Substantiation

Substantiation software automates the comparison of GL and supporting balances by using AI-driven matching algorithms. It pulls GL and supporting balances from System of records and matches the transactions, then applies predefined rules to match transactions. Any discrepancies are flagged for review, ensuring that the financial statements are accurate.

The software eliminates the need for manual matching by seamlessly integrating with ERP systems. This automated approach not only speeds up the reconciliation process but also enhances accuracy, as it minimizes human error and provides real-time updates on account substantiation status.

Substantiation software offers features such as automated reconciliation, AI-driven matching, and configurable workflows. It ensures compliance with regulatory standards by providing audit-ready documentation. The software also integrates with ERP systems, enabling seamless data extraction and real-time updates.

Additional features include the Journal Entry Approval Workflow, which ensures compliance by managing the approval process for journal entries, and the configurable LiveCube (no-code, excel-like platform), which automates data preparation. These features collectively enhance accuracy, efficiency, and transparency in financial reporting and account reconciliation.

Yes, the Substantiation software can handle open item management. It tracks and manages open items by automatically flagging unresolved transactions. The software provides detailed analytics to identify trends, bottlenecks, and potential risks in the reconciliation process.

With its robust analytics capabilities, the software allows users to generate reports that provide insights into the status of open items and the effectiveness of the reconciliation process. This functionality enhances decision-making by offering a comprehensive view of financial data and potential issues.

The Journal Entry Approval Workflow in Substantiation software is a customizable feature that manages the approval process for journal entries. It ensures compliance by requiring approvals at various stages before an entry is posted, reducing the risk of errors and unauthorized adjustments.

This workflow integrates seamlessly with the overall reconciliation process, providing audit trails and ensuring that all journal entries meet regulatory requirements. By automating the approval process, the software enhances transparency and accountability, helping organizations maintain compliance with financial reporting standards.

Automated Journal Entry Posting in the Substantiation software works by using predefined templates or the configurable LiveCube (no-code, excel-like platform) to prepare and post journal entries directly to the ERP system. This automation eliminates manual entry, reducing errors and saving time.

The software ensures that all journal entries are accurate and compliant by validating data before posting. This process not only speeds up the reconciliation and closing processes but also enhances the accuracy of financial records, making it easier for organizations to maintain up-to-date and reliable financial information.

Substantiation software automates journal entry preparation, by using predefined templates and real-time data integration with ERP systems. It ensures compliance with regulatory standards and provides audit-ready documentation. It enhances accuracy by automating data validation before posting journal entries.

This leads to more reliable financial reporting and streamlines the entire reconciliation process, allowing finance teams to focus on higher-value tasks and improving overall efficiency in financial management. The predefined templates and real-time data integration with ERP systems ensures minimal errors and saves time.

The Configurable LiveCube feature enhances the Substantiation software by automating data preparation for journal entries and reconciliations. It allows users to customize data extraction and transformation processes, ensuring that the information is tailored to specific financial reporting needs.

LiveCube is a low-code, excel-look-like feature that supports seamless integration with ERP systems, enabling real-time updates and reducing the time required for data preparation. This feature enhances accuracy, as it minimizes manual intervention, and improves the efficiency of the reconciliation and closing processes, making financial reporting more streamlined and reliable.

Substantiation software improves accuracy and efficiency in financial reporting by automating the reconciliation of GL balances with supporting documentation. It uses AI-driven matching and predefined rules to ensure that all financial data is accurate and compliant. The software reduces the risk of human error.

By automating repetitive tasks, the software speeds up the reconciliation process. It also provides real-time updates and audit-ready documentation, enhancing transparency and reliability in financial reporting. This leads to more efficient financial close processes and ensures compliance with regulatory standards.