Improving interco reconciliation process provides a competitive advantage to groups
Last Tuesday, Sigma Conso held a luncheon meeting in Luxembourg on intercompany reconciliation and fast close.
The event gathered some 25 financial managers from large multinational groups. A variety of industry sectors were represented: steel industry, construction and civil engineering, IP consulting, financial & alternative investment sector, …
Opening the conference, Sigma Conso CEO Dominique Galloy listed the benefits linked to the implementation of a fast close project.
Many good practices can be implemented, to speed up accounts closing: introduction of a set of internal rules and procedures, a clear definition of roles and responsibilities of each stakeholders, the set-up of a calendar to monitor each step of the process, maximum automation.
The 2nd part of the presentation was dedicated to the optimization of intercompany matching process. All the recent surveys on fast close clearly show that interco matching process has become the main obstacle to fast close. Dominique Galloy explained how the interco matching application Mona InterWeb helps increase the productivity, the reliability and the traceability of the data.
It is essential in a fast close process that intercompany reconciliation becomes a part of the closing of the social books. And the role of the application is to identify, correct or justify the differences.
The highlight of the meeting was the presentation made by a client of ours in Luxembourg, CASC.EU, using Mona InterWeb in a specific way, as they offer clearing services to their clients, which requires a high level of confidentiality, while offering full transparency and auditability.