Difference between reconciliation and substantiation ?
Answers
Aᴛ ᴍᴀɴʏ ғɪʀᴍs ᴛʜᴇ ғɪɴᴀɴᴄɪᴀʟ ᴄʟᴏsᴇ ᴘʀᴏᴄᴇss ᴀᴛ ᴘᴇʀɪᴏᴅ ᴇɴᴅ ɪs sᴛɪʟʟ ᴄʜᴀʀᴀᴄᴛᴇʀɪsᴇᴅ ʙʏ ғʀᴀɢᴍᴇɴᴛᴇᴅ ᴍᴀɴᴜᴀʟ ᴘʀᴏᴄᴇssᴇs ᴀɴᴅ ʀᴇ-ᴋᴇʏɪɴɢ ᴏғ ᴅᴀᴛᴀ. Tʜɪs ᴘʀᴇsᴇɴᴛs ᴛᴏᴏ ᴍᴀɴʏ ᴏᴄᴄᴀsɪᴏɴs ғᴏʀ ʜᴜᴍᴀɴ ᴇʀʀᴏʀ, ᴄᴀʀʀɪᴇs ᴀ ʜɪɢʜ ᴄᴏsᴛ, ʟᴀᴄᴋs ᴛʜᴇ ᴘʀᴏᴘᴇʀ ᴏᴘᴇʀᴀᴛɪᴏɴᴀʟ ᴄᴏɴᴛʀᴏʟs ᴀɴᴅ ᴄᴀɴ ᴘᴜᴛ ғɪʀᴍs ᴀᴛ ʀɪsᴋ ᴏғ ᴍɪs-sᴛᴀᴛᴇᴍᴇɴᴛs.
SᴍᴀʀᴛSᴛʀᴇᴀᴍ’s TLM Bᴀʟᴀɴᴄᴇ Sʜᴇᴇᴛ Sᴜʙsᴛᴀɴᴛɪᴀᴛɪᴏɴ ɪɴᴄʀᴇᴀsᴇs ᴘʀᴏᴅᴜᴄᴛɪᴠɪᴛʏ, ᴄᴏɴᴛʀᴏʟ ᴀɴᴅ ᴠɪsɪʙɪʟɪᴛʏ ᴀᴛ ᴛʜᴇ ᴄᴏʀᴇ ᴏғ ᴛʜᴇ ғɪɴᴀɴᴄɪᴀʟ ᴄʟᴏsᴇ ᴘʀᴏᴄᴇss.
TLM Bᴀʟᴀɴᴄᴇ Sʜᴇᴇᴛ Sᴜʙsᴛᴀɴᴛɪᴀᴛɪᴏɴ ᴅᴇʟɪᴠᴇʀs:
Rᴇᴅᴜᴄᴇᴅ ʀɪsᴋ ᴛʜʀᴏᴜɢʜ ᴀᴜᴛᴏᴍᴀᴛᴇᴅ, ʀᴇᴀʟ-ᴛɪᴍᴇ ʀᴇᴄᴏɴᴄɪʟɪᴀᴛɪᴏɴs ᴀᴘᴘʟɪᴇᴅ ᴅᴀɪʟʏ, ᴍᴏɴᴛʜʟʏ ᴀɴᴅ ϙᴜᴀʀᴛᴇʀʟʏ ᴀᴛ ʙᴏᴛʜ ᴀᴄᴄᴏᴜɴᴛ ʙᴀʟᴀɴᴄᴇ ᴀɴᴅ ᴛʀᴀɴsᴀᴄᴛɪᴏɴ ʟᴇᴠᴇʟ
