Case Study – Reconciliation
Supporting Irish owned group in developing foreign and domestic (HU) BSC SOX controls
The company owner decided to develop a „reconciliation” system as part of their SOX control in their newly formed Business Service Centers. Standardization had to be done in all separate BSCs where balance sheet items were booked.
MB Advisory Office created the files in Microsoft Excel. All Excel files were connected to analytics and the ledger so users could easily refresh them, saving the team loads of time and effort.
The main challenge was that the ERP used for bookkeeping in the BSCs was not yet standardized, so MBAO was facing separate reporting requirements in regards to separate companies operating in separate countries.
Another challenge MBAO faced was that the communication flow between local teams and BSC members had not been smooth in the beginning, but the MB Advisory Office team provided some relief in this matter too.
Most difficult reconciliation items of the balance sheet were the ones connected to wages. Because every country has different rules and regulations for managing wages, there are different ledger numbers and local requirements to follow. Thus, different software was being used for payroll accounting. This could not be changed either, the usage of local software was continued.
The introduction and operation of the reconciliation process was done by the MBAO and took one year. The client was satisfied with our support and performance.
