Corporate and property management company books have massive discrepancies in balance sheet accounts, with missing equity and loan entries, and prior management may have embezzled funds; auditor adjustments are expected but not forthcoming.
Existing accounting systems and processes have failed to maintain accurate intercompany balances; there are huge discrepancies between corporate and property management books, with missing millions in equity and loans, and manual reconciliation is overwhelming.
Workarounds Described
- Booking gaps to an audit clearing account on corporate side
- Awaiting PMC audit entries to book corrections
Implied Software Gaps
- Automated intercompany reconciliation tool to identify and correct missing entries without manual clearing accounts
- Collaborative platform to propose and approve adjustments across entities
LedgerLens Reconcile
LedgerLens Reconcile is an automated intercompany reconciliation platform that ingests balance sheets from multiple entities, flags discrepancies, traces missing entries, and proposes correcting journal entries. It provides audit-ready reconciliation reports and collaborative workflows to resolve complex multi-entity discrepancies without relying on external audit adjustments.
- Automated data ingestion from ERP systems and spreadsheets for multiple entities
- Rule-based matching of intercompany transactions and identification of missing entries
- Suggested adjusting journal entries with approval workflows
- Audit trail and reporting for auditors and stakeholders
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