Financial close.

• Position: TechnologyTOOLS

Cartesis, a specialist in finance and performance management software, has brought out Cartesis Intercompany 5.0, which is designed to help large companies close their financial books faster and more accurately by easily reconciling intercompany transactions.

Cartesis Intercompany 5.0 optimizes peer-to-peer collaboration and approvals over the Web, securely tracking changes and providing an auditable trail for each transaction, the company said in an announcement. This solution allows business units to reconcile balances directly with one another all the way to invoice-level matching in real time. By shifting responsibility to business units, corporations remove the intercompany reconciliation process from the critical path of the fast close and reduce their closing cycles by an average of 20 percent in most cases, Cartesis says.

"With Cartesis Intercompany, we can put the reconciliation processes in motion much earlier, safe in the knowledge that we'll still receive accurate and real-time information," says Wiel Dings, Chief Accountant at Oce, a 2.7 billioneuro multinational delivering high-speed printing systems in 80 countries. "It has supported our drive towards standardization and makes it far easier for users to check transactions against each other to ensure everything matches."

"I am constantly surprised to find intercompany reconciliation missing from performance management implementations,"...