Case Studies

Learn about our customer success stories. Our software is helping organizations of all sizes gain efficiency, transparency and accountability in their reconciliation and financial close processes.

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Workday – Customer Success Story

“I really love how logical ReconArt is and everything you can do on your own”

Client Background

Workday, Inc. is a global, cloud-based, financial management and HR solution provider. In its own words, Workday was founded over a decade ago around the idea of putting “people at the center of enterprise software” and it continues to deliver on that idea today to an impressive customer list ranging from medium-sized businesses to Fortune 50 enterprises.

Process Overview

Being a global organization with over 6,000 employees, one of Workday’s important internal processes is employee expenses reconciliation in the form of credit card transactions from its multiple corporate entities.

While the accounting team responsible for this process had a solid handle on it, they also appreciated that the growing transactional volume combined with the different external data sources involved meant that ReconArt could provide immediate benefits in efficiency, streamlining, and visibility. Having extensive experience with credit card reconciliation already, ReconArt was perfectly equipped to handle the data enrichment, multi-stepped matching, and flexible exception management that were required for the improved management of this particular but large reconciliation.

By leveraging ReconArt’s niche automated reconciliation strengths, the Workday team was able to minimize their own repetitive tasks around the employee expenses reconciliation process and invest more of their time in other meaningful tasks.

“I really love how logical ReconArt is and everything you can do on your own with import expressions and match rules. It’s also great to have everything in one place and be able to check on it at any time.”
– Alicia Davis, Senior Accountant

 

Specific Benefits achieved with ReconArt

  • Unification of all relevant transactions from multiple business entities
  • Automatic currency conversion based on Foreign Exchange rates
  • Perpetual storage and tracking of matched items enables easy research and visibility into historical data
  • Automated matching for large transaction volumes significantly speeds up reconciliation time
  • Previously unrecognized differences due to FX calculations are now clearly labeled and managed
  • Ease of use and continued self-sufficiency: the business team completely owns ReconArt’s administration without IT involvement
  • Enhanced on-demand visibility and control of the process using ReconArt’s flexible views, filters, exports, reports, and dashboards.

“The Workday team’s in-depth understanding of their own data, process, and expected results, as well as strong organizational and spreadsheet-based skills, were essential to the success of this ReconArt implementation.”
– Kevin Shanahan, ReconArt Product Specialist

 

We hope to see an expansion of ReconArt’s use at Workday in the near future.

Industry and Topics Referenced by this article:

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tajawal – Customer Success Story

“It was a solution able to reconcile a million transactions in no time and we knew this will help us scale.”

About

Travel & Tourism is one of today’s largest and most rapidly growing industries, with a global economic contribution. According to a research from the World Travel & Tourism Council (WTTC), the global travel and tourism sector employs more people than automotive manufacturing, mining, and financial services…combined!

In the effort of making travel more convenient for customers, the companies providing these services face some interesting challenges. Part of the industry-specific complexity is that nowadays, many travel companies serve as mediators between the end customer and other vendors, enabling travelers to rese

Industry and Topics Referenced by this article:

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WorldRemit – Customer Success Story

“ReconArt is a user-friendly reconciliation solution and that was one of the reasons why we chose it over other vendors.”

About

Like many industries heavily affected by technology in the last decade, the payment industry has evolved dramatically. Examples are all around us – it is now a global trend for people to use money remittance services across borders, transitioning away from cash to internet/ mobile-based transfers. Mobile technology has revolutionized the traditional methods of paying, sending and receiving money online, both in stores and between individuals.

Remittances represent a 600-billion-dollar market globally – mostly money transfers to friends and family abroad. In the past, remittances required a network of partners that could accept and pay out physical cash and on

Industry and Topics Referenced by this article: Payment Services

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Holiday Extras – Customer Success Story

“We were very happy that ReconArt could largely do what we needed out-of-the-box…ReconArt was easily able to get around the complexities of the travel industry.”

About

Holiday Extras is among the United Kingdom’s travel industry market leaders, offering bookings such as airport hotels and parking, airport lounges, airports by rail and coach, car hire and holiday insurance packages.

The company’s leading booking platform helps over seven million travelers a year achieve their holiday goals with a wide choice of products and unbeatable prices.

Business Case

Holiday Extras saw a large increase in profits and a wide expansion across Europe in 2011. It became evident that this growth required a transition from reconciling in complex spreadsheets to establishin

Industry and Topics Referenced by this article: Travel & Leisure

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Coca-Cola Bottling Co. – Customer Success Story

“The system helped us tremendously as far as doing the matching and the amount of time that it takes. Overall it’s been a great experience. We speak highly of ReconArt.”

