Using Opening Balance Roll Forward Balance Sheet Reports to Streamline the Year-end Close Process

How can Reconciliation Report s Drive Faster and Better Decisions? As Controllers increasingly become key innovators in the Month-end and Year-end Close Processes, they must rely on modern self-service corporate performance management (CPM) and business intelligence (BI) tools. Using interactive Reconciliation Reports like the Opening Balance Roll Forward Balance Sheet Report template shown below enables them and users from the accounting and FP&A teams to experience near real time balance checks and controls that help drive faster and better closes. Who uses Opening Balance Roll Forward Balance Sheet Report s and What are Some Key Analytical Features? In today’s fast-paced business environment, Controllers are under high pressure to supply end users like accountants and reporting managers with timely and concise Reconciliation Reports. Companies use key features like the ones below to support their users with effective analysis that helps drive more accurate data and a quicker close:

Columns for Prior Year Actual, Prior Year Opening Balance (OBA), Prior Year OBA + Current Period Actual, and Current Year OBA
Calculated column that automatically shows if there is any Difference in Prior Year OBA + Actual balances versus Current Year OBA
Grand total that summarizes all potential differences

The Opening Balance Roll Forward Balance Sheet Report template can be used as a key element of the Year-end Close process: Example of an Opening Balance Roll Forward Balance Sheet Report to Streamline the Year-end Close Process

Example of an Opening Balance Roll Forward Balance Sheet Report to Streamline the Year-end Close Process

The Opening Balance Roll Forward Balance Sheet Report is a ready-to-use Reconciliation Report from the Solver Marketplace. A Brief Description of the Opening Balance Roll Forward Balance Sheet Report Template Reconciliation Reports like the one seen in the image above are interactive and parameter driven and typically contain sections with. One of the important features that aid the user in the analysis process is to use this template along with an Opening Balance Roll Forward P&L report to verify the retained earnings on the balance sheet. Opening Balance Roll Forward Balance Sheet Reports are often used in conjunction with inter-company reconciliation reports, GL to AR/AP matching reports, trial balances, profit & loss variance reports, balance sheets, and cash flow statements. Data Integration to Transaction Systems Most organizations these days want automated and streamlined planning, reporting and analysis. However, many of the benefits described earlier rely on best of breed Corporate Performance Management (CPM) tools and/or Business Intelligence (BI) capabilities as well as data marts or data warehouses that use pre-built integrations to the organization’s ERP system. Oftentimes, they also need integrations to other key data sources like CRM, subscription systems, payroll tools, etc. Modern, cloud-based ERPs like Microsoft Dynamics 365 Finance (D365 Finance), Microsoft Dynamics 365 Business Central (D365 BC), Sage Intacct, Acumatica, Netsuite and SAP have robust APIs which allow for dynamic integrations to CPM and BI tools that are fully automated and flexible to run on a schedule or on-demand. Additional Resources to Aid with Research of Templates, CPM and BI Tools