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Bank Reconciliation

Bank Reconciliation
Solution
  • High volume matching between any bank statement and GL
  • Out of the box support for typical bank formats
  • Automation of data import. matching, and reporting
  • Fully configurable matching rules
  • Ready-to-go reconciliation reports

Bank Reconciliation is one of the key business processes for which ReconArt was engineered. It is universal in nature and relevant to businesses of all sizes and industries. The fundamental activity in bank reconciliation involves the matching of individual transactions reported from the bank (via statement or detailed activity report) against relevant internal data (typically the GL) to ensure that all information recorded by the bank is accurate and accounted for in the business’ finance system, most simply understood as “check book reconciliation.”

Although it seems simple on the surface, this process often challenges businesses due to the number of bank accounts, the volume of transactions, varied sources of data (e.g. every bank statement format is slightly different), and the inability to consistently maintain the reconciliation on a daily basis. All this creates large bottlenecks and cascading impacts at month-end. In some cases, other challenges arise such as the use of different currencies, check clearing, complicated transaction relationships (one-to-one, one-to-many, many-to-many), and exception management requirements.

ReconArt software addresses all these challenges by fully automating bank reconciliation steps, including the import and data matching process for bank account activity. Our robust matching engine allows users to create their own match rules – as simple or as complex as needed, to automatically perform the reconciliation as soon as the daily data is available. This ensures immediate visibility into exception items which can be investigated and resolved in ReconArt’s completely auditable framework, together with best practice reporting features. Leveraging automation allows for workflows that scale better and give the organization superior insight into financial position and risk.

Our clients work with hundreds of different banks. Our bank reconciliation software solution, supports all the standard bank file formats including BAI, ACH, SWIFT, FIRD, and others. Other standard formats, proprietary formats and custom formats are easily accommodated within our solution tool set.

Read more about reconciliation activities and terminology including “What is Bank Reconciliation?” in our blog.

Challenges of Bank Reconciliation
  • Manual processes not well-equipped to handle bank reconciliation
  • Ability to scale transaction volume and number of accounts
  • Bottlenecks in bank reconciliation process threaten month-end or period-end reporting and closure
  • Changing bank relationships and new accounts at existing banks can be disruptive even when such flexibility is extremely valuable to the business
  • New data sources (either bank-side or business-side) can cause need for custom development or involvement from IT teams or consultants.
  • Complex matching logic difficult to define, manage and execute

ReconArt Customers

Here are some of our customers who leverage ReconArt to support their reconciliation and close processes.

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