Company Profile

Coca-Cola Bottling Co. Consolidated (CCBCC) is the nation’s largest independent Coca-Cola bottler. The Company operates primarily in the Southeast, with corporate offices located in Charlotte, North Carolina. CCBCC stock is traded on the NASDAQ exchange under the symbol COKE.

Challenge

Steven Richards, Accounts Payable Manager and Lucia Kok, Accounts Payable Analyst, were trying to figure out whether the market had a good solution fit for the company’s corporate expenses reconciliation. Between the three data sources at play (JP Morgan credit card transactions, Concur for expenses control, and SAP as the system of record) and the

Industry and Topics Referenced by this article: Food & Beverage

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TekSavvy – Customer Success Story

“We thought we were getting great value with ReconArt™.  It’s easy to use with a very quick learning curve.”

Company Profile

TekSavvy Solutions Inc. (TekSavvy) is one of Canada’s leading independent telecommunications service providers. Founded in 1998, TekSavvy provides residential and commercial internet and home phone services and more recently has developed a fixed wireless network which is used to provide high-speed internet access to underserved rural areas, TekSavvy has offices in Chatham, Ontario, and Gatineau, Quebec.

Challenges

Prior to adopting new technology, TekSavvy was using Microsoft Excel to perform its monthly reconciliations. However, the single workbook created to h

Industry and Topics Referenced by this article: Telecommunications

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Harmoney – Customer Success Story

“ReconArt has been really helpful in highlighting common issues for cash movements not coinciding with source system transactions… it has been really helpful in showing us how we can improve our existing system reporting and monitoring.”

Company

Harmoney is New Zealand’s leading peer-to-peer lending platform that matches borrowers with investors to provide everyone with a better deal. Peer-to-peer lending is disrupting the traditional bank lending model around the world, using secure, trusted technology to bring people together to invest and borrow at rates they love.

Challenges

Harmoney receives investor money, disburses this to borrowers and collects repayments via trust accounts set up for investors. Harmoney is essentially in a custodian role, meaning that the capital they are responsible for managing is not on their balance sheet, but they carry significant responsibility in en

Industry and Topics Referenced by this article: Finance, Financial Services, Lending

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BBN (Bankers’ Bank Northeast) – Customer Success Story

“ReconArt’s reputation for service and technology caught the attention of BBN as we searched to automate internal processes, expand reporting capabilities and enhance efficiencies.”

Company

Bankers’ Bank Northeast (BBN), based in Glastonbury, CT, was founded in 1998 and is one of 17 bankers’ banks nationally. The Bank offers a variety of correspondent services to community financial institutions throughout the six New England states, New York and New Jersey. BBN is committed to offering products and services that enhance the customer experience and improves profitability.

Challenges

BBN’s strategic plan included the implementation of a bank-wide reconciliation platform to automate daily, monthly and quarterly reconciliations that were being manually processed. Primarily the Bank wanted to automate matching of the ever-gro

Industry and Topics Referenced by this article: Banking

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Viewpost – Customer Success Story

“Ease of use was a big reason why we selected ReconArt ™.”

Company Profile

Founded in 2011, Viewpost created a business-to-business network that removes the barriers businesses face during the exchange of invoices and payments. By democratizing information flow, simplifying process and removing costs and complexity that deter adoption, Viewpost effectively connects people to payments within a network of possibilities.

With a single, free connection to the secure Viewpost® network, businesses of any size exchange electronic invoices and share invoice status updates with their trading partners at no cost. Businesses can also exchange payment for those invoices electronically, sending funds directly between their accounts at any

Industry and Topics Referenced by this article: Payment Services

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Premier Credit – Customer Success Story

“ReconArt™ gives us faith in the financial numbers we report by delivering accuracy, reduced operational risk and a fully audit-able environment.”

The company:

Premier Credit Limited is a microfinance company established in 2013 to provide credit only financial solutions to small and microfinance entrepreneurs in East Africa. Established by industry veterans with over fifteen years’ experience, Premier launched initially in Kenya. The company’s successful growth is now seeing it expand operations into Uganda and Tanzania and Premier Credit now encompasses three different entities

Challenges:

Within the first year of its existence, Premier Credit gained over 17,000 clients in Kenya alone. It services them with 350 staff spread across twenty-two branches. With each client making a payment on

Industry and Topics Referenced by this article: Finance

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