Easily review and fix any exceptions detected in your client’s general ledger in real-time. Once all exceptions are cleared, you're left with a clean set of books.
What is it?
Bot Review is an innovative solution designed to automate the month-end review process, transforming it from a tedious task to a streamlined experience. It meticulously flags any exceptions or variances, allowing for swift review and resolution, and eliminating the need to sift through multitudes of transactions.
The exception reports generated will flag the following general ledger transaction criteria:
- Uncategorized Transactions - When a transaction is posted to an "uncategorized" GL account
- Duplicate Transactions - When two or more transactions have similar amounts, dates, and descriptions
- Similar Transactions - When two or more transactions have similar descriptions but are categorized to different payees or GL accounts
- Purchases Missing Payee - When purchase transactions are missing a payee
- Deposits Missing Customer - When deposit transactions are missing a customer
- Duplicate Payees - When two or more payees have similar naming
- New Payees with Activity - When a new payee has a transaction for the first time
- New Accounts with Activity - When a new GL account has a transaction for the first time
- Parent Accounts with Activity - When a parent GL account has a transaction posted to it
- Unreconciled Transactions - When a transaction is not reconciled in the GL
- Capitalization Threshold - When a transaction is greater than $2,500
- Non-Natural Accounts - When a GL account has a balance that is opposite of what it should be
- Missing Transactions - When a recurring transaction is not available in the GL
Once all exceptions are actioned and the review has been marked complete, the audit log is populated:
- Shows the lifecycle of the transactions
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Drills down to the details of the transaction lifecycle
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Can be exported to .CSV
An example of the exception reports provided in Bot Review (does not show a tile for ALL possible reports).
Here, the user has selected Duplicate Transactions to review.
Why does it matter?
The month-end review is critical to presenting accurate, reliable financial data, and Bot Review is here to ensure just that. It delivers unparalleled efficiency and accuracy, enabling firms to present improved, reliable reports and data to their clients faster than ever before, thus elevating client satisfaction and trust in the presented financial statements.
How does it work?
With Bot Review, the system automatically scrutinizes each transaction, flagging any exceptions or variances for your attention. This means less manual sifting and more focused review on discrepancies, providing the opportunity for faster resolution and more reliable financial statements each month-end.