Total Reconciliation Solution (T-Recs ) Enterprise A Control Framework for Governance, Risk Management and Compliance power
No activity is more central to preparing accurate financial statements than timely and precise account reconciliations. Reconciling accounts prior to issuing financial statements can be challenging, especially when companies use spreadsheets to perform reconciliations. Spreadsheets employ tedious processes that are labor intensive, error prone, unsecure, unverifiable and often inconsistent. Today s compliance-focused environment, prompted by Sarbanes-Oxley (SOX), the Payment Card Industry Data Security Standard (PCI-DSS) and other requirements, means scrutiny of internal controls, data security and process flows will only increase. As it does, even honest reconciliation mistakes will carry the potential for serious consequences. Automating reconciliation and reporting activities is the only option, and organizations around the world are turning to Chesapeake System Solutions T-Recs Enterprise, one of the most advanced reconciliation solutions on the market today.
T-Recs Enterprise Streamlines Reconciliation T-Recs Enterprise transforms the reconciliation process, delivering the advanced functionality and processing power required to automate General Ledger (GL) account reconciliations. Whether doing traditional reconciliations or performing advanced functions, such as identifying business risks, measuring ongoing performance or assessing the effectiveness of internal controls over the entire GL, T-Recs Enterprise reduces reconciliation hours and eliminates the errors and risks of manual operations. command Vital Controls for Compliance and Reporting T-Recs Enterprise allows organizations to maintain compliance with key government regulations including SOX, PCI-DSS and the Health Insurance Portability and Accountability Act via a process-driven solution that manages compliance through risk mitigation and workflow automation. It enforces key organization-defined processes and procedures, records detailed audit trails of all reconciliation activities, maintains copies of original documentation and stores electronic signatures supporting authorizations and approvals. T-Recs Enterprise fully complies with data security standards for storing and protecting sensitive information through data encryption combined with role-based security. Executive dashboards simultaneously provide the financial transparency, internal control and decision support required for regulatory compliance while giving managers the information needed to optimize business performance. Accessing historical compliance information does not adversely impact ongoing performance because T-Recs Enterprise archives records in a supplemental data warehouse.
Sophisticated Workflow Management Implements Best Practices and Keeps Processes on Track T-Recs Enterprise s workflow functionality addresses financial governance and risk management. Workflows bring a level of consistency to business processes that translate to immediate improvements in operational performance. Defining workflows gives a company a transparent picture of its standard operating practices and often discloses tangible ways to make both business processes and lines of communication more efficient. Automation then simplifies month-to-month tracking of operational performance as well as problem identification and resolution. Workflows route reconciliations through defined levels of review and approval and enforces segregation of duties. Notifications are immediately distributed if there are breaks in the workflow or an account is not assigned to the workflow. The system also notifies staff when account balances fall outside an expected target range, accounts are out of balance, transactions exceed acceptable thresholds or accounts are overdue for review and approval. control T-Recs Enterprise s Key Features Supports SOX compliance by maintaining detailed audit trails of all actions, enforcing workflows, document preservation/archiving and reporting Identifies, monitors account risk Improves oversight and efficiency of close-out processes or business projects Provides automated and manual journal entry capabilities with built-in validation checks Offers extensive, customizable reporting capabilities Supports variance analysis at both the individual account level and the financial statement classification level Detects unexpected variances and immediately notifies appropriate users Presents information via highly intuitive, user-customizable, dashboard-style interfaces Delivers comprehensive, user-specific exception management and resolution Automates matching, using a powerful engine that allows users to define the best match rule process for each account Reconciles in any currency and between currencies, providing multi-language and multi-currency reporting capabilities Ensures a timely and accurate period-end close that requires minutes rather than days to complete Seamlessly gathers financial data from both internal and third-party sources Maximizes use of available funds through rapid cash transfers and sophisticated calculations that prevent overdrafts Encrypts and masks sensitive information such as credit card numbers and SSNs Maintains amortization schedules and automates associated entries
