A brief conversation (YouTube transcript) where Adam Riches, CPA and another speaker discuss modernizing the month-end close by eliminating paper binders and using automated reconciliation tools. They describe pulling GL balances and underlying detail month-over-month so systems can auto-certify matches, reducing manual accountant intervention and covering the majority of reconciliations.
It's like, how do you modernize accounting towards this idea of you don't need to have a subledger while still giving auditors they need.
So the answer to that question is obviously you don't need to print out the binder anymore. There's the different tools that are out there have these Auto, reconcile, auto reconciliation, the certifications I think is what workday calls it. But the way that would work just in net close is you pull the GL balance and then you pull the underlying detail. The system will pull that right month over month, and if it matches, it'll auto certify it so the process doesn't go away. But it can be completely automated so that you don't have to go in as the accountant and actually touch it.
Takes care of like 90% of your reconciliations essentially by saying like, hey, that sub ledger include quotes. Right. Does tie to the gl.
Yeah. So as you modernize, like you talk about modernizing accounting, what that effectively looks like is you're reducing the number of manual reconciliations that you have to intervene on. So in a perfect world, you can automate 100% of it and there is no process. Right. But you still have. It's still been executed. It's just you didn't have any manual.
