Method, computer program product and system for verifying financial data

• US 20030212615A1
• Filed: 05/08/2002
• Published: 11/13/2003
• Est. Priority Date: 05/08/2002
• Status: Active Grant

• Current Assignee: Regions Bank (Regions Financial Corporation)
• Original Assignee: Regions Financial Corporation
• Inventors: Whitehead, James Levi Jr., Collier, Byron Dale
• Granted Patent: US 7,363,261 B2
• Time in Patent Office: Days
• US Class Current: 705/30
• CPC Class Codes: G06Q 10/0833 Tracking
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 30/018 Certifying business or products
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

The method, system and computer program product for verifying financial data provides tracking and reporting of the reconciliation and approval process by providing a hierarchical list of users responsible for verification of at least a portion of the financial data and automatically notifying the users responsible for the reconciliation and approval, based upon the hierarchical list, of their duties regarding the account. If the certifier and approver do not certify and/or approve the financial data within a specified timeframe, their supervisors, based upon the hierarchical list, will be automatically notified. In addition, any certification and approval of the financial data is recorded, which permits instantaneous reporting regarding the status of the certification and approval process. Moreover, outstanding issues associated with the financial data may be recorded and tracked, and the appropriate user(s) may be notified of the issue if it is without resolution after a specified timeframe.

Claims

1. A method of verifying financial data, comprising:

providing a hierarchical list of users responsible for verification of at least a portion of the financial data, wherein the hierarchical list defines relationships among the users;

automatically notifying at least one user, based upon the hierarchical list, to reconcile the financial data;

analyzing the financial data to determine if the financial data is reconcilable and certifying the reconciliation of the financial data;

automatically notifying at least one user, based upon the hierarchical list, to approve the reconciled financial data once the financial data has been certified;

analyzing reconciliation of the financial data to determine if the reconciliation is to be approved; and

recording any certification and approval of the financial data, wherein recording any certification and approval of the financial data comprises recording comments by at least one of the user performing one of the certification and the approval and any user accessing the recordation of the certification and approval of the financial data.

2. The method of claim 1, wherein the financial data is organized into a plurality of accounts, wherein each account is associated with at least one user for certification and at least one user for approval, and wherein the method further comprises permitting the at least one user notified to reconcile the financial data access to the financial data required to reconcile the account.

3. The method of claim 1, further comprising:

providing profile information defining a level of access to the financial data available to each user; and

preparing reports associated with the financial data including an indication of any certification and approval of the financial data, wherein preparing reports comprises preparing reports for a respective user having content based upon the level of access defined by the profile information for the respective user.

4. The method of claim 3, wherein preparing reports associated with the financial data comprises preparing reports containing links to other information associated with the financial data presented in the reports.

5. The method of claim 1, wherein automatically notifying at least one user comprises automatically notifying at least one user by electronic mail.

6. The method of claim 1, wherein recording comments by the user comprises recording comments that may be viewed by all other users.

7. The method of claim 1, wherein recording comments by the user comprises recording comments that may be viewed only by the user that made the comments.

8. The method of claim 1, wherein recording comments by the user comprises specifying a group of at least one user allowed to view the recorded comments and recording comments that may be viewed only by the group.

9. The method of claim 1, wherein recording any certification and approval of the financial data comprises recording issues associated with the financial data.

10. The method of claim 9, further comprising automatically notifying at least one user, based upon the hierarchical list, when an issue associated with the financial data is without resolution for a specified timeframe.

11. The method of claim 1, further comprising detecting when new financial data is received and generating the automatic notification of the at least one user responsible for certification in response to the detection of new financial data.

12. The method of claim 1, further comprising automatically notifying at least one user, based upon the hierarchical list, when the financial data is without at least one of certification and approval for a specified timeframe.

13. The method of claim 12, wherein automatically notifying at least one user comprises automatically notifying users based upon a schedule, wherein the schedule specifies a timeframe to wait before notifying the next user on the hierarchical list when the financial data continues to be without at least one of certification and approval.

