Bank Reconciliation Software

Key Benefits of our Bank Reconciliation Software

  • Automate simultaneous import and reconciliation of bank accounts
  • Take advantage of native support for standard bank file formats – BAI, SWIFT, FIRD, ACH, etc.
  • Automatically apply complex matching logic with easy-to-use, intuitive rules engine via robust bank reconciliation software
  • Manage and resolve exceptions in a fully audit-able framework providing easy and comprehensive reporting

 

Overview: Bank account reconciliation is the process of matching individual transactions from bank statements against relevant internal data to ensure that all information recorded by the bank is accurate.

Purpose: Bank Reconciliation software ensures that no erroneous information is being recorded by banks during account reconciliation. Additionally, it ensures that no transactions are being recorded in the wrong bank account.

Challenges:

  • Legacy and manual bank account reconciliation processes are not well equipped to handle the bank reconciliation lifecycle. In both instances, every aspect of the process – from receiving and digesting common bank data files to managing high transactional volumes across multiple accounts, banks, and currencies – introduces challenges and significant risk.
  • The lack of an automated, daily bank reconciliation introduces unnecessary bottlenecks at month or period-end. Reports on account status are often obtained weeks or months after the fact, causing delay in validating account activity.
  • The inability to keep up with high transactional volumes results in exceptions that cannot be adequately investigated. If exceptions are identified, their resolution is difficult to track leaving management with a lack of visibility that hinders their focus and support.

 

Solution:

  • ReconArt’s bank reconciliation software enables automation of every step of the bank reconciliation process – importing data files, matching data, and generating reports. This can be done efficiently every day thereby minimizing pressure at month-end and allowing resources to be focused on investigating exceptions. Accounts for reconciliation can be organized according to the specific needs of the business and information can be accessed from multiple accounts simultaneously.
  • ReconArt allows the business to automate every step of the bank account reconciliation process – importing data files, matching data, and generating reports. This can be done efficiently every day thereby minimizing pressure at month-end and allowing resources to be focused on investigating exceptions. Accounts for reconciliation can be organized according to the specific needs of the business and information can be accessed from multiple accounts simultaneously.
  • Management and other concerned users can be notified automatically of exceptions in bank accounts and easily check on the status of any exception investigation. All bank reconciliation activity is recorded in an audit trail automatically with our software.

 

solutions-arr-cycle

 

 

Have questions?
Want to see a demo?
We are here to help.
Contact Us
You will receive a prompt
and hassle-free
response.
arrows

Ready to get started?