Thanks to technology, big strides have been made in the accounting industry to transition from a reactive method to more proactive approach. The evolution of “continuous accounting” has played a major role in managing and avoiding risk, utilizing technology and processes to quickly catch and correct errors and therefore minimize the overall impact of those errors. Breakthroughs in lease accounting software and reconciliation technology can be instrumental tools to implement continuous accounting.
Account reconciliations are great opportunity to increase accuracy and reduce lease accounting errors. The accurate reconciling of accounts is the first place to start reducing the risk of accounting errors. While traditionally viewed as one of many labor-intensive tasks at month-end, improving the account reconciliation process can have a positive impact on the accuracy of reporting and the morale of the Accounting department.
Reconciliation does not have to be an arduous task. Technology is available to modernize monthly reconciliation, close operations and automate period-end processes. Great reconciliation technology also provides fraud detection and balance sheet integrity.
CoStar partners with Blackline for to provide an industry-leading reconciliation technology solution which fully integrates Blackline’s reconciliation functionality with CoStar’s lease accounting software. This integration allows users to reduce errors, speed up work processes and improve the overall health of your business.
The balance sheet is an important representation of your business. The financial news is full of financial restatements, accounting fraud scandals and SEC fines and penalties. While some errors are unavoidable, it’s in every business’ best interest to mitigate risk by increasing accuracy. CoStar software includes automated and scheduled alerts that help Accounting departments stay proactive. By leveraging CoStar and Blackline technology for a complete lease accounting, lease management and lease administration software solution integrated with Blackline reconciliation technology, users can employ the continuous accounting concept to reduce risk, minimize errors and increase accuracy.