Overview

ReconNET is a solution designed to address the challenges organizations face in reconciling important data, such as high volume, time-consuming processes, and reliance on manual workflows. It aims to help Finance and Accounting teams save time, reduce financial risk, and increase their value to the business. ReconNET automates over 90% of daily, monthly, and periodic reconciliation processes, reducing associated costs and risks. It helps mitigate data entry and processing errors, minimize manual processes, and tighten internal controls.

Features

• Increased efficiency with automated high-volume transaction and matching, potentially reducing bank-to-book reconciliation efforts from weeks to days
• Advanced tools for exception reporting and management
• Powerful reporting and visualization tools that let you see where your cash is at any given time
• Comprehensive risk management functionality that includes both detective and preventative controls
• Robust customization options that allow you to perform specialty reconciliation specific to your organization

Benefits

Automated, High-Volume Transaction Matching ReconNET automates daily, monthly, and periodic reconciliation and account balancing processes through powerful matching algorithms — electronically matching your data and automatically reconciling accounts. Controls and Reporting Measure only the KPIs you want through easily accessible reports so that you can optimize your internal processes and financial relationships. Anticipatory ACH Get the most money possible into interest-bearing, concentration accounts by eliminating the need for proprietary bank ACH systems and their associated fees. ReconNET automates the ACH calculation process and reduces your company’s exposure to ACH overdraft fees. SOX and BASEL II Compliance ReconNET prevents mistakes during the input process and detects them during the output process to improve your audibility and compliance.