Leading Johannesburg-based e-commerce and software development specialist Syncrony proudly announces the release of GreenLine version 2.1. This is the latest version of their bleeding edge general ledger reconciliation and balance sheet integrity software.
The solution is specifically targeted at the last mile or financial close process. It provides progress visibility and individual accountability for accounting teams running month-end reconciliation processes for large companies and groups.
Syncrony management explains that this is to coordinate and support geographically dispersed accounting staff who submit supporting documents that prove the balance sheet of the organisation comprises real numbers.
GreenLine validates GL totals that are used in the balance sheet. It works outside of the ERP systems by recalculating GL balances from source documents. A successful reconciliation process instils confidence in the balance sheet numbers that CFOs and FDs present to their boards.
It is all about accountability and compliance and gives the board confidence in the numbers they present to investors and financial institutions.
In the words of a CFO whose company uses GreenLine, “Reconciliations are the cornerstone of financial reporting you can trust.”
Syncrony management acknowledges that this is one of the most challenging undertakings they have ever initiated.
“Although we went live with GreenLine in October 2018, it was over two years in development and testing at a large customer with over fifty group companies. We only actively started selling the software in January this year and we had a big pipeline before lockdown. Then it went awfully quiet but there has been a surge of renewed interest since level one. We foresee more interest and wider adoption as businesses look to technology to cut costs and monitor teams working from home,” says Howard Rybko, CDO, Syncrony.
Rybko says that one of the key differentiators of the company’s software is that it is cost effective and easy to manage.
One of the company’s clients reduced their licensing bill by 90% for similar functionality. “You can actually save a fortune buying South African. Why expose your bottom line to dollar based licensing for the same functionality, when you don’t have to?”
Month-end reconciliations for a big group with say five hundred odd branches becomes impossible to manage when some staff and management are working from home. For a CFO at head-office there is no reliable way to measure and report on progress.
GreenLine, however, has a bird’s eye view of the process down to an individual preparer in Pofadder says Rybko.
“It gets rid of the all the boxes and invisible EXCEL sheets that prevent effective accounting. It allows auditors remote access, a perfect solution for times that make on-site audits a thing of the past. Auditors can search for- and view all source documents online, it’s a win for the business, the auditors and for cost management.”
Syncrony is an established digital agency with years of experience in e-commerce and software development.
Over the past 20-years, Syncrony has been designing and maintaining custom systems and apps cantered around an understanding of business strategy. The team has a wealth of development and cloud experience in both the Microsoft and LINUX spaces
The company also markets a suite of in-house developed fintech products on the Microsoft Core stack. Syncrony’s financial products include the internationally competitive GreenLine Balance Sheet Integrity software and BoardCloud, a meeting and board management package.
With over ten years e-commerce experience in the LINUX environment, Syncrony builds and develops leading-edge online stores and B2B portals on the Magento platform.
Syncrony also offers maintenance and service agreements to manage projects once they go live.