Balance Sheet Substantiation

At many firms the financial close process at period end is still characterised by fragmented manual processes and re-keying of data. This presents too many occasions for human error, carries a high cost, lacks the proper operational controls and can put firms at risk of mis-statements.

SmartStream’s TLM Balance Sheet Substantiation increases productivity, control and visibility at the core of the financial close process.

TLM Balance Sheet Substantiation delivers:

  • Reduced risk through automated, real-time reconciliations applied daily, monthly and quarterly at both account balance and transaction level
  • Significant cost reductions by retiring multiple legacy systems and Spreadsheets, while reducing the number of FTEs required to perform the financial close in a shorter period of time
  • Increased productivity through workflow-based processes for account ownership assignment, distribution of reconciliation results, exception management, approvals, sign-offs and reporting
  • Improved risk and control at the core of the financial close process due to more proactive, exceptions-based processes; thereby highlighting data that has failed to match and providing the reconciler with a resolution path to find the underlying cause
  • Enhanced visibility into the financial close through auditable workflow of all actions and activities to CFOs, controllers, reconcilers and auditors