What makes ReconArt the ultimate all-in-one solution for financial reconciliation

Managing financial reconciliation across different function and departments can be a challenging process for organizations of any size. Navigating workflows, handling supporting documentation, and integrating data from various sources demands a solution that is both robust and flexible. Most account reconciliation solutions are tailored for a specific need or occasion. This fragmented approach fails to achieve process standardization and meaningful modernization.

ReconArt rises to the occasion as an all-in-one financial reconciliation solution, streamlining processes and accommodating them in a unified, highly automated environment. You can start from configuring one process and rework or build from there as need arise. In order to be prepared for any reconciliation challenge the future may throw your way, you need a process agnostic, scalable and fail-proof reconciliation software.

Here is a breakdown of the reasons why ReconArt stands out, and how its features make it the ultimate solution for all reconciliation needs.

Sweeping automation of period-end financial reconciliation

Traditionally, reconciliations were performed manually using pen and paper, with data compared side by side. The advent of spreadsheets marked a significant advancement, enabling quick cross-referencing of data. However, as reconciliation tasks became more complex and voluminous, the initial enthusiasm for spreadsheets waned due to their numerous limitations: 

• Lines limitations which fails under millions of records
• A single criteria for comparison at a time
• Manual data entry causing typos, omissions, and other errors
• Need for pre-matching file conversions and formats unification
• Inability to collaborate with the team simultaneously
• Difficulties tracking file versions and authorship of changes
• Time-consuming report creation

ReconArt brings end-to-end automation to reconciliation processes, replacing manual tasks with configurable, rule-based automation. The solution is based on the simple idea that if you can describe a repetitive sequence of steps, you can create machine instructions for it. Since reconciliations are logically consistent and invariable, automation is highly effective. 

Manual account reconciliations still burden accounting professionals with clerical tasks that modern solutions can handle more effectively. ReconArt manages the entire reconciliation lifecycle, not just parts of it. It begins by onboarding counterparty files, extracting and transforming data points with Excel-like functions. During the matching phase, ReconArt shows its full potential by handling complex splits and transaction groupings, matching millions in seconds, and automatically classifying unmatched transactions. 

All reconciliation processes are configurable within ReconArt

Every company has a unique reconciliation routine that evolves over time. Common processes include bank reconciliation, invoice reconciliations or GL reconciliations, with their countless variations. Effective reconciliation solutions must compare data across various scenarios to remain relevant and productive.

Software focused on specific templates or industries often lags behind clients’ evolving needs. New processes will eventually need to be integrated, reshaped, or expanded. It is more practical to use a reconciliation solution that meets the needs of all departments—Finance, Accounting, Compliance, IT—equally well.

What truly sets ReconArt apart is its ability to enable organizations to manage every process and dataset in a single, unified platform. Every new process can be easily added over time, ensuring unobstructed expansion and evolution as financial landscapes change. ReconArt brings all reconciliation processes under one roof, offering unmatched visibility across teams and departments.

A single point of truth for verified reconciliation data

One of the major problems with reconciliation data is the scattered, disconnected repositories. Building communication bridges across the numerous systems delivering reconciliation data is costly and difficult. Another problem is data validation, where daily coordination of diverse data flows and ensuring data integrity manually becomes impossible.

ReconArt has been successfully tested in industries like money remittance, travel, or banking. High volumes of transactions, daily exchange of reconciliation data, transferring data extracted from varied file formats are characteristic of the most challenging reconciliation workloads. The solution supports all machine-readable formats, with the standard ones available out-of-the-box and regularly updated. 

Counterparty data acquisition has become significantly more efficient with the launch of the Recon Data Factory (RDF), which facilitates data upload and verification at the point of origin, making partner data import straightforward and trouble free by checking for inconsistencies early on.

Unified repository of supporting documentation

Unified storage and streamlined management of supporting documentation could make the difference during audits. A familiar pain point is the orderly classification of various formats of substantiating documentation, often saved individual computers or printed and stashed in unknown folders. Unearthing it wastes time and depends on someone’s good memory.

ReconArt allows finance teams to access critical records instantly. Reconciliation accounts and even individual transactions have notes, files, or links to external repositories attached. This allows evidence from various sources to be mapped and localized precisely and without delay. This capability ensures a paperless reconciliation process while maintaining strict control over documentation integrity and confidentiality. 

Hosting reconciliation workflows and period-end task management in one place

Efficient period-end workflows are crucial to ensuring that financial reconciliation processes are smooth and consistent. ReconArt offers powerful tools to manage tasks and assign roles effectively, helping teams stay organized and overcome typical process bottlenecks. ReconArt serves as a streamlined collaboration space and a control tower for a smooth process navigation, establishing: 

• Role-based access for approval workflows
• Centralized task management with close check lists and for visibility and accountability
• Role-specific notifications to keep tabs on deadlines and backlog
• Reporting and analytics tools for an at-a-glance management overview
• Seamless handoffs between team members
• System scheduler to drive repetitive operations

Cutting-edge technology harnessed for best practice financial reconciliation

Organizations need the confidence of working with a continuously improving solution that anticipates their needs and values their feedback. ReconArt leverages the latest reconciliation technology, including API integrations, AI enhancements, updated financial technology standards, enterprise-class security, and flexible deployment options. With entirely in-house application support, ReconArt ensures swift responses to complex issues and provides best practice advice at every step.

Why ReconArt is the future of financial reconciliation

ReconArt’s features combine to deliver the agility, scalability, and efficiency that modern financial teams demand. Instant access to automation, document handling, and comprehensive workflows enhances team productivity while reducing stress in even the most intricate reconciliation tasks. 

Join organizations worldwide that are transforming their reconciliation processes with ReconArt. Reach out to us today and discover how ReconArt can streamline your workflows and optimize your results.