Advantages of automated balance sheet reconciliations

  • Consistently audit-ready
  • Enhanced financial controls
  • Customers report that 40% of no-movement and low-risk accounts are automatically checked and approved by BEST
  • Full transparency into balance sheet integrity
  • Stricter governance over balance sheet integrity

Features of the balance sheet reconciliations module

Automate reconciliations, gain real-time insights, and leverage SAP's security for complete peace of mind.

Reconciliation approval process in SAP

SAP directs reconciliation reviews to relevant finance users, securely recording audit trails, explanations, and substantiation within the system.

Speedier month-end closures with reinforced controls

The module automatically verifies low-risk and low-activity accounts while flagging risky items in accordance with your financial reconciliation policies.

Dashboards providing real-time visibility

Obtain immediate insights into the health of the balance sheet through customizable dashboards and reports.

Incorporated compliance

BEST leverages your existing SAP access controls to ensure regulatory compliance and streamline security measures.

BEST automates reconciliations within SAP, providing you with comprehensive visibility and control.

Advantages of BEST Modules

Time and Cost Savings

  • Decrease reconciliation time by up to 90%.
  • Allocate skilled finance resources to high-risk areas and resolution, optimizing efficiency.

Operational Efficiencies

  • Achieve 95%+ automated matching rate.
  • Customize SAP approval mechanisms for effective high-risk area management.
  • Efficiently handle month-end tasks with comprehensive control reports, identifying and resolving anomalies.

Standardization and Compliance

  • Standardize operations across business units to facilitate a structured SAP month-end close.
  • Guarantee compliance and absolute accuracy with comprehensive audit trails and approval histories accessible to internal and external stakeholders.

Environmental Sustainability

  • Archive all reconciliations within SAP, facilitating convenient access to historical data.
  • Authorize reconciliations online within SAP, minimizing reliance on paper, reducing environmental footprint, and supporting Sarbanes-Oxley compliance.

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