SkyStem Webinar - 8 Sins of Manual Reconciliations

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Annette Grotz

Check out Nancy Wu's 8 deadly sins of manually reconciling your accounts.

8 Sins of Manual
Reconciliations
Nancy J. Wu
4/28/2016 1pm EST

2
Nancy J. Wu
Head of Sales and Support
SkyStem LLC
About SkyStem
SkyStem makes ART – a month-end
close and reconciliation software for
the busy accountant that is affordable
and easy to use.
Webinar: 8 Sins of Manual Reconciliations www.skystem.com

What
is a
Reconciliation?
Webinar: 8 Sins of Manual Reconciliations www.skystem.com

Budget to Actual Analysis
Actual to Forecast Analysis
Record Journal Entries
Reconcile Accounts
Consolidate
Close Sub
Ledgers
Balance Sheet Flux
P&L Variance Analysis
Record
Adjustments
Report and File
Day 0 Day 4 Day 6
Month-End Close
Webinar: 8 Sins of Manual Reconciliations www.skystem.com

General Ledger System
Fixed
Assets
Accounts
Receivable
Accounts
Payable
(external system)
Inventory
None /
Internal
Consolidation and Reporting System
Making Sales Buying Stuff Moving
Inventory
Tracking Asset
Depreciation
Tracking Amortizing
Activity
Payroll /
T&E
(outsourced)
Webinar: 8 Sins of Manual Reconciliations www.skystem.com
Systems Map

Sin #1
Too
Much
Style
Webinar: 8 Sins of Manual Reconciliations www.skystem.com

Different ways reconciliations are done
Lack of common categories in reconciliations
Not having a set of quality standards
Synchronized deadlines not followed
No consistent way of handling open items
Non Standardization
Webinar: 8 Sins of Manual Reconciliations www.skystem.com

Sin #2
We
Make
Human
Mistakes
Webinar: 8 Sins of Manual Reconciliations www.skystem.com

Webinar: 8 Sins of Manual Reconciliations www.skystem.com
Our Favorite Mistakes
Forgetting to reconcile.
Prior period open items not transferred over.
Keeping stale reconciling items on the books
instead of writing them off during reconciliation.
Incorrect or incomplete formulas.

Webinar: 8 Sins of Manual Reconciliations www.skystem.com
Our Favorite Mistakes
Broken links, or links that point to internal files
that are no longer there.
Hidden rows and columns. Buried notes and
comments.
Version control mishaps.
Data entry and transposition errors.

Sin #3
We’re
No
Super
Sleuth
Webinar: 8 Sins of Manual Reconciliations www.skystem.com

What Needs Chasing?
Work Allocation
Status Updates
Support Files
Sign-offs / Evidence of Review / Review Notes
Reconciliations
Webinar: 8 Sins of Manual Reconciliations www.skystem.com

Sin #4
Can’t
Show
Proof
Webinar: 8 Sins of Manual Reconciliations www.skystem.com

What do Auditors Want?
Evidence that…
Accounts are reconciled regularly
Accounts are reconciled properly
Reconcilers have proper understanding of
the account
Documented policies and procedures
Webinar: 8 Sins of Manual Reconciliations www.skystem.com

What do Auditors Want?
Webinar: 8 Sins of Manual Reconciliations www.skystem.com
Evidence that…
Reconciliations are reviewed
Reconciliations are reviewed timely
Supporting documentation is valid
Timing Differences are resolved timely

What do Auditors Want?
Evidence that…
Proper segregation of duties in place
Webinar: 8 Sins of Manual Reconciliations www.skystem.com

Sin #5
Burden
(and Boredom)
Of
Admin
Webinar: 8 Sins of Manual Reconciliations www.skystem.com

Administrative Burden
Setting up Checklists Answer Auditor Questions
Creating Cover Sheets Tick & Tie
Tracking Foot and Recalculate
Providing Status Printing
Scanning Searching
Filing / Collating Shipping & Mailing
Webinar: 8 Sins of Manual Reconciliations www.skystem.com

ACFE Report to the Nation
Webinar: 8 Sins of Manual Reconciliations www.skystem.com

Webinar: 8 Sins of Manual Reconciliations www.skystem.com
Sin #6
Burning
the
Midnight
Oil

Burning the Midnight Oil
Checking for updated GL and re-reconciling
Reviewing obviously sub-par work
Issuing the same review notes over and over
again
Reconciling every account each month
No materiality
Webinar: 8 Sins of Manual Reconciliations www.skystem.com

Sin #7
You’re
A Nice
Boss
Webinar: 8 Sins of Manual Reconciliations www.skystem.com

Webinar: 8 Sins of Manual Reconciliations www.skystem.com
Not Knowing…
Status of reconciliation completion
Exceptions that may pop up
Aging of open items
Workload balance
Potential issues and problems

Sin #8
We’re
Consuming
Resources
Webinar: 8 Sins of Manual Reconciliations www.skystem.com

LinkedIn: SkyStem
Facebook: SkyStem
Twitter: @skystem
Email: info@skystem.com
877.778.3320 www.skystem.com
More Webinars to Come
Thanks! xoxo

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SkyStem Webinar - 8 Sins of Manual Reconciliations

1. 8 Sins of Manual Reconciliations Nancy J. Wu 4/28/2016 1pm EST

2. 2 Nancy J. Wu Head of Sales and Support SkyStem LLC About SkyStem SkyStem makes ART – a month-end close and reconciliation software for the busy accountant that is affordable and easy to use. Webinar: 8 Sins of Manual Reconciliations www.skystem.com

