Intercompany Reconciliation

Core Capabilities of ReconArt Software

  • Compare and reconcile intercompany activity and trading

  • Support for multiple GL, sub-ledger, and external data sources

  • Set up automated rules to match transactions and label exceptions

  • Ensure timely and accurate resolution of exceptions

  • Support a fully audited, streamlined and compliant process

Intercompany Reconciliation
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Key Benefits of ReconArt Software

  • Reduced manual effort and speed time to close books at month and quarter end

  • Increased visibility and operational efficiency

  • One single solution for all reconciliation needs

  • Business user friendly and minimal need for IT support

  • Scalability and flexibility to accommodate specific client/process requirements

Intercompany Reconciliation

How ReconArt streamlines the reconciliation process?

ReconArtâ„¢ solution is designed in a way that can fully support the complex needs that arise when reconciling balances and transactions between and among different trading entities within the same parent organization. It ensures that both balance and transaction level data are properly reconciled, providing for the accuracy of reported financial statements at period end.

The simple yet powerful exception management functionality within ReconArtâ„¢ ensures and enforces a streamlined and consistent workflow for the review and resolution of issues. Where discrepancies exist, they can be identified, addressed, approved and appropriately reflected in the ledgers of one or more entities in the form of journal entries. The whole process is automated: imports can be made from multiple sources and formats, data can be normalized and enriched and that adds a great amount of speed and efficiency. Healthy intercompany reconciliation avoids regulatory and statutory exposure by addressing those requirements supported by best practices. Transparency and auditability is guaranteed. ReconArtâ„¢ software provides a complete audit trail of how intercompany activity is recorded in all base systems and in the consolidated financial statements of the parent or holding company.

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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.

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
RedCloud

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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Quikrete
Quikrete

Founded on May 22, 1940 in Columbus, Ohio, Quikrete is the largest manufacturer of packaged concrete and cement mixes in North America.

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