A major eCommerce company faced challenges in streamlining and simplifying its monthly accounting reconciliation process, which consumed a significant amount of time when done manually. Despite the desire for an additional application to address this issue, the company lacked the time and budget for a custom build.
The existing reconciliation process involved numerous individuals from various departments and locations, with files stored in disparate places, adding complexity to maintenance. To overcome these challenges, Retool emerged as the preferred solution to develop an end-to-end reconciliation and audit process. Additionally, the new application aimed to assist the company in achieving SOX compliance, necessitating a rapid development and testing timeline of just one month.
The application was successfully developed within the allocated timeframe, requiring 170 hours for development and testing. The Reconciliation tool accommodates three distinct personas and includes two approval workflows. Within the project scope, two key controls were prioritized:
To enhance functionality, the application seamlessly integrates with AWS S3 and RetoolDB
This holistic Accounting Reconciliation Tool not only addressed the company's immediate challenges but also positioned them to navigate SOX compliance seamlessly. The implementation of Retool significantly reduced manual effort, fostering a more efficient and time-saving reconciliation process for the eCommerce giant.