Presenters Rishi Grover President Vena Solutions 10 Easy tips to make your account reconciliations more efficient Yanky Li Financial Close Solutions Lead Vena Solutions Rishi grover As President Rishi is responsible for the daytoday operations and continued success of client implement ID: 796377
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® Copyright VenaTM
Account Reconciliations: Clearing the bottleneck in your financial close
Presenters:Rishi GroverPresident, Vena Solutions
10 Easy tips to make your account reconciliations more efficient
Yanky Li
Financial Close Solutions Lead, Vena Solutions
Slide2Rishi grover
As President, Rishi is responsible for the day-to-day operations and continued success of client implementations at Vena.Rishi has helped
multiple Fortune 500 companies re-engineer and optimize financial processes including:Financial Close
Budgeting, Planning and ForecastingRegulatory ReportingFinancial Reporting and Analysis
2
President & SVP Solutions Engineering
YANKY LI
CPA, CMA, CPA (AUS), PMP
As
our Financial Close Solutions Lead,
Yanky is responsible for the success of our clients as it relates to automating and streamlining their financial close processes.
Yanky has years of industry experience implementing projects including:
Financial Planning, Financial CloseIndustries Include: Manufacturing, Energy, Cooperatives, Non Profit and Project Based Accounting Projects
Financial Close Solutions Lead
Slide3Agenda
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Vena Solutions Introduction
Quick Overview of Manual Account Reconciliation Headaches
Top 10 Tips for Efficient Account Reconciliations
Looking to Automate? A
Vendor/Technology
Checklist
Vena Technology Overview
Vena for Account Reconciliation Product Demonstration
Slide4Vena. The way you think.
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Created to make businesses work smarter, Vena uses a surprisingly convenient approach to simplify complex business processes.
Slide5G/L
Sub-Ledgers
Other Systems
Cons:
Data integrity issues
No source system integration
Manual consolidations
Lack of audit-ability
No process management
Source Data
Numerous e-mails and
versions of each document
Account RecActivitiesReview and Approval
Manually
extract data
& re-key into
spreadsheets
Manual current process
Manual upload
to
G/L
® Copyright Vena Solutions Inc
.
Slide6Top 10 Tips for efficient Account reconciliations
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Slide77
Tip
1
HAVE INSTRUCTIONS INCLUDED
Separate worksheet
Clear instructions
Slide88
Tip
2
INCLUDE CHECKLISTS
Separate worksheet
Simple YES/NO dropdowns
Slide99
STANDARDIZE FORMATTING THEME
Tip
3
Slide1010
Tip
4
‘STRUCTURE-IZE’ YOUR TEMPLATES
Consistent worksheet layout and order
Standard layout of rows and columns
Slide1111
Tip
5
INCLUDE PRIOR MONTH RECS
Worksheet dedicated for prior month data. Locked down.
Slide12Save t
reesDevelop a schedule and workflow structure
Summary reportingControls, controls
, controlsBe audit ready
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Tips
6
THROUGH
10
Slide13Finding the ideal solution
A checklist for vendors, technologies13
Slide14Feature
Benefit
Process automation & rollover
Automate user assignments and workflow
Integration to source data
No need to re-key data
Feature
Benefit
Integration to source data
Latest, accurate data
Business rules
Numbers always tie-out
Workflow
Review & electronic sign-off
Data Integrity
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Increased confidence in the results
Start reviewing the
data
sooner
Feature
Benefit
MS-Excel integrated
To ensure the highest end user adoption
Workflow controls access throughout the process
Users only see data
when
they are allowed to see it
Access to information is controlled
Feature
Benefit
Compliance checklists
To ensure that the right steps are being followed
Audit trail
To track who did what, and when they did it
Compliance information always available
Clarity FSR
Reduces the Risks
Accelerated Close
2
Security & Collaboration
3
Control & Auditing
4
A VENDOR TECHNOLOGY CHECKLIST
® Copyright Vena Solutions Inc.
Slide15The Vena Solution
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Vena is a unified enterprise solution that leverages a company’s investment in Excel
while eliminating the inherent risks of an uncontrolled spreadsheet environment.
Supported Processes:
Account Reconciliations
Consolidations
Tax Provisioning
Planning & Budgeting
Financial Reporting & AnalysisRegulatory Reporting & Disclosure ManagementExtended Financial & Accounting ProcessesAny spreadsheet-intensive business process
Slide16Upload
to
G/L
(if required)
Automated
Data
Extraction
Results
Collaboration
Complete visibility
Highly efficient process
Reduced risk of errors
Automatic rolloverto next period• Process Automation & Workflow• Electronic Sign-off• Status Dashboard• Email Notifications
•
Leverage Excel > Template-
ize
•
Source System Integration
•
Business Rules & Audit Trail
•
Reporting & Analytics
G/L
Sub-Ledgers
Other Systems
Source Data
Vena Database
How vena works
® Copyright Vena Solutions Inc.
Slide17Quick demo: vena for Account reconciliations
Enterprise-class excel17
Slide18Thank you!