14. A computer program product for verifying financial data, the computer program product comprising a computer-readable storage medium having computer-readable program code portions stored therein, the computer-readable program code portions comprising:

a first executable portion capable of providing a hierarchical list of users responsible for verification of at least a portion of the financial data, and wherein the hierarchical list defines relationships among the users;

a second executable portion capable of automatically notifying at least one user, based upon the hierarchical list, to reconcile the financial data and for receiving a certification from the at least one user upon completion of the reconciliation, wherein said second executable portion is also capable of automatically notifying at least one user, based upon the hierarchical list, to approve the reconciled financial data once the certification of the completion of the reconciliation of the financial data is received, wherein said second executable portion is also capable of receiving an indication from the at least one user once the financial data is approved; and

a third executable portion capable of recording any certification and approval of the financial data, wherein said third executable portion is also capable of recording comments by at least one of the user performing one of the certification and approval and any user accessing the recordation of the certification and approval of the financial data.

15. The computer program product of claim 14, wherein the financial data is organized into a plurality of accounts, wherein each account is associated with at least one user for certification and at least one user for approval, and wherein the computer program product further comprises a fourth executable portion capable of permitting the least one user notified to reconcile the financial data access to the financial data required to reconcile the account.

16. The computer program product of claim 14, further comprising:

a fourth executable portion capable of providing profile information defining a level of access to the financial data available to each user; and

a fifth executable portion capable of preparing reports associated with the financial data including an indication of any certification and approval of the financial data, wherein preparing reports comprises preparing reports for a respective user having content based upon the level of access defined by the profile information for the respective user.

17. The computer program product of claim 16, wherein said fifth executable portion is also capable of preparing reports containing links to other information associated with the financial data presented in the reports.

18. The computer program product of claim 14, wherein said second executable portion is also capable of automatically notifying at least one user by electronic mail.

19. The computer program product of claim 14, wherein said third executable portion is further capable of recording comments by the user that may be viewed by all other users.

20. The computer program product of claim 14, wherein said third executable portion is further capable of recording comments by the user that may be viewed only by the user that made the comments.

21. The computer program product of claim 14, wherein said third executable portion is further capable of recording comments by the user that may be viewed only by a specified group of at least one user.

22. The computer program product of claim 14, wherein said third executable portion is also capable of recording issues associated with the financial data.

23. The computer program product of claim 22, wherein said second executable portion is also capable of automatically notifying at least one user, based upon the hierarchical list, when an issue associated with the financial data is without resolution for a specified timeframe.

24. The computer program product of claim 14, further comprising a fourth executable portion capable of detecting when new financial data is received and generating the automatic notification of the at least one user responsible for certification in response to the detection of new financial data.

25. The computer program product of claim 14, wherein said second executable portion is also capable of automatically notifying at least one user, based upon the hierarchical list, when the financial data is without at least one of certification and approval for a specified timeframe.

26. The computer program product of claim 25, wherein said second executable portion is further capable of automatically notifying users based upon a schedule, wherein the schedule specifies a timeframe to wait before notifying the next user on the hierarchical list when the financial data continues to be without at least one of certification and approval.

27. A system for verifying financial data, comprising:

a client comprising a browser for receiving input from and for providing output to a user;

a server in communication with said client via a computer network;

a memory device in communication with said server for storing a hierarchical list of users responsible for verification of at least a portion of the financial data, wherein the hierarchical list defines relationships among the users;

a processing element in communication with said server, said processing element capable, via the browser and computer network, of automatically notifying at least one user, based upon the hierarchical list, to reconcile the financial data and of receiving a certification from the at least one user upon completion of the reconciliation, wherein said processing element is further capable of automatically notifying at least one user via the browser and the computer network, based upon the hierarchical list, to approve the reconciled financial data once the certification of the completion of the reconciliation of the financial data is received, wherein said processing element is also capable of receiving an indication via the browser and the computer network from the at least one user once the financial data is approved, and wherein said processing element is further capable of recording any reconciliation and approval of the financial data.

28. The system of claim 27, wherein the financial data is organized into a plurality of accounts, wherein each account is associated with at least one user for certification and at least one user for approval, and wherein said processing element is further capable of permitting the least one user notified to reconcile the financial data access to the financial data required to reconcile the account.

