hero-shot

Enhanced Control: Variance Analysis

Core Capabilities of ReconArt Software

  • Evaluate key period-end balances against previous periods

  • Set acceptable threshold amounts or percentages to flag larger variances

  • Assign analysts and approvers to collaborate on explaining fluctuations

  • Ensure variances are fully documented and analyzed

  • Provide auditors access to detailed info on balance fluctuations

category icon
READ FROM OUR GROWING PORTFOLIO OF CUSTOMER SUCCESS STORIES read more

Key Benefits of ReconArt
Software

  • Establishing best practices to manage risk and prompt actions based on differences of concern

  • Quick insight into differences between planned and actual account balances

  • Increased visibility and operational efficiency

  • Full support for all typical file formats to ensure ease of bringing along all required data

  • Business user friendly

hero-shot

How ReconArt streamlines the reconciliation process?

Variance Analysis, as a quantitative approach of identifying deviations in business performance from defined standards, can be a powerful management tool. This ReconArt functionality allows teams to analyze differences in account activities, uncover the patterns of deviations, facilitate performance measurement and improve control. The monitoring automation of account activities and their fluctuations over any selected time period can become a significant component of continuous accounting methods.

Through process automation, accounting and controlling teams can focus on identifying, investigating and mitigating the uncovered risks. Being able to analyze the differences between expected and actual balances while the reconciliation activities are in progress, not only saves time, but allows flags to be raised at the right moment. Functionalities as setting thresholds and collaborating with workflow approvers to substantiate differences, act as a control point that facilitates compliance and audit readiness.

Connect Your data with Your decisions:

ReconArt software integrates your reconciliation data in one place and allows for its use across Reconciliation, Exception Management, Journaling, Period End, Variance Analysis and Certification. Financial Management best practices state that Variance Analysis should be completed across all desired accounts prior to period-end close and certainly prior to reconciliation sign-off.  This allows decision makers to make key adjustments and align business strategies.

read more

Dedicated to Success

ReconArt is proud to receive the trust of our customers and we are dedicated to our mutual success. Here are some of our customers who leverage ReconArt to support their reconciliation and close processes.

logo
TransferGo

TransferGo is an innovative platform for international money transfers.

read more
logo
Coca-Cola Bottling Co.

Coca-Cola Bottling Co. Consolidated (CCBCC) is the nation's largest independent Coca-Cola bottler.

read more
logo
First National Bankers Bank

First National Bankers Bank (FNBB), headquartered in Baton Rouge, Louisiana, was chartered as the first national Bankers Bank in the United States in 1984.

read more

Let's Talk

We welcome the opportunity to explore your needs and introduce you to our solution.

What to expect from us
  • Quick response
  • Collaborative discovery
  • Transparency and openness
  • Clear next steps
Let us know you have interest