ReconNET -- Stress-free Reconciliation
June 27, 2019
ReconNET -- Stress-free Reconciliation
Score 8 out of 10
Vetted Review
Verified User
Overall Satisfaction with ReconNET
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.
- 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.
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