Name: ReconNET by Trintech
Rating: 9 (3 reviews)
Author: Trintech

Help Desk

Web and Video Conferencing

Customer Support

AI Code Generation

AI Development

Agile Development

Version Control

Development

Student Management

Education

Business Intelligence (BI)

Collaboration

Enterprise Asset Management

IP PBX

Knowledge Management

Enterprise

Accounting

Anti-Money Laundering (AML)

Nonprofit Accounting

Finance and Accounting

Applicant Tracking

Corporate Learning Management

Employee Scheduling

HR Management

Payroll

Talent Intelligence

Talent Management

Time Tracking

Workforce Analytics

Workforce Management

Human Resources

Build Automation

Cloud Brokers

Cloud Storage

Data Center Cooling

Data Center Networking

Data Mapping

Data Privacy Management

Data Warehouse

Database Load Balancing

Embedded Database

Firewall Security Management

Fraud Detection

IP Address Management (IPAM)

Integration Platform as a Service (iPaaS)

Low-Code Development

Managed IT Service

Migration

Mobile Application Performance Monitoring  (APM)

Network Performance Monitoring

Network Simulation

Platform-as-a-Service (PaaS)

Software Composition Analysis (SCA)

Value Stream Management

Workload Automation

Information Technology

A/B Testing

AI Writing Assistant Software

Account-Based Marketing (ABM)

Ad Serving & Retargeting

All-in-One Marketing

Content Management

Customer Experience Management

Customer Journey Analytics

Digital Experience Intelligence

Email Marketing

Marketing Automation

Search Engine Marketing (SEM)

Social Media Management

Survey & Forms Building

Web Analytics

Marketing

Project Management

Professional Services

Customer Relationship Management (CRM)

Headless eCommerce

Trade Promotion Management

Sales

Database Security

Security Orchestration, Automation and Response (SOAR)

Security

Apparel

Lease Management

Spreadsheet

Vendor Neutral Archive (VNA)

Vertical-Specific

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Vena Solutions provides a financial process automation solution to automate Corporate Performance Management, accounting and budgeting, Regulatory & Compliance, and other finance-related processes. It is scaled for medium to large-sized organizations.

Professional

Complete

Vena

Budgyt is a dynamic FP&A platform that simplifies budgeting, forecasting, and reporting. It offers a single source of truth for CFOs and finance teams to integrate financials, streamline processes, and manage multiple departments.

Budgyt

ReconNET by Trintech

Financial Close software provides reconciliation management, tasks assignment and checklist to ensure an orderly financial close process.

Financial Close

Likelihood to Recommend

Consolidation and Close

Financial data consolidation

Journal entries and reports

Multi-currency management

Detailed Audit Trails

Consolidation of data from multiple entities with currency management, reporting and audit trails.

Consolidating data from several entities into a single statement using US GAAP, IFRS or other standards.

Ability to enter journal entry adjustments and produce reports showing all journal entries for a specific period.

Ability to handle foreign currency conversions during consolidation.

Tracing changes to data and processes that were run.

Reconciliation Automation

Programmatic assistance for reconciling financial records with a central ledger.

Close Checklist

The ability to assign and track various tasks on multiple time bases, e.g., monthly, quarterly, and annually.

Customizable Workflows

The ability to adapt the software to complete tasks in a particular order according to business needs.

Microsoft Access

Winshuttle

SAP HANA Cloud

Excel4apps

Microsoft 365

Solution Architect

ReconNET 2019-06-25 14:00:59

TrustRadius is a technology and business research firm based in Austin, Texas. The company is known as a review platform for verified B2B technology and software reviews through a proprietary algorithm and human verification.

TrustRadius

Multi currency

Low volume

Quite good

Training materials

Set up

Automation tool

User friendly

Helps eliminate

Time consuming

Up time

Workflow process

Intuitive dashboard

Manual intervention

Potential problems

Features that help

Home

Financial Close Software

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 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

ReconNET by Trintech

Overview

What is ReconNET by Trintech?