Customer Case Studies – Balance Sheet Reconciliations & Clearing
Customer Case Studies – Balance Sheet Reconciliations & Clearing
FASTER, ONLINE, MORE ACCURATE GL RECONS.
QUICK CLEAN UPS WITH GL CLEARING.
NOW, WHAT CAN BEST DO FOR YOU?
Italtile shares how BEST GL Recons and Clearing modules help Group Finance deliver efficiently and better.
- Balance Sheet recons are now online, available centrally with supporting docs, achieve a higher accuracy and include Italtile’s additional line item text requirement.
- Implementing BEST GL Recons has resulted in a massive time reduction resulting in better team efficiency and time for other tasks.
- Clearing of different accounts is underway and Italtile have achieved a big clean up of historic Inter Branch transfer items (millions) with BEST GL Clearing.
- BEST GL Clearing is more intelligent, easier and user friendly than standard SAP clearing.
BALANCE SHEET RECON PROCESS TRANSFORMED & CONSISTENT WITH BEST.
100% RECONS (OVER 4500 MONTHLY) NOW COMPLETED.
NOW, WHAT CAN BEST DO FOR YOU?
Read and watch the interview with Bacardi on how they have transformed their Balance Sheet Reconciliation process and output with the BEST GL Recons module implemented in 2021.
- Bacardi decided to implement BEST GL Recons in SAP to improve the existing process & controls as well as provide better assurance & confidence across the recon process.
- The result:
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- Improved controls & consistent, standardised process throughout the organisations.
- 40% increase in completed recons volumes with the same resources.
- Now reconcile 100% of balance sheet accounts – over 4500 recons completed per month.
- Enhanced auditor confidence.
OVER 20,000 RECONS FINALISED PER MONTH, 100% AND WITHIN THE SET DEADLINES.
1 MILLION OPEN ITEMS CLEARED OVER 6 MONTHS!
NOW, WHAT CAN BEST DO FOR YOU?
Netcare presented their journey on implementing BEST GL Recons and Clearing Modules to automate GL reconciliations and Clearing at an Eventful Webinar in December 2021.
Read how Netcare achieved many business benefits and these processing volumes within a 6 month period:
- A total of 120,960 GL reconciliations were finalised using BEST GL Recons. Representing a monthly average of 20,160 finalised reconciliations over the 6-month period.
- A total of 1,024,198 open items have been cleared using BEST GL Clearing. Representing a monthly average of 170,699 lines cleared over the 6-month period.
- Improved management of recon deadlines – with Sept 2021 resulting in 100% of all recons completed within the set deadlines.
- During these 6 months, an average of 58% of reconciliations were automatically approved across both approval levels.
2 000 MONTHLY GL RECONS NOW AUTOMATED IN SAP WITH FULLY AUTOMATED
CLEARING OF 160 000 OPEN ITEMS MONTHLY. NO MORE MANUAL EXCEL.
NOW, WHAT CAN BEST DO FOR YOU?
Dis-Chem presents their BEST story at Mastering SAP Financials 2021.
See how Dischem:
Has cleared large volumes of historic items with BEST GL Clearing resulting in:
- Reduced volumes of open items in month end recons
- Reduced time to reconcile Intercompany balances, allowing for timeous identification & resolution of real issues
Automation & online functionality in SAP with GL Recons which has led to:
- Reduced manual intervention resulting in fewer errors
- Increased volumes of Recons being performed monthly
- Increased visibility & management reporting capability
- Better internal controls enhancing regulatory compliance