Full visibility into effective financial management and controls is more important than ever for non-profit and charitable institutions. Timely reconciliation of financial data associated with the movement and usage of funds received from individual and corporate donations, as well as from publicly funded bodies, is crucial to demonstrating this both internally and to the outside world.
ReconArt™ provides the all-encompassing and full lifecycle solution that non-profit organizations need to clearly demonstrate best practice. Naturally bank reconciliation is a key function employed by all non-profits. ReconArt™ provides for any number of bank accounts, in any currencies, to be matched and reconciled with minimal cost and effort and with maximum efficiency. Alerts can be set to show immediately potential anomalies in what should otherwise be natural transaction flows through the various bank accounts deployed for both incoming funds and outgoing payments.
However, ReconArt™ does not end with bank reconciliation. Built for total flexibility to compare any data type, there is no limit to the number of different transaction-based account types – both financial and non-financial – that can be subjected to comparison with any required frequency. This could be daily, weekly, monthly – you decide based upon the volumes and potential level of risk. Additionally, ReconArt™ provides through its fully integrated general ledger attestation and certification functionality all the tools for the multi-level review and sign-off of any or all balance sheet and other significant accounts as part of required periodic monitoring of account balances. And of course, because the solution supports any data type, data comparison is not restricted to merely financial data. Static data can also be compared on a periodic or one-off basis (for example the reconciliation of membership or donor listings).
Here is a sampling of the reconciliation types and process solutions available to our non-profit institution clients:
- Bank Accounts
- Ledger to Sub-ledger
- Non-financial reconciliations
- Period-End Close
- Account Certification & Attestation
Implementing ReconArt is fast and risk-free. 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 in ReconArt’s state-of-the-art data center or self-hosted utilizing your organization’s 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.
We are committed to serving the non-profit sector by providing the same evolving and continuously maturing solution that is enjoyed by commercial customers. Contact ReconArt today to learn more about how the ReconArt™ solution can help you establish and demonstrate best practice financial management through timely reconciliation and process tooling to support your valuable work. Want to learn more about financial close management for non-profits? Don’t hesitate to contact us today.