GreenLine - Adding Trust to the Bottom Line
Johannesburg -commerce and software development specialist Syncrony proudly announces the release of GreenLine version 2.1. This is the latest version of their bleeding edge general ledger reconciliation and balance sheet integrity software.
The Last Mile in Financial Close
The solution is specifically targeted at the last mile or financial close process. It provides progress visibility and individual accountability for accounting teams running month-end reconciliation processes for large companies and groups. Syncrony management explains that this is to coordinate and support geographically dispersed accounting staff who submit supporting documents that prove the balance sheet of the organisation comprises real numbers.
Balance Sheet Confidence
GreenLine validates GL totals that are used in the balance sheet. It works outside of the ERP systems by recalculating GL balances from source documents. A successful reconciliation process instils confidence in the balance sheet numbers that CFOs and FDs present to their boards.
It is all about accountability and compliance and gives the board confidence in the numbers they present to investors and financial institutions.
In the words of a CFO whose company uses GreenLine, “Reconciliations are the cornerstone of financial reporting you can trust.”
Syncrony management acknowledges that this is one of the most challenging undertakings they have ever initiated. “Although we went live with GreenLine in October 2018, it had over two years in development and testing at a large customer with over fifty group companies. We only actively started selling the software in January this year and we had a big pipeline before lockdown. Then it went awfully quiet.
Built for the Surge in At-Home Work
There has been a surge of renewed interest since level one. We foresee more interest and wider adoption as businesses look to technology to cut costs and monitor teams working from home,” says Howard Rybko, CDO, Syncrony.
Rybko says that one of the key differentiators of the company’s software is that it is cost effective and easy to manage. One of the company’s clients reduced their licensing bill by 90% for similar functionality. “You can actually save a fortune buying South African. Why expose your bottom line to dollar based licensing for the same functionality, when you don’t have to?”
Month-end reconciliations for a big group with say five hundred odd branches becomes impossible to manage when some staff and management are working from home. For a CFO at head-office there is no reliable way to measure and report on progress.GreenLine, however, has a bird’s eye view of the process down to an individual preparer in Pofadder says Rybko.
[This content was also published elsewhere in the media.]