Used in major universities and educational institutions, ReconArt automates the process of period end review, attestation and certification – whether required by legislation or performed as part of internal integrity operations. Our solution is configurable end-to-end by the business community. We enable our clients to achieve complete self-sufficiency in the administration and operation of the application and fully leverage its capabilities. We are complete partners with our Education industry customers in realizing the full benefits of our reconciliation software for the education industry.
The ReconArt solution addresses significant business process needs for the Education sector. Account assignments, management of approval workflows, end of period balance updates, rule-based automatic certification and progress tracking are all accommodated. With ReconArt’s education reconciliation software, the process of period-end certification – that may include tens of thousands of accounts and hundreds of users – becomes transparent and easy to manage in our integrated, web-based product.
ReconArt covers the entire Reconciliation lifecycle software for the Education industry – from high volume transaction matching, GL and Balance Sheet reconciliation of any frequency, Period End review, attestation and certification of the Balance Sheet, to Sarbanes-Oxley (SOX) compliance. This vast functionality is delivered in a modern and intuitive way, designed to reside 100% in the operations layer without creating technical resource dependencies. ReconArt was designed and built to be easy to install, easy to configure, entirely integrated and web-based. We support multiple industry-standard formats for data allowing easy integration with GL/ERP systems providing structured data, sidestepping the need for complex and costly integration.
Often the process of period-end attestation and certification is spread between different departments of the educational institution based on organizational or financial structure such as different cost centers. ReconArt allows for easy configuration of responsibilities and distribution of tasks to those who need to prepare or approve the results of the certification process. All documents that are provided during the attestation process are preserved in electronic format for easy access and review together with the underlying information. The result is a speedy, accurate process that allows teams to work together seamlessly.
ReconArt covers the following major functional areas in one integrated solution:
Import of source transactional or balance data, easily mapped with our intuitive interface and supporting multiple standard formats – manually or fully automated
Transformation of the data necessary for reconciliation purposes
Matching based on rules, fully configurable by the business users – from the simple one-to-one matching to complex multi-way matching
Exceptions management to resolve the outstanding transactions
Allocation of accounts to certifiers for preparation and review at the end of the period
Operational management of the attestation and certification process, tracking of the progress, event-based reminders, notifications and overdue escalations
Reporting and dashboards to track the progress of reconciliations, period end review, attestation and certification and perform the necessary actions to complete it on time
While the functionality of ReconArt is extremely comprehensive, ReconArt is still easy to deploy and quick to take live. Most standard implementations are provided on a fixed-cost basis with implementation time ranging from a few weeks to a few months based on footprint, complexity and data readiness. The solution can be hosted with ReconArt or self-hosted utilizing your data center and infrastructure. In either case, both options are delivered to your user community in the exact same manner, utilizing our totally web-based, zero footprint solution.
Our clients in the education industry range from small to large regional and national Universities spread across the globe. ReconArt is designed to support their reconciliation and certification process while scaling readily to address the needs for a large and distributed user-base while providing support for large numbers of accounts.
We are committed to serving this industry group by providing an evolving and continuously maturing solution with significant input from our existing customers. This ensures our application draws to best practices and allows us to share optimizations in the process to all of our clients.
We consider ourselves partners in addressing the Educational industry communities’ reconciliation challenges and are privileged to play a key role in many organizations’ operations. Contact us today for more information.