Case Study - Case Study: Enterprise Technology Provider
Employee expenses & credit card reconciliation
A global, cloud-based, financial management and HR solution provider founded in 2005. The Company has an impressive customer list ranging from medium-sized businesses to Fortune 50 enterprises.
Being a global organization with over 10 thousand employees, one of the Company’s important internal processes was 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 Company 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.
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 enabled easy research and visibility into historical data
- Automated matching for large transaction volumes significantly sped up reconciliation time
- Previously unrecognized differences due to FX calculations were clearly labeled and managed
- Ease of use and continued self-sufficiency: the business team completely owned 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.