Reconciliation Matching Tools: Reporting & Analytics

Key Benefits

  • Generate a rich variety of reports from a single repository; easily distribute and archive reports.
  • Configure extracts to your exact specifications; no reliance on stock reports.
  • Analyze every element of a matching reconciliation, including aging of items and match rule efficiency.
  • Dynamic dashboards provide at-a-glance analytics of current information.

 

Overview and Purpose: Evaluation of reconciliation performance is an important activity for businesses striving for visibility and continual overall improvement. Reports and analytical extracts provide high-level data about different elements of a reconciliation process, both for financial operations managers as well as internal or external auditors. Having access to quality reports and analytical data allows a business to critically examine their reconciliation practices – overall efficacy, resource efficiency, and result accuracy – and easily share this information with concerned parties.

 

Challenges:

  • The business may need extremely specific analytic extracts for their different reconciliation types and may need to change their analytic perspective at will. Such organizations may feel unnecessarily limited by software that includes only pre-defined reports.
  • Generating analytic reports may prove challenging when reconciliation data is stored in a variety of locations, spread throughout the business. Storage of historical reports can also be overly cumbersome, increasing the resources needed to support such reporting such as during audits.
  • Report scope may be limited in relation to when they are generated. In such cases analysis is restricted by how often the reports are generated and delivered.
  • Generation of reports and delivery to the required parties may require specific effort and assignment to particular business users, using up valuable resources.

 

Solutions:

  • The ReconArt solution not only includes a diverse array of reports already built-in to the solution, but also offers the opportunity for businesses to configure these reports to their exact specifications. Reports can be configured differently for different accounts, ensuring that all reports for reconciliation accounts exactly meet the needs of the business users.
  • Since ReconArt stores all reconciliation data in a single location, all analytic reports are drawn from the same place, making their generation painless for the user. ReconArt also securely stores and archives historical reports, allowing external auditors to be easily accommodated with minimal disruption to business operations.
  • ReconArt includes dynamic dashboards that provide similar information as is available on generated reports, but are always current based on the data in the system. These dashboards do not have to be run by users, showing dynamic information automatically. This allows for at-a-glance analysis to be performed directly within ReconArt, without having to exit the software.
  • All ReconArt reports can be generated, distributed, and archived automatically using the ReconArt Scheduler. This can significantly free up resources that may then be reallocated to increase the overall efficiency of the reconciliation process.

 

Special Accommodation:

  • While ReconArt offers configuration of reports to all clients, ReconArt also offers options for complete custom development of reports or dashboards. If entirely new reports or dashboards are needed, clients can leverage ReconArt’s development resources to limit their own resource expenditures, while still ensuring that the delivered report will meet their exacting needs.

 

solutions-arr-cycle

 

Related Solutions:

Solution Tools for Matching: Automation – Our family of automation capabilities for scheduling and executing reconciliations.

Need more information on Reporting & Analytics Matching Tools from ReconArt? Don’t hesitate to contact us today.

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