Trintech current strategies for optimizing bal sheet certification 8 29-2011


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Trintech current strategies for optimizing bal sheet certification 8 29-2011

  1. 1. Transforming the LAST MILE of FINANCECurrent  Strategies  for  Op6mizing  Balance  Sheet  Cer6fica6on  ©  2011  Trintech.  All  Rights  Reserved  
  2. 2. Balance  Sheet  Cer6fica6on  –  A  Significant   Opportunity  to  Improve  Business  Performance     è “Automa6ng  reconcilia6on  of  high  volume  transac6on   accounts  typically  delivers  6me  and  cost  savings  of  30%  to   70%    with  an  ROI  of  6-­‐9  months.” è “Automa6ng  reconcilia6on  of  GL                      control  accounts  typically  delivers                    6me  and  cost  savings  of  15%  to  20%                    with  an  ROI  of  12+  months.”                          -­‐  Source:  Atos  Consul0ng,  Op0mizing  Your                          Reconcilia0on  Process,  2011.   è How  can  organiza6ons  op6mize  the  process  to  achieve   these  results  while  increasing  efficiency,  reducing  risk  and   improving  transparency?  ©  2011  Trintech.  All  Rights  Reserved  
  3. 3. 7  Strategies  for  Op6miza6on   This   guide   provides   7   of   the   latest   b e s t   p r a c = c e   s t r a t e g i e s   f o r   op=mizing   the   Balance   Sheet   Cer=fica=on  processes.     These   strategies   are   based   on   the   exper=se   Trintech   has   acquired   helping   over   600   leading   global   organiza=ons   and   more   than   100,000   users   achieve   a   sustainable   Return  on  Investment  (“ROI”).  ©  2011  Trintech.  All  Rights  Reserved  
  4. 4. 1.  Organize  a  Steering  CommiWee   Organize  a  Steering  CommiNee   involving  stakeholders  from  internal   audit,  IT,  en=ty  owners,  and  other   key  cons=tuents.   CommiNee  responsibili=es  include   (but  are  not  limited  to)  the  following:   •  Gain  buy-­‐in  and  drive  project   ownership   •  Drive  awareness  and  educa=on  across  the  company  on  the   business  benefits,  goals  and  objec=ves   •  Set  policies  and  procedures   •  Define  internal  controls  tes=ng   •  Understand  data,  hardware  and  resource  requirements    ©  2011  Trintech.  All  Rights  Reserved    
  5. 5. 2.  Review  the  Current  vs.  Desired  Process   Technology  can  play  a  key  role  in  automa=ng  Balance  Sheet   Cer=fica=on  processes,  but  automa=ng  a  bad/broken  process   may  not  result  in  desired  efficiency  gains.   Before  automa=on,  Trintech  recommends:   •  Documen=ng  the  current  process   •  Performing  a  gap  analysis  between   the  Current  vs.  Desired  processes   •  Iden=fying  ways  to  improve  the   process   Gap   •  Standardizing  wherever  possible   •  Leveraging  technology  solu=ons  to   Desired automate  the  (improved)  process   Current Process Process©  2011  Trintech.  All  Rights  Reserved  
  6. 6. 3.  Op6mize  the  Process  BEFORE  Automa6on   Op=mize  the  process  prior  to  (or  in   conjunc=on  with)  automa=on  projects:   •  Ensure  all  accounts  are  assigned  to   specific  individuals   •  Document  how  a  compliant  reconcilia=on   should  be  performed   •  Define  acceptable  clearing  standards  for   open  items   •  Establish  a  method  to  trace  and  escalate   excep=on  items   •  Automate  wherever  possible:   –  Auto-­‐reconcilia=on,  auto-­‐cleared  items,   journal  entries   •  Take  a  top-­‐down,  risk  based  approach  ©  2011  Trintech.  All  Rights  Reserved  
  7. 7. 4.  Take  a  Top-­‐Down,  Risk-­‐Based  Approach   •  Evaluate  all  accounts  based  on   materiality  and/or  risk.   •  Perform  a  risk  assessment  and  rank   accounts  based  on  risk  ra=ng:   –  Set  up  a  schedule  to  review  the  current   ra=ng  and  adjust  as  needed.   –  Allow  the  applica=on  to  review  current  risk   ranking  and  adjust  automa=cally  based  on   your  business  rules.   •  Adjust  the  frequency  of  reconcilia=ons   based  on  materiality:   –  Low  risk  accounts  quarterly   –  High  risk  accounts  monthly   •  Op=mize  the  number  of  accounts   reconciled  based  on  balance  sheet   coverage.  ©  2011  Trintech.  All  Rights  Reserved  
