Perstorp solved the problems they were experiencing with month end intercompany reconciliation by using the Coprocess Recon module. In this presentation given by Perstorp at the Coprocess User Group Meeting in June 2018, Ewa Stiernfeldt, Financial Controller, Perstorp AB, showed how they addressed the major issues of reconciliation.
The major issues of Intercompany Reconciliation:
- Mismatches due to delays / incorrect booking of Accounts Payable (AP)
- Not clear who is the relevant contact to resolve disputes
- Consolidated balance sheet needs manual adjustment
- P&L accounts may be incorrectly presented
- Undesirable Audit comments
- Considerable time pressure at month end
- Manual processes at every subsidiary and centrally
- Fragmented storage of reconciled data and documentation
Perstorp uses the automatic matching of reconciliation items by uploading AR into the system, uploading AP, using the Coprocess functions such as ‘mismatching analysis’ and the reporting functions such as ‘confirmation of outstanding balances’ and ‘recon subtotals’ reports.