Sɪɢɴɪғɪᴄᴀɴᴛ ᴄᴏsᴛ ʀᴇᴅᴜᴄᴛɪᴏɴs ʙʏ ʀᴇᴛɪʀɪɴɢ ᴍᴜʟᴛɪᴘʟᴇ ʟᴇɢᴀᴄʏ sʏsᴛᴇᴍs ᴀɴᴅ Sᴘʀᴇᴀᴅsʜᴇᴇᴛs, ᴡʜɪʟᴇ ʀᴇᴅᴜᴄɪɴɢ ᴛʜᴇ ɴᴜᴍʙᴇʀ ᴏғ FTEs ʀᴇϙᴜɪʀᴇᴅ ᴛᴏ ᴘᴇʀғᴏʀᴍ ᴛʜᴇ ғɪɴᴀɴᴄɪᴀʟ ᴄʟᴏsᴇ ɪɴ ᴀ sʜᴏʀᴛᴇʀ ᴘᴇʀɪᴏᴅ ᴏғ ᴛɪᴍᴇ
Iɴᴄʀᴇᴀsᴇᴅ ᴘʀᴏᴅᴜᴄᴛɪᴠɪᴛʏ ᴛʜʀᴏᴜɢʜ ᴡᴏʀᴋғʟᴏᴡ-ʙᴀsᴇᴅ ᴘʀᴏᴄᴇssᴇs ғᴏʀ ᴀᴄᴄᴏᴜɴᴛ ᴏᴡɴᴇʀsʜɪᴘ ᴀssɪɢɴᴍᴇɴᴛ, ᴅɪsᴛʀɪʙᴜᴛɪᴏɴ ᴏғ ʀᴇᴄᴏɴᴄɪʟɪᴀᴛɪᴏɴ ʀᴇsᴜʟᴛs, ᴇxᴄᴇᴘᴛɪᴏɴ ᴍᴀɴᴀɢᴇᴍᴇɴᴛ, ᴀᴘᴘʀᴏᴠᴀʟs, sɪɢɴ-ᴏғғs ᴀɴᴅ ʀᴇᴘᴏʀᴛɪɴɢ
Iᴍᴘʀᴏᴠᴇᴅ ʀɪsᴋ ᴀɴᴅ ᴄᴏɴᴛʀᴏʟ ᴀᴛ ᴛʜᴇ ᴄᴏʀᴇ ᴏғ ᴛʜᴇ ғɪɴᴀɴᴄɪᴀʟ ᴄʟᴏsᴇ ᴘʀᴏᴄᴇss ᴅᴜᴇ ᴛᴏ ᴍᴏʀᴇ ᴘʀᴏᴀᴄᴛɪᴠᴇ, ᴇxᴄᴇᴘᴛɪᴏɴs-ʙᴀsᴇᴅ ᴘʀᴏᴄᴇssᴇs; ᴛʜᴇʀᴇʙʏ ʜɪɢʜʟɪɢʜᴛɪɴɢ ᴅᴀᴛᴀ ᴛʜᴀᴛ ʜᴀs ғᴀɪʟᴇᴅ ᴛᴏ ᴍᴀᴛᴄʜ ᴀɴᴅ ᴘʀᴏᴠɪᴅɪɴɢ ᴛʜᴇ ʀᴇᴄᴏɴᴄɪʟᴇʀ ᴡɪᴛʜ ᴀ ʀᴇsᴏʟᴜᴛɪᴏɴ ᴘᴀᴛʜ ᴛᴏ ғɪɴᴅ ᴛʜᴇ ᴜɴᴅᴇʀʟʏɪɴɢ ᴄᴀᴜsᴇ
Eɴʜᴀɴᴄᴇᴅ ᴠɪsɪʙɪʟɪᴛʏ ɪɴᴛᴏ ᴛʜᴇ ғɪɴᴀɴᴄɪᴀʟ ᴄʟᴏsᴇ ᴛʜʀᴏᴜɢʜ ᴀᴜᴅɪᴛᴀʙʟᴇ ᴡᴏʀᴋғʟᴏᴡ ᴏғ ᴀʟʟ ᴀᴄᴛɪᴏɴs ᴀɴᴅ ᴀᴄᴛɪᴠɪᴛɪᴇs ᴛᴏ CFOs, ᴄᴏɴᴛʀᴏʟʟᴇʀs, ʀᴇᴄᴏɴᴄɪʟᴇʀs ᴀɴᴅ ᴀᴜᴅɪᴛᴏʀs
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