Special Features T-Recs Enterprise offers special features, including: Task Tracking: T-Recs Enterprise provides a feature to monitor and manage your month-end close process or ANY business project. By utilizing this feature you can discard your manual checklists and automate processes, increasing efficiency and management oversight. Tasks can be managed through workflow management with structured dependency hierarchies and task review and approval capabilities. Tasks can be administered based on flexible due date calendars. T-Recs Enterprise also allows you to view progress status at a glance, allowing you to quickly identify areas of concern and address them immediately for prompt resolution. This capability allows organizations to increase productivity, achieve goals, and measure results. Risk Management: T-Recs Enterprise s Risk Management provides effective oversight of high-risk accounts. It also monitors account fluctuations overall, as such changes remain the single best indicator of potential fraud or error. The feature performs account assessments at predetermined intervals using the specific rules prescribed by the organization s unique risk management methodologies and compliance regulations. Escalation alerts officials that a response is necessary. Automated Journal Entry: T-Recs Enterprise increases efficiency during the critical month-end close process by automatically creating journal entries based on defined business polices. Manual journal entries can also be created. Specially designed templates automatically verify the validity of journal entry characteristics, including accounts, account combinations, amounts and required allocations. T-Recs Enterprise uploads entries to the GL and sends an alert when an entry is posted. The feature allows the addition of attachments and comments to facilitate the review and approval process. Account Certification Journal Entry Creation, Review & Approval On-Line Workflow Internal Control Task Tracking Alerts Risk Management T-Recs Enterprise Deposit Verification GL to Third-Party Credit Card Verification Reconciliations Subledger-to- Ledger Reconciliations Check & ACH Fraud Prevention Multi-tiered Activity Reconciliations
comprehens Return on Investment Streams from Many Factors T-Recs Enterprise provides a cost-effective strategy for complying with current regulatory mandates prescribing comprehensive compliance and risk-management programs, and it can easily accommodate new requirements as they emerge. As a comprehensive solution, it eliminates the need for individual modules for specific functions. T-Recs Enterprise offers optimal configuration flexibility as well, allowing organizations to adapt to unique requirements. Automating business processes via T-Recs Enterprise increases productivity, improves risk management and reduces costs. Return on investment streams from: Scalability. T-Recs Enterprise accommodates unlimited business growth, alleviating concerns over software obsolescence and additional capital investments. Automation. T-Recs Enterprise eliminates costly manual processes and controls, freeing staff from labor-intensive functions and delivering greater overall personnel productivity. Standardization. T-Recs Enterprise reduces staff training costs, shortens the learning curve and facilitates opportunities for cross-training. Controls. T-Recs Enterprise minimizes opportunities for fraud and enhances detection capabilities. Advanced analytical capabilities. T-Recs Enterprise allows ongoing review of business processes, perpetuating opportunities for improvement. Resultant operational efficiencies yield financial savings via improved business performance and lower audit fees All-in-one functionality. T-Recs Enterprise is a single integrated solution designed to support your total financial control framework. Reduced audit fees. T-Recs Enterprise minimizes time spent testing controls and requesting documentation from staff. Auditors can initiate audit procedures from their offices, eliminating travel expenses associated with on-site reviews. Lower ink, paper and storage costs. T-Recs Enterprise is a green solution that contributes to organization-wide efforts to be environmentally responsible. Chesapeake offers several implementation options, allowing companies to stay within budget and technology constraints.
Software a business can t outgrow. Businesses can never outgrow T-Recs Enterprise. The software can be configured to handle transaction volumes ranging from thousands to tens of millions per day. Plus, T-Recs Enterprise delivers its processing power in a platformindependent environment that includes Unix, Linux and Windows systems. Thus, regardless of how business needs and technology might change, T-Recs Enterprise will remain the perfect solution. T-Recs Enterprise also incorporates powerful datamining and business analytics to help managers understand their business today and implement strategies for tomorrow. sive
Trust the Leader in Financial Systems Chesapeake System Solutions is an industry leader in providing integrated software solutions that simplify the complexities of financial and treasury management operations. Headquartered in Owings Mills, Maryland, Chesapeake provides integrated financial governance, risk and compliance solutions to the world s foremost enterprises. Chesapeake s integrated suite of software solutions brings visibility and control to the processes of general ledger reconciliation, risk management and compliance, while intuitive design features simplify financial data reporting, workflow management, financial oversight and close. Since 1993, Chesapeake s applications have helped national and international organizations of every size improve productivity, lower costs and document compliance with Sarbanes-Oxley, PCI Standards and other regulations.