Overview
Flyingcolour® offers an intuitive workflow to ensure quality, accountability, and timely reporting of the financial close at period end. In order for an organization to accurately represent its true financial position to internal as well as external stakeholders, balance sheet reconciliation reporting must be accurate and timely. Automation of this process – which has traditionally been plagued by a high degree of manual work, a high volume of detail, and a low level of coordination – offers a true step-change, greatly increasing control and efficiency at period-end.
Purpose
Balance sheet accounts reconciliation involves many aspects, including accurate account balances, calculated assets, shareholder equity, and outstanding liabilities. Automating the substantiation, review, and approval of this information in an auditable environment will add a new level of control and sustainability. With Flying Colour’s work and task allocation capabilities, the team can focus on investigations, resolutions, reporting, and advice – rather than compiling lists of financial data.
Key Benefits
- 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
