ReconNET -- Stress-free Reconciliation
Rating: 8 out of 10
IncentivizedUse Cases and Deployment Scope
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."
Pros
- 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.
Cons
- 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.
Likelihood to Recommend
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.
RM
Rajib Mukherjee
Solution Architect in Information Technology at Siemens (10,001+ employees)
Vetted Review
3 years of experience