SIRVA Inc., a privately-held global relocation and moving services provider, has been a policyIQ client since 2007. Management originally purchased and configured policyIQ to organize and manage their Sarbanes-Oxley documentation and Internal Audit workflow, but discovered that policyIQ could also be configured to address other needs. Patrick Griffiths, an experienced consultant working with the Internal Audit Department, saw an opportunity to improve the company’s monthly account reconciliation process using policyIQ functionality.
Below are just a few of the improvements Patrick suggested SIRVA make:
- Better control: Enforce timely completion and approval of account reconciliations systematically.
- Global visibility: Develop simple scorecards to improve visibility to process completion in multiple offices in the U.S., Asia, and Europe.
- Cost reduction: Reduce review time required by internal and external auditors, by automating testing procedures.
- Better storage and a greener process: Replace paper binders with electronic storage.
- Common platform: Provide internet browser access readily available to employees globally.
- No IT impact: Implement the new process without additional IT costs or resources.
Patrick knew policyIQ was a highly customizable tool and he set out to configure the product to support the account reconciliation process, while implementing the improvements noted above.
Using policyIQ’s Forms Management feature, Patrick created monthly Account Reconciliation Forms, which are assigned to users, who use the Forms to document their reconciliations of accounts in the general ledger. Preparer-completed reconciliations are routed to the appropriate approvers with electronic workflow and a complete audit trail. Because each SIRVA location contains dozens of users and hundreds of reconciliations, Patrick uses Form Lists to more easily group and assign the monthly Forms.
Using custom Form Templates for each location provides optimal reporting for upper management; users can create reports pinpointing the month and location for which they’d like to review detailed account information.
Users can view the real-time status of the entire process, tailored to their respective access level. Completed reconciliations are stored in Folders in Home, and are readily available to external auditors and other users, who are given no-cost, read-only access to policyIQ. Since SIRVA already owned a policyIQ subscription, there was no additional software to buy; the only policyIQ cost increase was related to the additional users added to their site. The only technical requirement for using policyIQ is having access to Microsoft’s Internet Explorer, so their need to have a common platform accessible to global users was addressed.
Since policyIQ is easy to customize and configure, and includes full support, the SIRVA IT group did not need to commit any resources to support the project. SIRVA account reconciliation information is now stored electronically within policyIQ, which they previously printed and stored in binders. Patrick also relies on the data backup and recovery services that policyIQ provides at no additional charge.
Account reconciliation is just another example of policyIQ’s many uses. Industrious policyIQ clients like SIRVA continue to maximize their policyIQ experience and optimize their standard business processes.
Below is an example of one of SIRVA’s monthly account reconciliation Forms: