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ReconArt, Inc.

SITE PRIVACY POLICY

This Privacy Policy governs the manner in which ReconArt, Inc. (“ReconArt”) collects, uses, maintains and discloses information collected from users (each, a “User”) of the ReconArt.com website (“Site”). This privacy policy applies to the Site and all products and services offered by ReconArt.

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We may collect personal identification information from Users in a variety of ways, including, but not limited to, when Users visit our site, register on the site, fill out a form, and in connection with other activities, services, features or resources we make available on our Site. Users may be asked for, as appropriate, name, email address. We will collect personal identification information from Users only if they voluntarily submit such information to us. Users can always refuse to supply personally identification information, except that it may prevent them from engaging in certain Site related activities.

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We may collect non-personal identification information about Users whenever they interact with our Site. Non-personal identification information may include the browser name, the type of computer and technical information about Users means of connection to our Site, such as the operating system and the Internet Service Providers utilized and other similar information.

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Our Site may use “cookies” to enhance User experience. User’s web browser places cookies on their hard drive for record-keeping purposes and sometimes to track information about them. User may choose to set their web browser to refuse cookies, or to alert you when cookies are being sent. If they do so, note that some parts of the Site may not function properly.

How we use collected information

ReconArt may collect and use Users personal information for the following purposes:

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How we protect your information
We adopt appropriate data collection, storage and processing practices and security measures to protect against unauthorized access, alteration, disclosure or destruction of your personal information, username, password, transaction information and data stored on our Site.
Sensitive and private data exchange between the Site and its Users happens over a SSL secured communication channel and is encrypted and protected with digital signatures.

Sharing your personal information

We do not sell, trade, or rent Users personal identification information to others. We may share generic aggregated demographic information not linked to any personal identification information regarding visitors and users with our business partners, trusted affiliates and advertisers for the purposes outlined above.

Changes to this privacy policy

ReconArt has the discretion to update this privacy policy at any time. When we do, we will revise the updated date at the bottom of this page. We encourage Users to frequently check this page for any changes to stay informed about how we are helping to protect the personal information we collect. You acknowledge and agree that it is your responsibility to review this privacy policy periodically and become aware of modifications.

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Contacting us

If you have any questions about this Privacy Policy, the practices of this site, or your dealings with this site, please contact us at: ReconArt – info[at]reconart[dot]com

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ReconArt 
Blog
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Nov / 19 / 2021

4 Myths About Automating Your Reconciliations Debunked

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 way, Jill in another. Sometimes things get missed. It takes too much time – month end seems to eat up half of the following month, and you’re always in catch up mode. It’s stressful – hopefully there is no audit anytime soon.

You are considering automation – there has to be a better way! But you have doubts, and perhaps feel nervous about bringing the idea up for consideration. See if you can relate to these four myths and let us help you debunk them!

MYTH 1: It’s prohibitively expensive. We should just hire another couple of people to help out. False.

Of course, there will be an associated cost to introducing new technology – but try to think long-term (or even medium term). You will know upfront what the cost of a reconciliation solution would be, and also the cost of new headcount if you need more. Can you really say the same about the cost of not putting something in place? Risk equals cost, and there are many risks associated with manual reconciliation processes. Some of that risk is related to human error – the wrong number entered; the wrong formula used. Some of it could be delays between various information sources. There is also the risk of being overly dependent on individuals with good understanding of the process – but what happens when they leave the job, along with their expertise on spreadsheets, or the internal tool they designed from scratch? And then, there is the on-going cost of bloating up your reconciliation team with people who are ‘ticking and tying’ when they could be involved with more meaningful, higher-value tasks. When you consider all these things, the upfront cost of automation is much more palpable, often cost-saving in a matter of months.

MYTH 2: Our process isn’t straightforward, so there probably isn’t a good fit for us out there. False.

Because you are deeply vested in your organization’s current reconciliation process, it is natural to feel overwhelmed when trying to imagine an automated version of it. How will it work? Over the years, you have probably also come up with some creative workarounds to get your work done to the best of your ability, and now those oddities may seem like integral parts of the reconciliation process that you can’t imagine done in any other way. Consider though, that reconciliation in itself – the comparison of two sets of data, is a finite field. Every process certainly has its specifics, but as long as you answer ‘Yes’ to these three questions, chances are accommodating your process in an automated, modern, feature-rich reconciliation solution is likely: Do you compare 2 or more sets of data? Does that data come in a standard format? Do you have a set of criteria that you match that data on?

MYTH 3: It will take forever to migrate our current process and train everyone – it’s not worth it. False.

Not so fast! It depends on the product and the implementation. Depending upon which automated solution and vendor you consider, gone are the days when you have to spend weeks on a technical installation alone, spend months defining your business requirements for customization, then go into testing mode before you can even start benefitting from the solution (all hand-in-hand with never-ending professional services fees). Today you can choose a product that is in tune with the latest and greatest technology: thin-client, web-based, quick and easy to deploy. If you can commit time and people to the project, going live in a short 40-60 working hours is often the norm.

The same is valid for training – it’s all about the product and the implementation approach. If the solution you choose is intuitive and easy to use by the average business user, then you can designate a power user within your organization who can train the rest of your users, saving you both time and money.

MYTH 4: I will probably need to get used to multiple platforms for every part of the process. False.

Again, not so fast! Today’s reconciliation market offers products such as the ReconArt™ Total Reconciliation Lifecycle™ solution that can accommodate your entire reconciliation lifecycle in one product with the same interface. The result is that your power admin user, daily reconciler, period-end approvers and reviewers, senior level executives looking for reports, and the auditors and compliance officer are all interacting with the same comprehensive system. Their access rights determine exactly what they can see and do on a super granular level.

Geri Davies is ReconArt’s Vice President of Client Success located in the company’s Alexandria, VA US head office location. Geri can be contacted at geri.davies@reconart.com or +1 202-413-2053.

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Let’s Talk 4 Myths About Automating Your Reconciliations Debunked

Case Study

Case Study: E-Commerce

Case Study: E-Commerce

Industry: E-Commerce
Focus: High volume of transactions, time savings, cash flow visibility

Exciting, unique, high-growth company providing a peer-to-peer platform which connects buyers and sellers to facilitate the exchange of authenticated, collectible goods.

read more

ReconArt Customers

Here are some of the customers who leverage our reconciliation software to automate their reconciliation and close processes.

Soyven
Gathern
Navan
Klar
Daikin
Expedia
Umpqua bank
Calgary co op B&W
deVolksbank
Nedbank
Asos
Fiat Chrysler
Ferratum
Quikrete
New York City Department of Finance
Worldremit
Bill
Catalyst
Xendit
Agency Insurance Company
MidFlorida Credit Union
Sparkasse Bank Malta

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