Still manually reconciling accounts?






A major component of the monthly close process is the completion of detailed account reconciliations. This process is critical because it ensures that financial statements are accurate across the entire organization. Key account reconciliations include:

  • Comparison of general ledger account balances with sub-ledgers, such as accounts receivable and sales ledgers
  • Detailed analysis of balance sheet accounts, such as fixed asset roll-forwards, and comparison of ending balances to the general ledger
  • Comparison of accounts receivable and payable aging reports to their respective general ledger balances
  • Reconciliation of cash between book and bank balances
  • Matching of large datasets
  • Reconciliation between general ledger balances and account balances stored in a consolidation or financial close management system

Every fiscal period, organizations are faced with the need to complete dozens, or possibly hundreds, of account reconciliations. The account reconciliation calculations themselves are generally straightforward, but the bigger challenges are source system integration and controlling the entire reconciliation process through workflows and audit checks.

These processes tend to bog down many companies’ close processes, sometimes delaying the monthly close by days, if not weeks.

The unmatched benefits of using Vena for account reconciliations

With Vena, you can efficiently collect data from multiple sources and reconcile key balances. Vena streamlines the account reconciliation process with a single solution that combines native Excel with a state-of-the-art database and sophisticated process manager.

Vena collects data from your general ledger, other source systems and user inputs and automatically reconciles it - expediently and accurately. In addition, Vena's advanced reporting and analytic features help you create insightful summary management reports for all accounts.

Vena makes your life easier

Financial Close Management - Account Reconciliations
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The benefits of using Vena for account reconciliations go beyond the comparison of account balances. Vena also:

  • Automates the reconciliation of general ledger balances with sub-ledgers, account analysis, roll-forward schedules and bank balances
  • Automates the reconciliation of zero-balance and comparison accounts
  • Provides for the tracking of activity and analysis of key accounts, such as fixed assets, investments and long-term debt
  • Automatically amortizes prepaid expenses and other accounts
  • Automates matching of large sets of transactions, such as invoices and purchase orders
  • Allows the user to certify completion of a reconciliation task or set of tasks
  • Handles automatic and manual adjusting journal entries
  • Automatically maps data from source systems to a central database on an regular basis
  • Collects data from each entity with complete workflow visibility
  • Provides dashboards that you and your team can use to monitor the status of reconciliations across the organization, including due dates, reviews and approvals
  • Helps you generate variance, trend analysis and ad-hoc reports

Harness the power of Excel coupled with a secure, centralized database

Use the familiar Excel interface in your account reconciliation process - this allows for quick ramp ups and fast implementations. Vena:

  • Seamlessly integrates your data and templates into a central, secure in-memory database
  • Offers a flexible workflow engine and robust audit trail to ensure proper controls and approvals are in place
  • Leverages native Excel’s powerful formulas to reconcile general ledger, sub-ledger, and bank balances, and perform account analyses. That’s how Vena works – it utilizes what you are already familiar with, automating your account reconciliations within a single, unified solution that can be used throughout your entire organization
  • Save time and money, increase productivity and reduce the risk of error. You and your team will have more time to analyze data and get the necessary reports into the hands of those who need it most