a readily configurable workflow to ensure quality, accountability and timeliness of reporting of the financial close at period-end. Accurate and timely balance sheet reconciliation reporting is critical to properly represent the organisation’s true financial posture to both internal and external stakeholders. Automating this process – which has historically been challenged by a high degree of manual work/volume of detail and a low level of coordination – offers a true step-change by greatly enhancing control and efficiency at period-end.
There are many detailed facets related to balance sheet account reconciliation, such as accurate account balances, calculated assets, shareholder equity and outstanding liabilities. Automating the substantiation, review, and approval of this information in a fully auditable environment adds a new level of control and sustainability. The work and task allocation leveraged by the Flying Colour solution allows the team to focus on investigations, resolutions, reporting and advisement’s – versus simply compiling lists of financial data.
- Automation of period-end reconciliations and balance sheet reconciliation preparation
- Full audit trail for tracking and substantiation
- Multi-stage approval workflow for quality and accountability in the organisation
- Enhanced financial control in one consolidated tool environment and tool set