Peter Vogelberger, CEO & President
Fishing is a sport that either can be extremely frustrating or immensely enjoyable. According to Peter Vogelberger, CEO and president, Chesapeake System Solutions, all the necessary components must be in place for the experience to be rewarding: a knowledgeable captain, a competent crew, the correct equipment and a solid plan to navigate the ship to ideal waters. Otherwise, one will simply waste time and effort, casting into the wrong waters and coming up empty-handed. This is the mindset Vogelberger has instilled at Chesapeake. As a result, the company and accounting firms—its clients—reap the benefits in account reconciliation and financial and treasury management.
Accounting firms require accurate, verified and secure information for financial statements. Further, organizations must have this information on a timely basis in order to close their books on time. Chesapeake System Solutions’ total reconciliation software—T-Recs® Enterprise— allows organizations to identify risks in accounting activities in real time, reconcile accounts automatically and close the books in a matter of days. All the data and activities surrounding that data are secure and audited.
Organizations seek one comprehensive solution, preferring not to have to purchase separate modules for reconciliation, month-end close tracking, risk assessment, variance analysis and journal entry creation. “T-Recs Enterprise delivers all these capabilities, capitalizing on a single data warehouse along with browser-based applications, with executive-level information available on mobile devices on a real-time basis,” Vogelberger asserts. The nature of some businesses creates the preference for a licensed model, whereas limited IT resources drive others toward SaaS. Chesapeake’s T-Recs® Enterprise offers its customers both delivery models.
T-Recs® Enterprise provides vital controls for compliance and reporting via a process-driven solution that manages risk mitigation and workflow automation.
The system allows firms to maintain compliance with the German Accounting Law Modernization Act and key government regulations including SOX, IFRS, DSS, HIPAA and Euro-So to name a few. The solution enforces key organization-defined processes and procedures, records detailed audit trails of all reconciliation activities, maintains copies of original documentation and stores electronic signatures supporting authorizations and approvals. "T-Recs® Enterprise fully complies with data security standards for storing and protecting sensitive information through data encryption combined with user-defined, role-based security," assures Vogelberger.
A leading wholesale bank within the national Farm Credit System, AgriBank, relied on manual reconciliation processes and used spreadsheets for some functions. AgriBank's reconciliations lacked standard content and format while their documentation was stored in multiple shared folders and drives. Implementing T-Recs® Enterprise has enforced standardization across AgriBank’s reconciliation landscape. All reconciliations and associated documentation reside within the T-Recs® Enterprise system, with read-only copies available for the retention life of the reconciliation or transaction. Notably, multiple attachments can be added at both the reconciliation and transactional levels, and the solution maintains an audit trail of all document additions and deletions. Beyond safeguarding the security of sensitive financial data, storing documentation within the access-controlled system has simplified AgriBank’s auditing process. Auditors can be granted read-only access for research and audit document retrieval purposes.
Chesapeake also offers a treasury management solution called SmartTreasury®. The solution uses Chesapeake’s Internet Data Manager (IDM®) tool to collect any inbound bank data format and automatically pull information from smaller local/ regional banks. SmartTreasury delivers built-in accounting entry generation, accommodating both internal treasury policy and regulatory compliance requirements.
“With 2016 approaching, Chesapeake System Solutions is processing enhancements related to risk assessment features, KPIs and, as always, specific customer-requested enhancements,” says Vogelberger. “From implementation to ongoing support, we will continue to work side by side with our clients every step of the way,” he adds.