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Asset and Liability Reconciliation
Asset and Liability Reconciliation

🏷️ Tags: Finance πŸ”¬ Analysis Level: Beginner

Updated over a week ago

πŸ‘‰ Note: Use Savant Copilot to assist in quickly writing complex functions in the expression editor.

🌟 Introduction

Asset and Liability Reconciliation is a crucial task for every business to ensure accurate financial reporting. However, traditional methods of reconciling assets and liabilities can be time-consuming and prone to errors. This is where the Savant Asset and Liability Reconciliation template comes in to streamline the process.

πŸ’Ό Business Impact

Savant’s solution for Asset and Liability reconciliation is ideal for businesses that need to reconcile large volumes of data from various sources. It is particularly useful for companies with complex accounting procedures and those that operate in multiple locations. Savant can help identify discrepancies and potential risks in financial statements, automate identification and resolution of exceptions, and improve accuracy and efficiency in financial reporting.

πŸ“₯ Data In

To use Savant’s Asset and Liability Reconciliation template, you need access to the following inputs:

  • Asset and Liability data files

  • Audited financials or other cross-check data sources

πŸ“€ Data Out

The key metrics and results obtained from using the Savant template for Asset and Liability Reconciliation include:

  • Detailed reports of reconciled accounts

  • Identification of discrepancies and potential risks

  • Automated identification and resolution of exceptions

  • Improved accuracy and efficiency in financial reporting

πŸ“Š Metrics

  • Account reconciliation reports

  • Discrepancy identification

  • Exception resolution automation

πŸ“ Template Setup

Next, you'll need to make several key selections:

Step 1: Data Input

  1. πŸ“₯ Assets with an asset identification and monetary value.

  2. πŸ“₯ Liabilities with a liability identification and monetary value.

  3. πŸ“₯ Report with audited assets and liabilities.

Step 2: Configuration

There are no specific configurations the user is required to make in this template. However, the user may calculate additional statistics using the existing Transform tool.

Step 3: Destination

Finally, we recommend configuring your output to a Google Sheets file or a database. This will make it easier to analyze your data and gain insight into metrics.

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