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A special ReconArt feature first published on Bobsguide - the ultimate fintech resource, an innovative online platform that connects the providers of fintech solutions with the financial services professionals who need them.  Read the article here as well. As the pandemic spread, ...

What is Supplier Statement Reconciliation? The process of reconciling a supplier statement is quite plain and simple. The Supplier submits a list of transactions and the outstanding balance of unpaid invoices for a given period. The Buyer’s Accounts Payable (AP) department, ...

A genuine reconciliation tool is not about a pretty face, but all about a mighty heart. The reconciliation space is burgeoning and overcrowded these days. Software solutions promising miracles are just round the corner. But a closer look reveals that few offerings include a robust ...

“Account reconciliation is the process of comparing two sets of records to ensure their balances are correct at the end of the accounting period”, end of the definition. As clear and simple as it sounds, this definition implies more than meets the eye. Imagine you are a small coffee ...

Traveling the globe in 80 days might have been a miraculous achievement in the 19th century, but in today‘s hectic world anyone who can spare two or three weeks on the road can do it without breaking the bank.  No need to be a brave male adventurer on a dangerous mission. ...

Introducing our guest blogger Andrew Rombach. He is a Content Associate for LendEDU – a website that helps consumers and small business owners with their finances. When he’s not working, you can find Andrew hiking or hanging with his cat Colby. For businesses of any size, keeping ...

Reconciliation finds its place in any and every accounting practice, but for some business models it has become a central issue. Transactional industries stand out as the most obvious example, where huge volumes and speed of exchange operations are typical characteristics on top ...

Bank reconciliation is one thing that companies cannot function without nowadays, mainly because there is hardly a business that does not interact with financial institutions. While bank reconciliation is needed and wanted in order to assure control and healthy finances, it is also ...

We are delighted to announce the launch of ReconArt’s new website! We have placed more focus on our core values, way of work, and added value for our client community. With refreshed design, navigation and content updates, we have also enhanced the user experience, making it as easy ...

When most people hear “reconciliation” they usually think of the direct meaning of the word i.e. “to bring together again” or “to make friendly again”. Even when you open a dictionary, the first explanation is “to find a way in which two situations or beliefs that are opposed to each ...

“He’s making a list, he’s checking it twice. He’s gonna find out who’s been naughty or nice…”   Christmas is coming again – a busy period for Santa Claus. Have you ever considered the enormous effort Santa is facing here? And we are not just talking about moving around with ...

What does ReconArt for NetSuite mean? The simple answer would be: Managing and Automating your Reconciliations while NetSuite is your ERP system. A more elaborate answer would be: NetSuite works the way your business works, built from the ground up to the cloud. NetSuite manages ...

Spreadsheets are no doubt a great solution for data analysis and intermittent calculations, but their use as a long-term reconciliation solution proves unsustainable. Recent studies suggest that Excel is still the most popular reconciliation tool for roughly 70% of the world’s financial ...

GDPR: What is it all about? The European Union’s General Data Protection Regulation (GDPR) officially comes into effect on May 25, 2018. The compliance deadline which was a long time coming is now only 1 short week away, and even in the final days, the affected portion of the business ...

The way payments are made nowadays is radically changing. People are using all kinds of devices (e.g. via smartphones and tablets) to shop, pay the rent, book a trip or make any other types of transactions. Thousands of companies are competing and cooperating at the same time to enable ...

The travel industry is one of today’s most exciting and rapidly growing business sectors. Web-based companies like Expedia, Booking.com and Hotels.com have made booking and buying travel easier than ever before. For travel companies, 2016 was an exciting year with dynamic changes, ...

Employee expense management is better than ever, but full control over the process requires reconciliation, too. Employee expenses, or the costs related with tasks performed by an employee for an employer, are nothing new in the business world. These common expenses are employee-generated ...

These days it seems like we are receiving more and more requests to help with the automation and streamlining of credit card reconciliation. As a platform historically rooted in principles such as the ability to handle large data volumes, various and complex data sources, and multi-step ...

Although it has been touted for many years as a pending revolution in how IT and business services are delivered, only recently has “the cloud” been embraced broadly as part of business strategy. Initially, adoption of Software-as-a-Service (SaaS) was focused on front office functions ...

We are all familiar with reconciling outgoing payments against our bank accounts. That is simple enough. For the most part these are expenses. You know who is to be paid and you know why the payment is due. Slightly more challenging is reconciling incoming payments against a bank ...

In my last blog post, I noted that many organizations are choosing to invest in their system solution portfolios. I outlined some rules to help guide you to a "modern" solution that has a very strong upside into the future. Often these projects are part of a broader program aimed ...

There is something of a change afoot. We are on a wave that has many businesses looking to reinvest in their systems and processes. This interest is especially true in relation to financial control solutions software. The drivers are varied, but generally the lack of investment has ...

A detailed knowledge of reconciliation processes in banks and financial institutions (FIs) is a core competency at ReconArt, yet it never ceases to amaze us how every client’s focus is on a different process with a distinct set of challenges. We are fortunate to have worked with a ...

When you hear those letters, SEC, what comes to mind? To some it's the call sign of a superhero tasked with protecting the American people from fraud and keeping Wall Street accountable. To others it's a dreaded governmental bureaucracy creating endless paperwork and headaches. So ...

You know there are problems with your current manual reconciliation process. It’s not efficient – there are way too many people ‘ticking and tying’ when they could be doing so much more. It’s open to risk and difficult to report on – unstandardized. Jack notes an exception in one ...

It is crucially important that all organizations, which rightly seek financial stability and control, pay careful attention to the need to deploy a robust reconciliation solution. The results of failing to do this, with the necessarily high degree of operational detail required, ...

Risk Mitigation Techniques such as Portfolio Reconciliation for uncleared trades must be applied by firms as described in article 13 of the EMIR regulation. Depending your exact business this can be an easy exercise or a real burden. When you are a non-financial counterparty with ...

Capital markets firms have been reconciling data for as long as any of us can remember.  However, unlike the situation in some other industries, true enterprise-wide reconciliation practices housed in one repository have eluded the industry for years.  Why?  In one ...

Microsoft Excel remains the most widely used reconciliation platform today, but at what cost?  It’s perfect for small businesses or quick fixes: cheap, easy, and flexible.  But what happens when your needs grow in terms of frequency, volumes and scope?  More and more ...

Reconciliation technology has many uses and provides a wide array of tangible (savings) and less tangible benefits (until a problem becomes reality) in terms of mitigating financial transaction-based operational risk.  For instance, all organizations, in every market sector, ...

Why it makes sense to deploy new technology now Now has never been a better time to review how technology can assist in the multitude of reconciliation practices that necessarily exist across multiple business lines and functions.  Many of us have recently closed the 2011 books, ...