Insightful » Insight reconciler

InsightSoftware.com Helps Ease the Pain Associated With the Year-End Close Process

ryan.alford — Tue, 21 Sep 2010 00:02:18 +0000

InsightSoftware.com, the leading provider of business process optimization software, assists companies with their year-end close preparations with its flagship product called Insight. Built especially for users of Oracle’s E-Business Suite (EBS) and JD Edwards (JDE) World and EnterpriseOne, Insight provides users with real-time access to the information necessary to create reports and data inquiries.

“Insight honors the already established ERP security setup for EBS and JDE,” said Julie Holmes, product manager for InsightSoftware.com. “Confidential information leaks become a thing of the past. Insight can help users easily create reports to show relevant information in a summarized format, with drill-down to transactional detail. ”

Before starting the year-end process, all data needs to be accurate and complete. The human resources team will spend time verifying addresses, tax IDs, and deferred compensation. Accountants will be busy identifying significant variances and completing audit compliance checks. Using Insight helps save time re-running reports but it will also help companies avoid penalties and late filing fees.

“Closing the year is the easy part,” said Holmes. “It’s all the reporting afterwards that can be difficult. Insight helps maintain the reporting that can overwhelm the human resources and finance teams.”

For more information on Insight’s Preparing for Year-End software applications, visit http://mini.insightsoftware.com/yearend/.

Author: ryan.alford

Ryan is the Internet Marketing Manager for InsightSoftware.com.

Preparing for Year-End: Taking Care of Business

ryan.alford — Fri, 17 Sep 2010 17:36:25 +0000

There’s no denying it: Using JD Edwards and Oracle’s E-Business Suite (EBS) to help close the books at year-end is no picnic. It can get complicated, quickly – especially when it involves complying with government-required standards. Members of both financial and human resources teams realize the oncoming deadlines and paperwork requirements. Of course, this usually happens as the third quarter ends and the fourth quarter begins (maybe later if procrastination persists).

It can be a struggle sifting through information that’s been placed on hold for months. The habits are all the same when it involves the last minute finalization of year-end financials and HR formalities. But now it’s time to break those habits and institute a new proactive approach to the year-end debacle.

According to PriceWaterhousecoopers, when it concerns closing the books, financial statements that are mistake-free and offer accurate details of the year-end results are more likely to avoid the plights of a public company’s late filing assessments:

“Closing the books is the process that a corporation uses to reconcile, consolidate, and report financial information on a periodic basis. A shorter, more accurate close process is cost-efficient and frees finance professionals to focus on strategic activities, such as analyzing the company’s financial data for patterns, trends, and warnings. In addition, companies with short, accurate close cycles build investor confidence with timely, error-free financial statements.”

Creating and implementing a series of best practices for the entire organization can change the dynamics of the year-end close. A “year-end checklist” is important to any strategy when gathering the required data and reporting for the annual closing of the books. This is especially useful when engulfed in the hazards of an audit.

To read more, click here.

Author: ryan.alford

Ryan is the Internet Marketing Manager for InsightSoftware.com.

Changing the Rules of JD Edwards Reconciliations at Quest Midwest

ryan.alford — Mon, 16 Aug 2010 20:21:04 +0000

InsightSoftware.com plans to highlight its Insight Reconciler product during the Quest Midwest tradeshow, Aug. 17 and 18 in Rosemont, Ill.

Insight Reconciler rewrites the rules of JD Edwards reconciliations, highlighting integrity issues in real-time and explaining inconsistencies with full transactional drill-down.

According to a recent PricewaterhouseCoopers study, accurately managing the reconciliation of accounts adds to an organization’s financial reporting success: “Effective management of account reconciliation activities greatly increases executives’ ability to proactively identify and resolve issues that could result in misstatements in financial accounting and reporting records and lead to substantial write-offs. Many common account reconciliation problems are preventable. By creating and putting in place appropriate reconciliation and information management processes, and improving organization, training, and automation, companies can gain assurance over their general ledger balances.”

For JD Edwards users, having Insight Reconciler helps gain this assurance over the GL – in addition to Accounts Payable, Accounts Receivable, Inventory, Fixed Assets, and Received Not Vouchered. Built for end-users, Insight Reconciler is customizable to suit an organization’s specific reconciliation needs.

“…(Insight Reconciler) has dramatically improved the efficiency of our end-users, from ad-hoc lookups to month-end close, reconciliations and audit cycle reductions,” said Melissa Penfield, Director of Business Systems at Majestic Realty Co.

Dump the spreadsheets. Stop the pivot table madness. It’s time to learn why having a tool like Insight Reconciler can help. The PricewaterhouseCoopers study continues: “Information management issues range from preparation of reconciliation in spreadsheets (which rarely have supporting documentation and proper controls over versions) to lack of visibility into the current status of account reconciliations. In many companies, internal audit reviews and Sarbanes-Oxley 404 tests are the only formal source of information available to evaluate the potential impact of unreconciled financial accounts on financial statements.”

To learn more about Insight Reconciler, visit http://www.insightsoftware.com/reconciler/.

Attendees of Quest Midwest can visit InsightSoftware.com at booth No. 23 for an Insight Reconciler demonstration. Additionally, showgoers are invited to attend InsightSoftware.com’s session, “Improve Data Integrity to Streamline Reconciliations and Month End Reporting,” presented by Tracey Lewis on Aug. 18, 9 a.m. – 9:50 a.m., in room International F.

Author: ryan.alford

Ryan is the Internet Marketing Manager for InsightSoftware.com.

Reconciliations: It Doesn’t Have to be This Way!

ryan.alford — Thu, 15 Jul 2010 18:30:33 +0000

Check out InsightSoftware.com’s cartoon about JD Edwards reconciliations:

http://www.youtube.com/insightsoftware#p/a/u/0/RspO90mFy8w

Stay tuned for more in the series. Let us know what you think!

Author: ryan.alford

Ryan is the Internet Marketing Manager for InsightSoftware.com.

Reconciling the Accounts in JD Edwards Doesn’t Have to Be Painful!

ryan.alford — Mon, 12 Jul 2010 17:27:37 +0000

A company’s financial prowess and compliance go hand-in-hand. Without proper insight and strategic oversight of the business, many of today’s top global companies are missing a large piece of the financial puzzle.

CFOs should maintain the perfect balance between strategy, planning, forecasting, budgeting, reporting, and analysis. This is more simplified (and cost-effective) by having an automated process for account reconciliation. Without a monitoring system in place, performance improvements will be limited.

In a research report called “How to improve reconciliation activities,” published by PriceWaterhouseCoopers, many “account reconciliation problems are preventable. Timing, is also frequently an issue: account reconciliations that are in arrears more than one month risk misstatement of the financial results. Depending on the level of risk, perform reconciliations daily, weekly, monthly, or quarterly.”

Curious to know what to do about reconciliation problems in JD Edwards? Implement automation that recognizes reconciling items and streamlines the review process.

Author: ryan.alford

Ryan is the Internet Marketing Manager for InsightSoftware.com.