3. What is a Reconciliation? Webinar: 8 Sins of Manual Reconciliations www.skystem.com

4. Budget to Actual Analysis Actual to Forecast Analysis Record Journal Entries Reconcile Accounts Consolidate Close Sub Ledgers Balance Sheet Flux P&L Variance Analysis Record Adjustments Report and File Day 0 Day 4 Day 6 Month-End Close Webinar: 8 Sins of Manual Reconciliations www.skystem.com

5. General Ledger System Fixed Assets Accounts Receivable Accounts Payable (external system) Inventory None / Internal Consolidation and Reporting System Making Sales Buying Stuff Moving Inventory Tracking Asset Depreciation Tracking Amortizing Activity Payroll / T&E (outsourced) Webinar: 8 Sins of Manual Reconciliations www.skystem.com Systems Map

6. General Ledger System Fixed Assets Accounts Receivable Accounts Payable (external system) Inventory None / Internal Consolidation and Reporting System Making Sales Buying Stuff Moving Inventory Tracking Asset Depreciation Tracking Amortizing Activity Payroll / T&E (outsourced) Webinar: 8 Sins of Manual Reconciliations www.skystem.com Systems Map

7. So… What is our process today?

8. Sin #1 Too Much Style Webinar: 8 Sins of Manual Reconciliations www.skystem.com

9. Different ways reconciliations are done Lack of common categories in reconciliations Not having a set of quality standards Synchronized deadlines not followed No consistent way of handling open items Non Standardization Webinar: 8 Sins of Manual Reconciliations www.skystem.com

10. Sin #2 We Make Human Mistakes Webinar: 8 Sins of Manual Reconciliations www.skystem.com

11. Webinar: 8 Sins of Manual Reconciliations www.skystem.com Our Favorite Mistakes Forgetting to reconcile. Prior period open items not transferred over. Keeping stale reconciling items on the books instead of writing them off during reconciliation. Incorrect or incomplete formulas.

12. Webinar: 8 Sins of Manual Reconciliations www.skystem.com Our Favorite Mistakes Broken links, or links that point to internal files that are no longer there. Hidden rows and columns. Buried notes and comments. Version control mishaps. Data entry and transposition errors.

13. Sin #3 We’re No Super Sleuth Webinar: 8 Sins of Manual Reconciliations www.skystem.com

14. What Needs Chasing? Work Allocation Status Updates Support Files Sign-offs / Evidence of Review / Review Notes Reconciliations Webinar: 8 Sins of Manual Reconciliations www.skystem.com

15. Sin #4 Can’t Show Proof Webinar: 8 Sins of Manual Reconciliations www.skystem.com

16. What do Auditors Want? Evidence that… Accounts are reconciled regularly Accounts are reconciled properly Reconcilers have proper understanding of the account Documented policies and procedures Webinar: 8 Sins of Manual Reconciliations www.skystem.com

17. What do Auditors Want? Webinar: 8 Sins of Manual Reconciliations www.skystem.com Evidence that… Reconciliations are reviewed Reconciliations are reviewed timely Supporting documentation is valid Timing Differences are resolved timely

18. What do Auditors Want? Evidence that… Proper segregation of duties in place Webinar: 8 Sins of Manual Reconciliations www.skystem.com

19. Sin #5 Burden (and Boredom) Of Admin Webinar: 8 Sins of Manual Reconciliations www.skystem.com

20. Administrative Burden Setting up Checklists Answer Auditor Questions Creating Cover Sheets Tick & Tie Tracking Foot and Recalculate Providing Status Printing Scanning Searching Filing / Collating Shipping & Mailing Webinar: 8 Sins of Manual Reconciliations www.skystem.com

21. ACFE Report to the Nation Webinar: 8 Sins of Manual Reconciliations www.skystem.com

22. ACFE Report to the Nation Webinar: 8 Sins of Manual Reconciliations www.skystem.com

23. Webinar: 8 Sins of Manual Reconciliations www.skystem.com Sin #6 Burning the Midnight Oil

24. Burning the Midnight Oil Checking for updated GL and re-reconciling Reviewing obviously sub-par work Issuing the same review notes over and over again Reconciling every account each month No materiality Webinar: 8 Sins of Manual Reconciliations www.skystem.com

25. Sin #7 You’re A Nice Boss Webinar: 8 Sins of Manual Reconciliations www.skystem.com

26. Webinar: 8 Sins of Manual Reconciliations www.skystem.com Not Knowing… Status of reconciliation completion Exceptions that may pop up Aging of open items Workload balance Potential issues and problems

27. Sin #8 We’re Consuming Resources Webinar: 8 Sins of Manual Reconciliations www.skystem.com

28. Sin #1 Too Much Style Webinar: 8 Sins of Manual Reconciliations www.skystem.com

29. Sin #2 We Make Human Mistakes Webinar: 8 Sins of Manual Reconciliations www.skystem.com

30. Sin #3 We’re No Super Sleuth Webinar: 8 Sins of Manual Reconciliations www.skystem.com

31. Sin #4 Can’t Show Proof Webinar: 8 Sins of Manual Reconciliations www.skystem.com

32. Sin #5 Burden (and Boredom) Of Admin Webinar: 8 Sins of Manual Reconciliations www.skystem.com

33. Webinar: 8 Sins of Manual Reconciliations www.skystem.com Sin #6 Burning the Midnight Oil

34. Sin #7 You’re A Nice Boss Webinar: 8 Sins of Manual Reconciliations www.skystem.com

35. Sin #8 We’re Consuming Resources Webinar: 8 Sins of Manual Reconciliations www.skystem.com

36. LinkedIn: SkyStem Facebook: SkyStem Twitter: @skystem Email: info@skystem.com 877.778.3320 www.skystem.com More Webinars to Come Thanks! xoxo

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