The Financial Close Management (FCM) and General Ledger Account/Balance Sheet Reconciliation (GL Recon) is a time consuming, resource intensive process that has critical control implications for business decisions and regulatory reporting.

In addition, the need to respond faster to business requirements and report results more accurately and timely to the government are driving the need for new and better ways to manage these financial processes.

Traditionally this has been a manual process maintaining and tracking hundreds, if not thousands, of spreadsheets and other documents in an uncontrolled environment that is error prone and labor intensive. 

The problem is how not only to increase the speed of closing and reconciliation, but also improve the quality, accountability, auditability, efficiency, and regulatory compliance.

Compliance Driven Process Automation

Automating the FCM and GL Recon processes provides a solution to enable standardization, speed up the processes and create efficiencies to reduce costs.  However, automation alone is not sufficient. 

Compliancy's solution is unique because it lets you take advantage of all the work you have already done by automating existing or custom manual controls and provides additional built in controls to ensure compliance critical to improving the quality of the results, accountability, and adherence to regulations. 

Compliancy includes all critical compliance requirements such as segregation of duties, complete tracking and change control of all processes, certifications, control documentation and audit and issues remediation. 

Compliancy Software Provides a Better Solution

Compliancy Software provides a solution that addresses all these issues for automating, managing and ensuring compliance of FCM and GL Recon. 

The net result is faster completion, faster issue remediation, reduced costs, improved compliance, better quality data, improved accountability and improved and more efficient auditability.

The Compliance solution is a single integrated BPM based platform that is forms and template driven making it easier to implement and use. 

Work you have already done can be easily utilized and then transformed via automation and built-in controls for additional benefits that cannot be realized with traditional methods.

In addition, Compliancy’s solution is a GRC platform that is extendable to automate any manual or custom controls for general business operations, any regulatory compliance requirement such as Sarbanes Oxley and any risk management framework.

Easier to use, implement and manage

• Customizable FCM and GL recon workflow templates for requesting, approval, monitoring, accounting and auditing of activities.
• Web-based for easy access by authorized users from any location.
• Easy utilization of current forms to avoid re-inventing the wheel.
• Individualized Task Routing via email for task owners to eliminate complex system access and reduce the cost of training and support.
• Dashboard access for quick assessment of the current status with complete drill-down for more detail on any task, process or document.

Improved ME and GL Recon Results

• Automation of notifications, follow-up, and escalation of overdue assignments to enable faster and more effective compliance management.
• Every step, result, change and bit of data is collected for a complete audit record.
• Complete documentation of all processes and documentation management with version and change control for a single, up-to-date working set to remove inconsistencies and miscommunication.
• Automated audits and reports to test, verify and report on compliance.

Granular access security and electronic sign-off

• Access control for any level of detail to ensure that the right individuals have access to only authorized processes, documentation, and systems.
• Complete routing for approval at any and all levels for electronic signature.
• Organizational chart driven for easier maintenance of access, routing, approval and documentation when personnel changes occur.

Enterprise integration

• Easily integrate data from other applications for a holistic view of systems, people, processes and documents across the company.
• Ability to integrate transaction based workflows for early warning based on data or policy driven rules.
• Ability to integration with current document management systems to avoid redundant systems and cross system change control.
• Ability to integrate forms and processes across divisions and geographies for a complete or filtered view of the status.

Greater Benefits - Greater ROI

Compliancy allows you to start fast and expand as needed with a better ROI than single point solutions:

• Better business intelligence across the company about risks and compliance issues.
• More effective risk and compliance management, audit and remediation.
• Integrated, streamlined approach for easier implementation and expansion.
• Greater cost reductions as a result of reduced redundancy and more efficient utilization.

Our research has clearly shown 20-50% increase in savings versus more traditional methodologies and an increase in 20-30% faster response to issues.

For more information contact us at info@compliancysoftware.com or call +1-919-774-1010.

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