Balance Sheet Reconciliations in SAP – SAP UK User Group

Balance Sheet Reconciliations in SAP.

Reduce your month end close by automating and standardising your General Ledger Reconciliations with BEST General Ledger Reconciliation Software. Save time and money by performing and approving GL recons all within SAP. Past recons with full approval audit history are always available in SAP – no more printing required.

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The benefits of automating your month end SAP GL Reconciliation process, versus a manual process, are numerous.

Save time & money:

  • Complete General Ledger Reconciliations in SAP faster and more efficiently by automating the Reconciliation process within SAP.
  • Assign risk categories to your GL Recons in SAP to ensure appropriate focus, approvals and reporting are applied to your high-risk areas.
  • User defined tolerances assist to identify document and account anomalies that require escalation and mitigation.
  • Reduce the amount of time spent on low risk, low transaction value accounts.
  • Ensure your skilled Finance resources time is spent on the recons where the focus is required, such as high-risk areas and query resolution.

Achieve efficiencies:

  • Define approval strategies as per your requirement to ensure high risk areas are appropriately reviewed and approved all within SAP.
  • With the use of comprehensive Control Reports, you can manage your month end from one central point to:
    • Review outstanding GL Recons and approvals to measure completion.
    • Drive out action to complete outstanding tasks.
    • Review and manage reconciliation anomalies such as tolerance breaches or queries raised.
    • Identify and manage your high-risk reconciliations and any mitigating actions required.
  • Existing SAP Authorisations are used for viewing and preparing reconciliations within SAP.
  • Any adjustment journals to be processed use SAP standard transactions as per your authorisations framework.
  • No interfaces or connectors are required to third party systems – it’s all within SAP.

Standardised & compliant:

  • Bring standardisation to your organisation across business units, divisions and locations for your SAP month end close.
  • Bring accuracy to your reconciliations through standard processes and clearly defined approval lines.
  • For any required adjustments, use SAP standard transactions within your existing SAP Authorization framework.
  • Ensure compliance across your SAP month end reconciliations and approvals with full audit trails and change history.
  • Provide assurance to both internal and external parties for Audit purposes.

Go completely paperless:

  • Your Balance Sheet reconciliations are now paperless and are all stored within SAP.
  • GL reconciliations for any historical date are always available.
  • GL recon approval is online in SAP – no printing and signing
  • You’ll also save on paper costs.

Automate general ledger reconciliations and do them directly in SAP with the BEST GL Recons Module. Balance sheet reconciliations with high level accuracy support Sarbanes Oxley. Regular and efficient reconciliation of your GL accounts has numerous benefits. And because BEST is built and certified for SAP, you can rely on its trusted and proven performance.

Find out how to automate GL clearing using the BEST General Ledger Clearing Module.