Transaction Lifecycle Reconciliation & Tracking
- Track transactions across multiple systems and statuses
- Get insight into transaction “completeness” and performance
- Automatically update transaction details
- Alert and report on transaction lifecycle events and SLAs
- Can be utilized for non-financial transactions
Overview: Transaction Lifecycle is the tracking of individual transactions from the moment they originate until they have reached a terminal status in all systems. Reconciliation of the Transaction Lifecycle ensures that every step of your process is complete and wholesome. Exceptions require action to satisfy internal and external clients.
Purpose: The purpose of gathering data on the Transaction Lifecycle is so the organization can track transactions as they move through their books and systems. By reconciling and following individual transactions, the organization can acquire meaningful data about their operations, such as identifying specific problematic transactions, accounts or systems. Businesses can then use this information to improve the quality and efficiency of their delivery.
- Transaction status held in multiple systems. In situations where transactions appear in multiple accounts, queries for information about these items must often be repeated across multiple locations for each time the information is needed.
- When transactional data is stored across multiple locations, tracking important reconciliation statistics such as Matching efficiency, Aging of outstanding items, and how quickly Exceptions are resolved becomes difficult, if not impossible.
- Tracking transactions can involve complex communication chains, with multiple parties having to confirm the correctness of various details.
- Individual exceptions are difficult to verify when there are several different records of the same transaction, and users from different teams may end up investigating the same exceptions.
- ReconArt allows users to automatically update transaction details at the time of matching, as well as search across multiple accounts simultaneously. This simplifies the process when searching for information about a transaction.
- ReconArt tracks these statistics for individual transactions automatically, and includes several reports and dashboards that allow users to quickly and easily view high-level information about the transactions. These reports can be generated automatically, so that users can analyze efficiency of their process without serious effort on their part to acquire the information.
- ReconArt allows for the creation of automated alerts, which can be sent to users either inside the business, or externally. These alerts can be triggered by various events, such as confirming import of a file, or based on certain transaction properties, such as emailing a list of transactions which are missing key details.
- Exceptions are stored in a single location, and multiple users can simultaneously investigate exceptions and track them until they are resolved.
Want to learn more about Transaction Lifecycle Matching Solutions? Don’t hesitate to contact us today.