Reconciliation for Non-Profits
Given the nature of your business, full visibility into effective financial management and controls is more important than ever for non-profit and charitable institutions. Timely reconciliation of financial data associated with the movement and usage of funds received from individual and corporate donations, as well as from publicly funded bodies, is crucial to demonstrating this both internally and to the outside world.
ReconArt™ provides the all-encompassing and full lifecycle solution that non-profit organizations need to clearly demonstrate best practice. Naturally bank reconciliation is a key function employed by all non-profits. ReconArt™ provides for any number of bank accounts, in any currencies, to be matched and reconciled with minimal cost and effort and with maximum efficiency. Alerts can be set to show immediately potential anomalies in what should otherwise be natural transaction flows through the various bank accounts deployed for both incoming funds and outgoing payments.
However, ReconArt™ does not end with bank reconciliation. Built for total flexibility to compare any data type, there is no limit to the number of different transaction-based account types – both financial and non-financial – that can be subjected to comparison with any required frequency. This could be daily, weekly, monthly – you decide based upon the volumes and potential level of risk. Additionally, ReconArt™ provides through its fully integrated general ledger attestation and certification functionality all the tools for the multi-level review and sign-off of any or all balance sheet and other significant accounts as part of required periodic monitoring of account balances. And of course, because the solution supports any data type, data comparison is not restricted to merely financial data. Static data can also be compared on a periodic or one-off basis (for example the reconciliation of membership or donor listings).
Contact ReconArt today to learn more about how the ReconArt™ solution can help you establish and demonstrate best practice financial management through timely reconciliation, and get details of special non-profit pricing to support your valuable work.