General Ledger (GL) reconciliation is a process that ensures the integrity of an organisation’s financial statements.
GreenLine Road Map: Machine Learning for Accounting Tool
Published on ITWeb
9 Dec 2019
Local software development firm Syncrony Digital is looking to develop a machine learning component for its GreenLine financial close platform.
GreenLine, the last mile of accounting software
Published on Accounting Weekly
December 4, 2019
Johannesburg-based Syncrony Digital this week announced the launch of ERP system GreenLine, to automate the month-end close. GreenLine targets the 'last mile' of accounting software to save hours of accounting slog work.
The package is reasonably priced for the SA market. Following the local launch, GreenLine will be released to the international market.
GL Recons Still Using Excel Are DEAD!
In my estimation, about 50% of Group CFOs still base their financial statements on numbers generated from spreadsheets. Which is a problem because nine out of ten spreadsheets contain errors, a fact I have driven home in my previous articles. As a CFO, I know that the buck stops with you. But how are you supposed to present reports and make accurate forecasts based on numbers you can’t totally trust?
Accountancy and digital disruption
Published on The Daily Maverick
By Ruan Jooste
29 October 2019
According to Hashim Salie, chairman of the South African Institute of Professional Accountants (SAIPA), the days of traditional practices, where accountants make a living from providing record-keeping and compliance services are numbered.
Three Principles to Reduce Risk in Finance & Accounting Spreadsheets
Spreadsheets pose a clear and present risk to the reliability of figures that surface in the balance sheet. Here I present three principle steps that any organisation can employ to radically reduce the probability of errors bubbling up into financial reports.
Why You Need a Month-End Close Management Solution
Our figures estimate that over 50% of medium to large enterprises are still operating a manual month-end close. The reality is that the current close at these organisations includes labour-intensive activities that still rely on disparate checklists, decentralized departmental communications, long email chains, endless status meetings and tedious reconciliation processes. Clos ...
What are Material Errors in Financial Statements
“Companies with material weaknesses were 80% more likely to have future fraud disclosures compared to firms with strong controls.”Internal Control Weaknesses and Financial Reporting Fraud, AmericanAccounting Association (Aug 2017) What is a Material Weakness? A material weakness is a failure in the internal control mechanism that ensure financial rules and processes are fol ...
Monitoring Month-End Close Progress
Your at-a-glance Month-End Close Progress Dashboard The GreenLine Dashboard serves as the default landing page for users. Here is an example: The Doughnut Provides an interactive view of reconciliation progress during the month-end close process. By refreshing this view, management can monitor progress across the group in real-time. ...