Credit Card Reconciliation Software

Key Benefits ReconArt Credit Card Reconciliation Software

  • Automate the import of credit card statements and internal reports with minimal IT resources
  • Streamline matching of payments and receipts
  • Identify fraudulent items, mispostings and fees; process chargebacks
  • Receive instant fraud alerts while utilizing ReconArt’s built-in prevention workflow
  • Generate period-end reports with on-screen review and digital sign-off

 

Overview: The process of credit card reconciliation entails periodically matching every transaction on the organization’s credit card statements to the corresponding internal ledgers. After all credit card activity has been reconciled, any remaining unmatched items are left for further investigation.

Purpose & Challenges: Many accounting teams struggle with acquiring full visibility over their credit card accounts due to increasing matching complexity, data integrity problems and an ever-growing rate of monthly transactions. An end-to-end reconciliation solution such as ReconArt™ can reduce exposure to risk while completely eradicating inefficient, manually intensive processes and strenuous year-end activities.

Challenges:

  • Data acquisition and integrity. It can be difficult to reconcile one or multi-record book side transactions to credit card statement line items, all of which come in different formats.
  • Growing transaction volumes. Although growth is always a goal, the associated ticking and tying on the reconciliation sides can quickly get out-of-hand after reaching just a few hundred weekly transactions. Write-offs are an unfortunate by-product of this problem and are counter to integrity and financial growth.
  • Difficult or no exception identification and resolution. In manual or semi-manual environments, most of the time is spent on confirming matched items. If an exception is identified, there is often no established resolution process to ensure a correction eventually flows into the process. Existing solutions might not have the automated labeling and notifications functionality to allow for optimal Exception Management. Limited “talk-back.” Once reconciliation has taken place, there is no reliable process of what information needs to post back into the ERP and how that should occur.
  • Difficult collaboration. Instead of collaborating on resolving problematic items, team members are overwhelmed with ticking and tying – often adding up transactions on one side to equal a bulk balance on the other side.
  • Low visibility into reconciliation activity. Since transactions accumulate daily, there is constantly a backlog and account status is unclear. Reconcilers have to dig through various data sources and spreadsheets to find transaction details, while management has little or no visibility of potential risk.
  • Inability to intelligently report on credit card reconciliation activity.

 

Solutions:

  • Our Integration tools are designed to reside in and be administered by the business-user community – where most of the relevant transactional knowledge resides. Business users can participate first-hand in the way internal reports and credit card statements are introduced, enriched and matched via an easy-to-use interface and navigation layout.
  • ReconArt™’s powerful matching engine allows for extremely fast and scalable transaction processing across the entire business, letting reconciliation staff resolve exceptions immediately after new transactional data is available.
  • When exceptions such as mispostings, unrecorded fees and suspicious transactions are identified, ReconArt™ will automatically categorize them and alert the appropriate person or team for review.
  • Journals and adjustments can automatically be posted back to the relevant ERP/general ledger systems.
  • Smart segregation of duties in ready-to-use approval workflows and interfaces allow users in different areas to concentrate on specific tasks – e.g. exception identification, investigation, resolution, reporting and analytics.
  • All operational and strategic data is accessible at any level – from managerial high-level summary to the specific drill-down into the audit trail of individual transactions.
  • ReconArt™ includes an ever growing library of standard reports which can be accessed or saved to the integrated Report Vault in real time. Report approval and digital sign-off are also at a manager or supervisor’s disposal.

 

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