Overview

Cadency Certification, part of the Cadency platform, is designed to improve the speed, quality, and accuracy of your financial close by automating the entire general ledger reconciliation process. It provides real-time visibility into your close process. The solution uses risk-intelligent automation to reduce risk, instill confidence, and automate manual tasks as you manage all aspects of the reconciliation process, including tracking its preparation, review, and assessment. Cadency Certification ensures that the vast majority of the historically-manual data entry and processing of reconciliations is reliably automated, which greatly reduces the number of reconciling accounts and allows reconcilers to focus directly on exceptions.

Features

• Automated Certification: Enable auto-certification of accounts, as well as the automation of scheduling based on your defined criteria and risk thresholds for greater efficiency. Automatically notify your team of high-risk reconciliations that require human intervention.
• Exception Management: Reduces manual data entry and processing, allowing reconcilers to focus on exceptions.
• Risk-Based Automation: Actively controls reconciliation workflows and certification, significantly reducing manual tasks. Risk tolerances are configured to your company’s unique specifications prior to implementation.
• Management & User Dashboards: Provides up-to-date visibility into processes with all critical information regarding alerts, reconciliation progress, news, and documents.
• Templates: Ensure uniformity in workflows with standard or customizable templates to outline clear policies, necessary steps, and documentation for reconciliations.
• Quality Assurance: Implement action-driven quality assurance to comply with policies and enhance audit compliance.
• Multiple Preparer User Groups: Users can be added to preparer and reviewer user groups assigned to the same reconciliation, while still maintaining the segregation of duties for audibility.
• Bulk Binder Administration: Reduces the time needed to add accounts to binders, helping ensure confidence that each binder contains the correct accounts.
• Dynamic Account Maintenance: Involves adding criteria within the solution that allow you to make changes to when you reconcile an account based on risk.

Benefits

• Reduction in the number of accounts to be reconciled.
• Reduction in preparation time on reconciliations.
• Reduction in write-offs.