Described as the “last mile” of accounting software, Johannesburg-based Synchrony Digital this week announced the launch of ERP system GreenLine to automate the month-end close and save hours of grunt and sweat in the process. The package is also reasonably priced for the SA market. Following the local launch, the product will be released to the international market.
About 50% of all large to mid-size South African companies still have a manual month-end close process. This is often because of prohibitively high pricing for enterprise-level month-end close software.
GreenLine Balance Sheet Integrity software recently launched by local software developer Syncrony Digital is aggressively priced in local currency. This makes it affordable for more emerging enterprises to move to an electronic month-end close, a first for South Africa.
Syncrony Digital is a Sandton-based information technology house that has been producing custom software for enterprise and government customers for over 20-years.
Syncrony’s long-term customers includet the Auditor General of South Africa, YUM Restaurants International (KFC), Fedex, Famous Brands, Fidelity Services Group, ATKV the CCMA.
GreenLine is a cloud-based, enterprise-grade general ledger account reconciliation, month-end close and compliance oversight system, says Dr Howard Rybko, founder and CEO of Syncrony Digital.
The platform automates complex, manual and repetitive accounting processes and enables companies to move beyond the legacy record-to-report process.
“It replaces spreadsheet based transaction entries and offers real-time monitoring of the reconciliation process. Electronic upload of supporting documents reduces errors and risks in the month-end process for any business with branches around the country,” says Rybko.
“It also provides centralised oversight access for internal and external auditors,” he adds.
GreenLine has been in production for almost two years. During this testing phase, it delivered a seamless solution to a countrywide services operation comprising over 50 companies and 500 branches.
“The implementation reduced month-end processing time by over 70% and replaced all manual monthly financial reconciliations for the group,” says Rybko.
In the past, month-end was marked by the delivery of hundreds of boxes of supporting documents to head-office that then had to be manually recorded and reconciled to the group’s general ledger accounts, he concludes.
By automating all accounting reconciliations, GreenLine customers will be able to reduce the time spent on error-prone bookkeeping practices and decrease overall risk throughout their monthly and annual accounting and auditing procedures. GreenLine promises to bring efficiency and transparency to any company’s overall financial reporting and management practices.