Mastering General Ledger Reconciliation in SAP Part 2

In the first part of our 2 part series on Mastering General Leader Reconciliation, we covered why you should be reconciling your General Ledger (GL), the benefits that come from the reconciliation of the GL in your business, and, of course, the challenges that come with the reconciliation process.

In this part, we will look at how BEST can help your organisation with the reconciliation of the General Ledger, directly in SAP.

Unleashing the Power of Automation with BEST

BEST is an SAP-certified add-on that can be easily installed within SAP. One of the biggest advantages of BEST is that it integrates seamlessly with SAP's interface, making it simple for users to learn and navigate. Unlike other add-ons, there is no need for third-party integration or logging out of SAP to access BEST. All functions are available directly within SAP, and users can access the BEST module using their SAP authorisation. This ensures that users have access to the latest information, as transactions are posted directly within the SAP system. BEST also allows users to quickly drill down to detailed information, leading to faster problem-solving and quicker responses to questions. By using BEST, it helps address the challenges identified in the first blog.

Here are some of the benefits that BEST brings to address the challenges identified:

Data Volume and Complexity:

  • Complete GL Reconciliations in SAP faster and more efficiently by automating the Reconciliation process within SAP across multiple company codes.
  • Assign risk categories to your GL Recons in SAP to ensure appropriate focus, approvals, and reporting are applied to your high-risk areas.
  • Define approval strategies as per your requirement to ensure high-risk areas are appropriately reviewed and approved within SAP.

Human Error:

  • Bring standardisation to your organisation across business units, divisions, and locations for your SAP month-end close.
  • Bring accuracy to your reconciliations through standard processes and clearly defined approval lines.
  • GL recon approval is online in SAP, thus no need for printing and signing.
  • User-defined tolerances assist in identifying document and account anomalies that require escalation and mitigation.

Time Sensitivity:

  • Reduce the amount of time spent on low-risk, low transaction value accounts.
  • Ensure your skilled Finance resources’ time is spent on the recons where the focus is required, such as high-risk areas and query resolution.

Audit and Compliance:

  • Any adjustment journals to be processed use SAP standard transactions as per your authorisation framework.
  • Ensure compliance across your SAP month-end reconciliations and approvals with full audit trails and change history.
  • GL reconciliations for any historical date are always available.
  • Provide assurance to both internal and external parties for audit purposes.
  • Existing SAP Authorisations are used for viewing and preparing reconciliations within SAP.
  • With the use of comprehensive Control Reports, you can manage your month-end from one central point to:
    • Review outstanding GL Recons and approvals to measure completion.
    • Drive out action to complete outstanding tasks.
    • Review and manage reconciliation anomalies such as tolerance breaches or queries raised.
    • Identify and manage your high-risk reconciliations and any mitigating actions required.

BEST has been proven to help businesses like yours excel in the GL reconciliation process within SAP. Mastering general ledger reconciliation in SAP is crucial for any business looking to streamline its financial processes, enhance accuracy, and ensure compliance.

In this two-part series, we've explored the importance of GL reconciliation and introduced BEST Reconciliation Solution, an SAP-certified add-on that revolutionises this critical process. By seamlessly integrating with SAP, BEST empowers your team to work more efficiently, reduce errors, and focus their efforts where they matter most.

Michael Webb
Unit Manager
Michael Webb is an accomplished professional with over 18+ years of experience in ERP and Business Management Software across multiple industries, including the public sector, oil and gas, manufacturing, wholesale, and distribution. With his vast knowledge and expertise, Michael has helped businesses revolutionise their operations and streamline their processes. In his spare time, he enjoys pursuing his hobbies of Arduino, 3D printing, and tinkering.