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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.

Personal identification information

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.

Non-personal identification information

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.

Web browser cookies

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:

  • To improve customer service:  Information you provide helps us respond to your customer service requests and support needs more efficiently.
  • To personalize user experience:  We may use information in the aggregate to understand how our Users as a group use the services and resources provided on our Site.
  • To improve our Site:  We may use feedback you provide to improve our products and services.
  • To send periodic emails:  We may use the email address to respond to their inquiries, questions, and/or other requests.

 

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.

Your acceptance of these terms

By using this Site, you signify your acceptance of this policy. If you do not agree to this policy, please do not use our Site. Your continued use of the Site following the posting of changes to this policy will be deemed your acceptance of those changes.

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 
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Jan / 29 / 2024

Fastest Growers Leverage SaaS Account Reconciliations

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 such as sales, marketing, and customer service (e.g. SalesForce CRM and Zendesk). The adoption of such solutions represented the first wave of meaningful transition to the cloud. We are now seeing a second wave of transition that further realizes the full promise of “the cloud” touted many years ago. This new wave embraces the benefits of SaaS by driving it deeper into the organization and leveraging it to fuel transformation and strategy.

As most business strategy revolves around growth, it is interesting to note that many of the fastest growing firms are either adopters of SaaS or are providers of SaaS solutions. The former is a testament to the effectiveness that leveraging SaaS offers. The latter is a testament to the rate of adoption SaaS solutions enjoy.

As the benefits are substantial, I thought it useful to review how SaaS supports the organization striving for growth. These benefits fall into three primary categories: agility, cost, and scalability.

Agility: 100% business owned SaaS reconciliation software that is rapid to deploy, easy to upgrade, and is flexible to support

When software solutions are hosted in-house, businesses have to build costly IT infrastructures (both systems and people) to provide for their functionality. This involves IT specialists to develop, test, host and maintain the applications as well as procuring requisite hardware. The process of acquiring gear and developing and configuring software is very time-consuming and even distracting. To compound matters, such in-house infrastructures are inflexible and difficult to change. For organizations using the in-house model, this can be a major pain point.

Often in these circumstances, the focus shifts to the difficulties involved in developing systems (as opposed to solving business problems) and we lose site of the end goal: supporting the core operation of the organization. This is a major blow to both agility and momentum for an organization seeking rapid, value-generating change.

By contrast, software solutions offered via the cloud avoid the problems of the traditional, on-premise approach. In the SaaS model, the solution vendor provides the infrastructure and resources necessary to support the application and its evolution. The dependency on an IT-centric solution is avoided.

Cloud Reconciliation Software

As a result of supporting varied needs of the SaaS customer, the successful SaaS vendor provides a flexible, customizable solution based on common functionality and best practices, delivered in a multi-tenant model. Again, the vendor assumes responsibility for flexibility and cost-to-change.

This all lends itself to a solution that is rapid to deploy, easy to upgrade, and is flexible to support the organization and its changing needs. Ideally, the SaaS solution can be 100% business-owned while avoiding the involvement and resource constraints of IT departments.

The web-based nature of cloud solutions means the application is available anywhere at any time. This is helpful when there is a need to offer the application globally either as a part of re-homing the functionality or spreading the functionality across a geographically diverse organization. The ability to access the functionality to this extent could be quite expensive in traditionally in-house environments.

Owing to the ubiquity of web applications, SaaS solutions benefit from very high adoption rates. Today more than ever the best of them typically have very intuitive user experiences and reduced learning curves. Those factors dramatically improve adoption and successful change in business process.

Finally, the agility inherent to SaaS solutions benefits the solution evaluation process. Both the key business functionality and solution agility can be quickly proven with rapid prototyping and proofs-of-concept (POC).

Cost: reduce infrastructure costs and improve reconciliation team productivity with cloud-based solutions

SaaS solutions offer advantages that both directly and indirectly result in lower costs to the business.

Needless to say, the infrastructure necessary to operate the in-house model can be very costly. Cloud-based SaaS solutions avoid those costs completely. The vendor takes on all those responsibilities while their customer still accesses the functionality. With that change in responsibility, there is now an opportunity to divest of such infrastructures and supporting resources – or at least move in such a direction. A SaaS solution model can have a dramatic effect on reducing total cost of ownership (TCO) for business solutions. This also paves the way for transformation to a business-centric organization as opposed to those who struggle with IT-involved change.

SaaS solutions are often subscription-based. They are typically very cost-effective and most do not carry up-front license fees. This lowers initial costs. Furthermore, subscription-based services allow costs to fall against operating expenses (OpEx) and need not create demand as capital expenditures (CapEx). This can be significant when planning budget utilization and funding scenarios.

Scalability: SaaS applications open room for expansions in terms of new reconciliation processes, transaction volumes, and new software users

We had already touched on the relatively inert nature of in-house infrastructures. When needing to grow the solution – in terms of transaction volume, expanded user-base, geographic reach, and performance – in-house solutions can be seriously challenged. Changing any aspect of the “as-is” with new requirements related to scale can require the same lengthy and costly development process. This is a major impediment to addressing business growth with complimentary growth in system capabilities.

In contrast, SaaS solutions can be scaled on-demand. Need more users, more transactions, more speed? Your SaaS vendor will be able to respond very quickly to provision these enhancements.

Summary: SaaS deployment future-proofs your account reconciliation solution and financial control system

In summary, the nature of SaaS solutions helps organizations embracing growth and strategy by eliminating common problems found in traditional IT-centered, self-hosted environments. Businesses can employ Software-As-A-Service solutions to help support an increased speed of change, better efficiency of investment and future-proof scalability – all elements that are fundamental to business strategy and currently embraced by fast-growing and successful organizations. When it comes to account reconciliation software and financial control systems, SaaS can be a useful way for businesses to gain agility, cost savings and scalability, quickly employing systems that help increase staff efficiency and accuracy while decreasing time spent on important, but tedious, tasks.

Jeremy Shanahan is ReconArt’s Vice President of Business Solutions. He is responsible for product strategy and coordinating product delivery for the global ReconArt organization.  Jeremy has over 25 years of experience in enterprise architecture, software design and implementation of global, financial-focused software technology solutions.

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Case Study

Premier Credit: bank reconciliation with ReconArt

Premier Credit: bank reconciliation with ReconArt

Industry: Finance, Financial Services, Lending
Focus: Multiple Bank Sources, Automation, Mambu integration

Premier Credit Limited is a microfinance company established in 2013 to provide credit only financial solutions to small and microfinance entrepreneurs in East Africa.

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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