The 7 Golden Rules of Balance Sheet Certification

  • “Automating reconciliation of high volume transactions typically delivers time and cost savings of 30% to 70% with an ROI of 6-9 months.”
  • “Automating account reconciliation of GL control accounts typically delivers time and cost savings of 15% to 20% with an ROI of 12+ months.”

– Atos Consulting, Optimizing Your Reconciliation Process, 2011

Competitive businesses are constantly trying to improve on productivity, demanding more and more value from their employees, processes and technology. The term “business process optimization,” still a kind of insider’s phrase even a few years back, has now gone mainstream. And yet, even after realizing dramatic efficiency gains from newer, smarter systems and processes, some business owners find themselves wondering where the next big bump in productivity will come from.

To find the answer, look no further than your balance sheet.

In part due to its somewhat qualitative nature, the balance sheet certification process has managed to elude even the most savvy process optimization efforts. Viewed as a necessary evil, certification often remains a largely fly-by-night process, rife with manual tasks, checklists, and outdated technologies.

But for those who manage to tackle balance sheet certification, understand it, and employ a best practices approach to process consolidation and automation, the bottom-line benefits can be impressive. You saw the quotes at the beginning of this article. These are results that shouldn’t be ignored.

Trintech’s expertise in helping businesses automate all kinds of account reconciliation – from high-volume, transactional accounts to GL control accounts – gives our team on the ground a unique perspective here. That’s why we’ve recently released a new Best Practices Guide to Optimizing Balance Sheet Certification, including seven “golden rules” to consider when embarking upon your own account reconciliation automation project:

  1. 1: Organize A Steering Committee
  2. 2: Identify Process Gaps
  3. 3: Optimize Before You Automate
  4. 4: Take a Top-Down, Risk-Based Approach
  5. 5: Follow a Structured Project Methodology
  6. 6: Optimize in Phases
  7. 7: Automation is Your Friend

Over 600 of the world’s leading organizations have successfully optimized their balance sheet certification process using Trintech technology. Download your best practices guide today to find out how you can, too.

>> Download the Best Practices Guide Now

No comments yet.

Leave a Comment

You must be logged in to post a comment.