ReconNET -- Stress-free Reconciliation
Rating: 8 out of 10
June 27, 2019
RM
Vetted Review
Verified User
3 years of experience
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.
87.5%
8.8
- 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.
Each automation tool has its own set of features, but the fact that ReconNET is built for reconciliation purposes sets it apart from the rest. The ease of usage once the user gets a hang of it, the extensive audit trial, and the ability to focus on exceptions rather than the necessity to scroll through a bulk of irrelevant information, all provide the key-user with the critical decision-making ability.