Customer: Fidelity Services Group
50+ Companies, 500+ Branches
The Time Honoured Process
As their GL recon phase started at each of the group's 500 branches, bookkeepers and accountants would prepare spreadsheets detailing their recon work. Attached to each spreadsheet on the organization were boxes of supporting documents, referenced in the sheets. Once each month these boxes were loaded into company vehicles and delivered into the hands of the head office accounting staff whose job it was to sort, check and tag each document, before consignong them the document storage facility.
Of course, this rush to finish and to clear the desks before the next onslaught of papers and spreadsheets does by no stretch of the imagination allow for a sound oversight process. The opposite effect in fact occurs, and amid the rush to finish and be ready once more for the next recon period, accuracy and detection of irregular spending and processes go by the wayside.