Automation in Accounts reconciliation, including Accounts Payable reconciliation (AP Recs) and Accounts Receivable reconciliation (AR Recs), can relieve accounting folks of a tremendous daily burden. Regardless the size or industry domain, every company ploughs through heaps of transactions with its usual counterparts. Whether it is supplier invoices, utility bills, or client credits, their timely resolution have a significant impact on the cash position of the company. However, manual monitoring, ticking out and exceptions investigation is a daunting task, and slowness or disorder in completion can reveal tangible losses via thorough financial reconciliation.
The automation of Accounts Receivable becomes a pressing issue with the rising complexity of payments methods, information channels, and client preferences. ReconArt’s account reconciliation software supports automatic import and enrichment of data following relevant repetitive patterns. Enrichment rules are retrieved from external reference data sources stored as lookup tables. The timely recognition of proceeds from product and service delivery is essential to the sound financial reporting. The smooth processing of receipts from invoices in the pipeline and their prompt record in the ERP system bolsters visibility and therefore, partnership trust. …
The automation of Accounts Payable guarantees compliance with formalized business priorities and rules. Partial payments no longer create hustle as multi-sided matching functionality of ReconArt™ navigates each transaction through its entire lifecycle – from the external data source to the GL. The swift identification of overdue payments and their settlement in accordance with predefined business logic is at the core of the powerful matching engine.
ReconArt is proud to receive the trust of our customers and we are dedicated to our mutual success. Here are some of the customers who leverage our reconciliation software to automate their reconciliation and close processes.
Progressive Credit is a microfinance organization founded in 2011. The company operates in 27 branches across Kenya with the mission to design innovative credit product tailored for consumers & SME.
1-800-PACK-RAT is an industry leader in portable storage and moving, who provides US customers and businesses with solutions for on-site storage, warehouse storage, local or long-distance moving.
RedCloud, HQ in the UK, has developed a digital ecosystem for order & inventory management, cashless payments, customer engagement. The platform is leveraged by small & local FMCG businesses globally.
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