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Bank Reconciliation

Core Capabilities of ReconArt Software

  • 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

Key Benefits of ReconArt Software

  • Significant time savings due to the full automation

  • Business user friendly

  • Auditable framework for enhanced control and compliance

  • Seamless integration with ERPs, internal systems and platforms

  • Scalability and flexibility

Bank Reconciliation

How ReconArt streamlines the reconciliation process?

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.

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ReconArt Customer Success Stories

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 Kenya: automation of daily bank reconciliations in the microfinance business
Progressive Credit Kenya: automation of daily bank reconciliations in the microfinance business

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.

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1-800-PACK-RAT: bank reconciliation with ReconArt
1-800-PACK-RAT: bank reconciliation with ReconArt

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.

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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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