Have your account reconciliations under control
Account reconciliation process in multinational matrix organizations is usually very time consuming process with a lot of email communication, manual controls and unexpected surprises...
Don't do it usually. Do it with QRec.
... and have your account reconciliations under control.
QRec provides central repository where all your account reconciliations are stored. You don’t have to email to many different parties to get complete reconciliations for your entity, region or account. All reconciliations are stored just few clicks away.
Central repository allows you to execute ad-hoc audits of account reconciliations without preparers or approvers knowing they are being audited. This improves the quality of reconciliations and adherence to deadlines.
Every month system administrator or automated interface loads Account balances that need to be reconciled. Preparers explain the account balances in given time and submit for approval. Approvers review the reconciliation and either approve or reject back to preparers.
Preparers and approvers can be very flexibly assigned to workflows based on accounts, entities, regions, threshold etc. Due dates for each stage can be defined. Frequency (monthly, quarterly, yearly) for account reconciliations can be set. QRec will reflect your company reconciliation policy in all aspects.
Every reconciliation is routed to preparers based on the account reconciliation matrix of your organization. QRec is very flexible and even most complex matrix organizations can be built into workflow.
Reconciliation is then routed to approvers based on the account reconciliations matrix. Approvers review the reconciliation and can approve or reject.
There is audit trail available for each reconciliation. It gives you visibility to who and when prepared reconciliation, who and when approved it.
Each reconciliation flow starts with QRec reconciliation cover sheet, which replaces traditional cover sheets. QRec reconciliation cover sheet is pre-populated by automated interface. It saves time of your accounting staff, but also ensures completeness of the data coming from your accounting software.
QRec can also automate account reconciliations for transactional accounts such as GL to sub-ledger reconciling or Cash account reconciliations. If there are no reconciling items, such reconciliations can be auto-approved. Accounts with reconciling items are router to preparers for further review and action.
Preparers review the reconciliation cover sheets, provide documentation and sign-off the reconciliation. Build in validations ensures data consistency and improves quality of reconciliations.
Electronic workflows replace hand signatures, which ensures there is no back-dating of reconciliations. It also allows for multinational companies to have preparers and approvers miles away, yet electronically sign the same reconciliations.
QRec is web-based application that can be hosted on your company servers, on our own servers or any 3rd party servers. No need to do any installation for the users. All users need is their user ID and password.
QRec has built in deadlines and automated reminders are send to reconciliation preparers or approvers, if reconciliations, which are assigned to them, are not prepared or approved on time. Reports that show if all reconciliations are prepared and approved give you peace of mind and prevent from surprises of not prepared reconciliations.
QRec improves both the process and quality of your account reconciliations and thus reduces time and cost of your organization spent on account reconciliations.
We are ready to answer your questions or just send you some more information about who we are and what we are doing. Just let us know.