DESIGN AND IMPLEMENTATION OF STANDARDIZED ACCOUNT RECONCILIATION PROCEDURES

Project Scope:

Our client is a service company specializing in providing services to refineries. It has grown primarily through acquisition which has resulted in many different systems and reconciliation procedures being used at its multiple locations. Company management recognized the need to develop and implement standardized processes for balance sheet reconciliations.

The company purchased BlackLine as their long-term, web-based, standardized reconciliation solution. Horn Solutions, as a BlackLine Certified Implementation Partner, was engaged to lead the implementation.

Project Approach:

Horn Solutions developed and implemented a project plan to address all phases of a successful BlackLine implementation. This plan included:

  1. Using a controlled methodology for installing the BlackLine system at the client and establishing administrator, user, and security protocols.

  2. Guiding the loading of trial balances into the BlackLine system and validating the upload was performed completely and accurately.

  3. Training company staff on how to effectively and efficiently use the system.

  4. Providing assistance with the initial reconciliation “catch-up”.

  5. Monitoring and reviewing the development of account balance adjustments developed as a result of account reconciliations.

Project Benefits/Savings

Completion of this project produced the following benefits and cost savings for the company.

  1. The implementation of a standardized web-based reconciliation tool and consistent, formalized reconciliation processes and procedures at all company locations.

  2. The development of more effective reconciliation schedules and intervals that resulted in more efficient use of resources and the reduction of uneven staff workloads.

  3. The ability for corporate management to access and review all reconciliations, including those at international locations, on-line and in a real-time basis, and to provide instant feedback to reconciliation preparers and approvers.

  4. Significant reductions in audit fees resulting from the improved reconciliation status of accounts and the increased efficiency by which auditors could access and test account reconciliations.

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