Reconciliation Software from Accounts Technology and Services Ltd
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Reconcil@

Reconcil@

reconcil@Reconcil@ allows the automatic reconciliation of sets of data – whether this is a Supplier Statement, Remittance or Intercompany. We capture the data from a Ledger Report out of your accounts system and if we get your main suppliers to e-mail either Spreadsheets/Text files/PDF, Word or Tiff statements this will then allow us to capture the details and automatically reconcile them. Alternatively, we can deal with the majority of paper statements. This gives us maximum flexibility to deal with a vast variety of file types / formats and extract the information that is relevant. Reconciliations can be done as a single or batch process to maximise time saved.

Example Benefits from a Reconcil@ project

  • The typical accounts clerk may save between 8 and 18 or more hours of time per month, leaving free time for other higher value tasks. This can be especially useful at Month/ Year end. This also includes a reduction in time in the post reconciliation work.
  • Staff do not always have enough time to keep reconciliations up to date and hence problems can remain on the account for long periods of time. Using Reconcil@, you have early warning of any problems building up on the main accounts and you will then be able to take remedial action. This will contribute to reducing risk on the ledger and having improved relationships with your strategic partners.
  • Improved accuracy; the reconciled files can be instantly balanced to the last penny and post reconciliation time is vastly reduced. Bespoke summary sheets maximise the value of the reconciliations and minimise any post reconciliation work.
  • As there are tight deadlines when the Purchase Ledger has to be closed, Reconcil@ is a very quick and accurate application to meet these demanding requirements. Tens of thousands of transactions can be reconciled in minutes.
  • There is excellent control and traceability of what has been happening with the reconciliations. All the run reports are available in the software and can be searched for by ‘account number’ and ‘date range.’ Any notes that have been added can also be viewed. The same principle applies for audits as each reconciled file has an audit trail of which user and at what time the files were imported and when the reconciliation took place. So if something has gone wrong over a period of time you have the peace of mind that you can trace the issue over a number of previous reconciliations stored in the database.
  • As reconciled reports can be exported into a PDF or into Excel, they can then be easily shared to maximise the use of the reconciliation. For example, if a supplier is thinking of putting you on stop, an email can be sent to the supplier so they can also help with resolving the problems. Detailed summary sheets can be produced in Excel automatically that could not be created with Excel on its own. Hassle and extra time needed to deal with a supplier when you are on stop can be reduced with better control.
  • Quick installation and fast return on investment. Our fast training programme allows your team to start working with Reconcil@ quickly and get a return in a day or two.
  • KPI’s can be produced to contribute to improving and maintaining the health of the ledger.

Summary on the reconciled report produced:

Once the reconciliation is complete the information is merged into one report and indexed into various types of matches/mismatches.

‘Discrepancies:’ contains side by side, any transaction lines that have the correct reference although the amounts or dates have differences.

‘Invoices on supplier statement only:’ shows any transactions that are just on the supplier statement and do not match against the Purchase Ledger.

‘Invoices on Accounts Ledger only:’ is the opposite to the above and are any transactions that do not match against the supplier statement.

‘Matches on both systems’ show side by side all the transactions that exactly match against each other.

From this basic report we can customise the end results to meet your requirements.  For example, splitting Perfect Matches into Open, Held & Paid. We can get the best value out of the reconciliations without your team having to spend valuable time getting the results.