Historically, the process of period end review, attestation and certification has challenged companies working in the telecommunications area. This, in large part, is due to the relatively high number of accounts that need to be managed, reviewed and certified to satisfy the requirements of legislation, regulatory compliance and internal policy. Often the legacy systems that underpinned these processes required significant involvement from technology departments, preparation of custom extracts of data and were complex to administer, configure and use. The ReconArt solution restores control and independence to the business community, allowing end-to-end handling. The business community can fully manage the attestation process including account assignments, management of approval workflows, end-of-period balance updates, rule-based automatic certification and progress tracking. As a fully integrated solution ReconArt can also be used to reconcile telecommunication specific areas like number of calls, durations and roaming charges.
ReconArt covers the entire reconciliation lifecycle for the Telecommunications industry – covering high volume transactional matching, non-financial reconciliations, GL and Balance Sheet reconciliation of any frequency, Period End review, attestation and certification of the Balance Sheet, and Sarbanes-Oxley (SOX) compliance. The system allows configuration of Telecom-specific non-financial and financial reconciliation processes such as reconciliation of call details, roaming details, accounts payable, accounts receivable and vendor reports. ReconArt does this in a modern and intuitive way, designed to reside 100% in the business units while delivering unprecedented speed, accuracy and concurrency.
Entirely web-based, ReconArt allows for easy deployment, access assignment and distribution of tasks to the people 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 their underlying information. Since the solution is web-enabled, it is easy to add users without regard to their physical location catering to teams of any size with any distribution via our consolidated offering.
ReconArt supports multiple industry-standard formats for data, allowing easy integration with any GL/ERP systems that can provide the data in a consistent fashion and avoiding complex and costly integration.
Our solution covers the following major areas of the high-volume transactional matching and period-end review, attestation and certification processes in one integrated solution:
Import of the source transactional or balance data, supported in multiple standard formats; manually or fully automated
Transformation of the data necessary for reconciliation purposes via our easy to use mapping and transformation capabilities of the import module
Integration flexibility using industry standard formats via files, database connectors, web services while complying with industry security standards
Matching based on rules, fully configurable by the business users and covering all forms of matching from simple one-to-one scenarios to complex multi-sided and many-to-many cases
Exception management to resolve outstanding transactions
Allocation of accounts to certifiers for preparation and review
Operational management of the attestation and certification process including tracking of progress, event-based reminders, notifications and overdue escalations
Reporting and dashboards to track the progress and metrics of the period end review, attestation and certification giving insight necessary to complete work on time
While the functionality of ReconArt is vast and rich, ReconArt is simple 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 Telecommunications industry range from small to large regional and national operators. ReconArt is designed to support their reconciliation and certification needs with ability to scale for future needs. We are committed to serving this industry group by providing an evolving and continuously maturing solution with significant input from our existing customers. This involvement enriches our offering and ensures best practices as optimizations are shared with all of our clients.
We consider ourselves partners in addressing the Telecommunications industry communities’ reconciliation challenges and are privileged to play a key role in many organizations’ operations. We hope you will take the time to explore our solution for the Telecommunications industry and hope you will invite us to add value in your environment. Contact us today to learn more about financial close software for the telecommunications industry.