Accounting Balance Sheet Review: Simplify Your Closures with Precision and Reliability
Enhance communication between accounting and finance departments with a clear analytical review: analyse variations, detect anomalies, and ensure compliance with your accounts.
With Closing, you benefit from innovative tools that streamline and secure this traditionally time-intensive process. Simplify your controls, enhance visibility, and make more-informed decisions with confidence.
Three Pillars of Balance Sheet Review Excellence
Objective: Empower teams to make strategic, precise, and fast financial decisions. With access to unparalleled detail and robust tracking and collaboration tools, our solution simplifies closing processes while maintaining the highest quality.
Closing unifies and enhances the process by combining:
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Multi-Level Analytical Reviews
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Interactive Presentation and Collaborative Commentary
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Intuitive Visualisations and Period Comparisons
Multi-Level Analytical Reviews
Gain precise insights into your financial statements and trial balances to identify variances, anomalies, and risk areas efficiently, eliminating redundant searches and prioritizing actions effectively.
- Instantly understand the full structure of your balance sheet and profit/loss accounts, including all variations
- Conduct detailed analytical reviews of your trial balance with drill-down options to explore top-line accounts down to underlying journal entries; across all subsidiaries, regardless of ERPs or chart of accounts
- Detect atypical transactions using advanced data flow mapping tools
- Analyse automatic and manual journal entries to identify hidden anomalies in your accounts
- Centralise all analytics to maintain a consolidated and comprehensive perspective
Interactive Presentation with Accurate Drill-Downs
Make your balance sheet review quicker, clearer, and more collaborative. Navigate data intuitively down to individual transactions while adding comments for effective follow-up.
- Track variations and analyses through interactive visualisations and tables
- Access account and transaction details instantly, directly from the top-level headings in the financial statements
- Add real-time comments to share observations or flag focus points for the relevant teams
- Quickly identify incomplete or problematic areas to prioritise actions effectively
Dynamic Visualisations and Period Comparisons
Gain critical insights into financial changes with clear, comprehensive dashboards that enhance financial management and decision-making. This includes: working capital requirements, net debt positions, and variations across accounting line items.
- Anticipate and manage financial flows with precision using daily trend curves for Working Capital Requirements (WCR) and net debt; insights typically unavailable in most standard tools
- Gain a comprehensive view of operational and financial cycles through comparative graphics of balance sheet and income statement items
- Compare data across multiple periods and analyse variations with the ability to drill down into detailed transactions
- Centralise all analytical information in one location to facilitate seamless collaboration with internal and external stakeholders
Ready to optimise your balance sheet review process?
Frequently Asked Questions About
Balance Sheet Reviews
1. Why is the balance sheet review critical in the closing process?
It ensures the accuracy of your financial statements while maintaining compliance with accounting regulations. It also streamlines audit preparation and offers a clear understanding of risk areas or opportunities for improvement.
2. How is Closing different from traditional review methods?
Unlike traditional tools, our solution combines automated analysis with interactive drill-downs directly from your dashboards. It offers faster, more accurate reviews, allowing you to identify key focus areas instantly without the need for time-consuming searches.
3. What visual indicators are included in the solution?
Key visual indicators include:
- Daily Working Capital Requirements and net debt trends for proactive financial management
- Dynamic analyses of changes in balance sheet and income statement positions, presented through intuitive graphs
- Period-over-period comparisons at both financial aggregate and individual account levels
4. How does Closing enhance strategic decision-making for financial teams?
Closing provides secure and accessible insights at both macro-level (consolidated financial position) and micro-level (detailed journal entries). This helps save time, minimise risks, and focus efforts on high-impact priorities, enabling more informed and strategic decision-making.
5. Why should you choose Closing for your balance sheet review?
Closing is designed to be simple, reliable, and high-performing. It saves time through quick implementation, intuitive ergonomics, and tools tailored specifically to the needs of accounting teams.