29. The system of claim 27, wherein said memory device also stores profile information defining a level of access to the financial data available to each user, and wherein said processing element is further capable of preparing reports associated with the financial data including an indication of any certification and approval of the financial data, wherein preparing reports comprises preparing reports for a respective user having content based upon the level of access defined by the profile information for the respective user.

30. The system of claim 29, wherein said processing element is also capable of preparing reports containing links to other information associated with the financial data presented in the reports.

31. The system of claim 27, wherein said processing element is further capable of automatically notifying at least one user by electronic mail.

32. The system of claim 27, wherein said processing element is further capable of recording comments entered via the browser and the computer network by at least one of the user performing one of the certification and approval and a user accessing the recordation of the certification and approval of the financial data.

33. The system of claim 32, wherein said processing element is also capable of recording comments entered via the browser and the computer network by the user that may be viewed by all other users.

34. The system of claim 32, wherein said processing element is also capable of recording comments entered via the browser and the computer network by the user that may be viewed only by the user that made the comments.

35. The system of claim 32, wherein said processing element is also capable of recording comments entered via the browser and the computer network by the user that may be viewed only by a specified group of at least one user.

36. The system of claim 27, wherein said processing element is further capable of recording issues associated with the financial data.

37. The system of claim 36, wherein said processing element is also capable of automatically notifying at least one user via the browser and computer network, based upon the hierarchical list, when an issue associated with the financial data is without resolution for a specified timeframe.

38. The system of claim 27, wherein said processing element is further capable of detecting when new financial data is received and generating the automatic notification of the at least one user responsible for certification in response to the detection of the new financial data.

39. The system of claim 27, wherein said processing element is also capable of automatically notifying at least one user via the browser and computer network, based upon the hierarchical list, when the financial data is without at least one of certification and approval for a specified timeframe.

40. The system of claim 39, wherein said processing element is further capable of automatically notifying users via the browser and computer network, based upon a schedule, wherein the schedule specifies a timeframe to wait before notifying the next user on the hierarchical list when the financial data continues to be without at least one of certification and approval.

41. A method for verifying financial data, comprising:

providing a hierarchical list of users responsible for verification of at least a portion of the financial data, wherein the hierarchical list defines relationships among the users;

detecting when new financial data is received and generating an automatic notification for at least one user responsible for certification in response to the detection of new financial data;

automatically notifying at least one user, based upon the hierarchical list, to reconcile the financial data;

analyzing the financial data to determine if the financial data is reconcilable and certifying the reconciliation of the financial data;

automatically notifying at least one user, based upon the hierarchical list, to approve the reconciled financial data once the financial data has been certified;

automatically notifying at least one user, based upon the hierarchical list, when the financial data is without at least one of certification and approval for a specified timeframe;

recording any reconciliation and approval of the financial data, wherein recording any reconciliation and approval of the financial data comprises recording issues associated with the financial data; and

automatically notifying at least one user, based upon the hierarchical list, when an issue associated with the financial data is without resolution for a specified timeframe.

42. The method of claim 41, wherein the financial data is organized into a plurality of accounts, wherein each account is associated with at least one user for certification and at least one user for approval, and wherein the method further comprises permitting the at least one user notified to reconcile the financial data access to the financial data required to reconcile the account.

43. The method of claim 41, further comprising:

providing profile information defining a level of access to the financial data available to each user; and

preparing reports associated with the financial data including an indication of any certification and approval of the financial data, wherein preparing reports comprises preparing reports for a respective user having content based upon the level of access defined by the profile information for the respective user.

44. The method of claim 43, wherein preparing reports associated with the financial data comprises preparing reports containing links to other information associated with the financial data presented in the reports.

45. The method of claim 41, wherein automatically notifying at least one user, based upon the hierarchical list, when an issue associated with the financial data is without resolution for a specified timeframe comprises automatically notifying users based upon a schedule, wherein the schedule specifies a timeframe to wait before notifying the next user on the hierarchical list when the financial data continues to be without at least one of certification and approval.

46. The method of claim 41, wherein recording any reconciliation and approval of the financial data comprises recording comments by the user performing one of the reconciliation and the approval and by a user accessing the recordation of the certification and approval of the financial data.