  8. 8. 5.  Follow  a  Structured  Project  Methodology   •  Follow  a  structured  process  (e.g.  ADDED)   •  Incorporate  project  management  across   all  phases:   ANALYZE   –  Set  realis=c  project  deadlines,   milestones,  and  measures  of  success   PROJECT  MANAGEMENT   DEFINE   –  Manage  accountability   –  Measure  project  success  based  on  KPIs   for:   DEVELOP   •  Efficiency   •  Transparency   •  Risk  mi=ga=on   EVALUATE   –  Sustainability   –  Plan  for  scalability  based  on:   •  Organiza=on  size  &  growth  rate   DEPLOY   •  Acquisi=ons     •  Shared  service  centers  ©  2011  Trintech.  All  Rights  Reserved  
  9. 9. 6.  Take  a  Phased  Approach   Take  a  phased  approach  to   implementa=on  (e.g.  walk,  run,  sprint)  by:   •  Building  a  realis=c  rollout  plan  that   creates  quick  wins  and  success  stories.   –  Run  a  pilot  with  one  department  or  LOB   Sprint   to  use  as  a  success  model  for  broader   rollout   –  Implement  key  learnings  into  future   phases  and  rollouts   Run   •  Focus  on  users,  departments,  and  LOBs   with  a  higher  ap=tude  for  adop=on.   Walk   •  Automate  high  volume  transac=ons  first   to  free  up  resources,  then  focus  on   those  with  highest  materiality/risk.    ©  2011  Trintech.  All  Rights  Reserved  
  10. 10. 7.  Leverage  Technology  for  Automa6on   •  Manual  balance  sheet  cer=fica=on   processes  are  prone  to  errors,  fraud,   and  tend  to  break  down  over  =me.   •  By  leveraging  proven  technology,   finance  organiza=ons  can  achieve   true  automa=on  while  crea=ng  a   sustainable  process  that  embeds   process  improvements  into  everyday   business  ac=vi=es.   •  Trintech’s  Unity  Recon  module   provides  a  comprehensive  and   proven  solu6on  for  automa6ng  and   op6mizing  Balance  Sheet   Cer6fica6on  for  both  GL  and  high   volume  transac6on  accounts.  ©  2011  Trintech.  All  Rights  Reserved  
  11. 11. Trintech’s  Unity  Recon   A  Proven  Solu0on  for  Op0mizing  Balance  Sheet  Cer0fica0on  •  Comprehensive  solu=on  for   reconcilia=on  of  both   opera=onal,  high-­‐volume   transac=ons  and  GL  accounts  •  Only  solu=on  offering  an   integrated  plagorm   encompassing  reconcilia=on,   financial  close,  regulatory   repor=ng  and  compliance  •  Next-­‐genera=on  matching   engine  automates  matching       >  90%  of  items  •  Built-­‐in  workflow  for   excep=on  management  and   cer=fica=on  •  Easy-­‐to-­‐use  templates  for   standardized  prepara=on  •  Automated  cer=fica=on  •  Quality  assurance   ©  2011  Trintech.  All  Rights  Reserved  
  12. 12. Trintech  Success  Stories   Over  600  world  class  organiza=ons  have  successfully  op=mized   their  Balance  Sheet  Cer=fica=on  process  with  Trintech,  including:   “I was looking for a tool and a process that were scalable and provided assurance that all accounts, especially key accounts, were being Google reconciled each month and on a timely basis. Under the old method it was only going to be a matter of time where we would find that a key account had not been reconciled.” - Dan Martinelli, Controller for the Americas, Google     “AssureNET GL allows Delhaize to have greater visibility and control over our business processes across all companies and geographies.   This enhances our ability to ensure consistency and data quality, while reducing our operating costs. AssureNET GL is an integral component of our Comprehensive Accounting Excellence program.”   - Laurent Carlier, Financial Accounting & Control Manager, Delhaize Belgium   For  more  details  on  these  success  stories,  view  our  collec=on  of  tes=monial  videos  at   hNp://  or  visit  our  Success  Story  Library   at  hNp://          ©  2011  Trintech.  All  Rights  Reserved  
  13. 13. Ready  to  Take  the  Next  Step?   To  learn  more  about  Trintech  Unity  Recon  and  other  Trintech   solu=ons  for  op=mizing  The  Last  Mile  of  Finance:     Call  Us:   •  1.800.416.0075  (US  &  Canada)   •  +44  (0)  20.7628.5235  (UK)   Or  visit  us  on  the  web:   •  Website:  hNp://     •  YouTube:  hNp://   •  Facebook:  hNp://   •  Trintech  Blog:  hNp://   •  TwiNer:  @TrintechInc    ©  2011  Trintech.  All  Rights  Reserved