TrustRadius
https://media.trustradius.com/product-logos/St/Kt/245DKTR9U3GS.JPEGReconNET -- Stress-free ReconciliationReconNET Tool is used both as an operational reconciliation on a daily basis, and for period end reconciliation on a monthly basis for General ledger account and group accounts across the organization at a profit center level. It automates the key reconciliation challenges on a regular basis to ensure the integrity of the information at the company code level, at profit center level, at a parent-child level (for rollups), and helps recognize on a proactive basis the potential issues that could jeopardize "the close.",The ReconNET tool has a great audit-trial system that captures every detail in the life of a record and helps eliminate any manual intervention. It's fully SOX Compliant, and helps track any changes in the data from an audit perspective. The automation helps us focus entirely on the exceptions, which helps eliminate attention from the mundane tasks to areas with potential problems. Exception management and automated posting to the GL are great features that help streamline many of the routine, mundane, and yet time-consuming activities, freeing up time to focus on issues at hand.,It takes a little bit of practice to get the hang of the tool to set up the reconciliations, but its not necessarily a drawback, since this applies to every other automation tool out there. However, once someone gets the hang of it, it's pretty user-friendly to run it on a daily basis. Since automatons can only be built on a set logic, at times certain items that show up as exceptions are not truly a cause of concern. However, since it's always better to flag too many potential exceptions than too few, it's not a true drawback. It has quite a few features, such as multi-currency reconciliation, bank deposits, disbursements, automated postings to G/L, etc. which could be of great value for various requirements for clients. It is especially useful where volumes of data are too large to deal with. The uses might not be phenomenal for low volume reconciliation requirements.,8,It definitely has a positive impact on ROI with freeing up resource availability and usage on the most pressing tasks at hand. For example, focusing on exceptions rather than reconciling from scratch. Another positive impact on the ROI can be realized with the detailed audit trials on sensitive information. Strong Financial Reporting is the backbone of any industry, regardless of the sector it operates in, and having an automated reconciliation tool such as ReconNET helps you attain the key objective of integrity of information in a timely fashion, to support the close process.,Winshuttle, Microsoft Access and Excel4apps,Microsoft Access, SAP HANA, Microsoft Office 365
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ReconNET
1 Ratings
Score 8.0 out of 101
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ReconNET Reviews

ReconNET
1 Ratings
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Score 8.0 out of 101

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Rajib Mukherjee profile photo
Score 8 out of 10
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ReconNET Tool is used both as an operational reconciliation on a daily basis, and for period end reconciliation on a monthly basis for General ledger account and group accounts across the organization at a profit center level. It automates the key reconciliation challenges on a regular basis to ensure the integrity of the information at the company code level, at profit center level, at a parent-child level (for rollups), and helps recognize on a proactive basis the potential issues that could jeopardize "the close."
  • The ReconNET tool has a great audit-trial system that captures every detail in the life of a record and helps eliminate any manual intervention. It's fully SOX Compliant, and helps track any changes in the data from an audit perspective.
  • The automation helps us focus entirely on the exceptions, which helps eliminate attention from the mundane tasks to areas with potential problems.
  • Exception management and automated posting to the GL are great features that help streamline many of the routine, mundane, and yet time-consuming activities, freeing up time to focus on issues at hand.
  • It takes a little bit of practice to get the hang of the tool to set up the reconciliations, but its not necessarily a drawback, since this applies to every other automation tool out there. However, once someone gets the hang of it, it's pretty user-friendly to run it on a daily basis.
  • Since automatons can only be built on a set logic, at times certain items that show up as exceptions are not truly a cause of concern. However, since it's always better to flag too many potential exceptions than too few, it's not a true drawback.
  • It has quite a few features, such as multi-currency reconciliation, bank deposits, disbursements, automated postings to G/L, etc. which could be of great value for various requirements for clients. It is especially useful where volumes of data are too large to deal with. The uses might not be phenomenal for low volume reconciliation requirements.
It is well suited in scenarios where customers have tremendous volumes of data to deal with and where the reconciliation of the information is of paramount importance to businesses and stakeholders. We use it primarily for balance sheet reconciliations that come with features, such as exception management, which is great for focusing on the few that matter the most at the end of the day.
Read Rajib Mukherjee's full review

ReconNET Scorecard Summary

Feature Scorecard Summary

Pixel Perfect reports (1)
7
Customizable dashboards (1)
8
Report Formatting Templates (1)
8
Drill-down analysis (1)
7
Formatting capabilities (1)
8
Integration with R or other statistical packages (1)
7
Report sharing and collaboration (1)
8
Publish to Web (1)
8
Publish to PDF (1)
8
Report Versioning (1)
9
Report Delivery Scheduling (1)
8
Pre-built visualization formats (heatmaps, scatter plots etc.) (1)
8
Location Analytics / Geographic Visualization (1)
8
Predictive Analytics (1)
7
Multi-User Support (named login) (1)
8
Role-Based Security Model (1)
8
Multiple Access Permission Levels (Create, Read, Delete) (1)
7
Single Sign-On (SSO) (1)
8
Responsive Design for Web Access (1)
8
Dedicated iOS Application (1)
7
Dedicated Android Application (1)
8
Dashboard / Report / Visualization Interactivity on Mobile (1)
8
Long-term financial planning (1)
7
Financial budgeting (1)
8
Forecasting (1)
8
Scenario modeling (1)
8
Management reporting (1)
9
Financial data consolidation (1)
8
Journal entries and reports (1)
9
Multi-currency management (1)
9
Intercompany Eliminations (1)
8
Minority Ownership (1)
7
Local and consolidated reporting (1)
8
Detailed Audit Trails (1)
9
Financial Statement Reporting (1)
7
Management Reporting (1)
8
Excel-based Reporting (1)
8
Automated board and financial reporting (1)
7
XBRL support for regulatory filing (1)
7
Personalized dashboards (1)
7
Color-coded scorecards (1)
8
KPIs (1)
8
Cost and profitability analysis (1)
8
Key Performance Indicator setting (1)
8
Benchmarking with external data (1)
8
Flat file integration (1)
8
Excel data integration (1)
8
Direct links to 3rd-party data sources (1)
7

About ReconNET

ReconNET is a corporate performance management solution from Trintech. ReconNET automates account reconciliation, including high-volume reconciliation, with the goal of helping users tighten controls, reduce risk and increase process efficiency.

ReconNET Competitors

BlackLine, FloQast, ReconArt

ReconNET Technical Details

Operating Systems: Unspecified
Mobile Application:No