ReconArt™ for NetSuite

ReconArt™ for NetSuite is a Total Reconciliation Lifecycle solution for high volume transaction matching and exception resolution (e.g. bank, credit card, merchant, AP, AR, Payroll, inter-company, suspense, trades and positions) &/or period-end balance sheet account reconciliation, attestation and certification. The solution contains sophisticated methods for data enrichment and matching, including one to one, many to one, one to many and many to many comparisons, matching with or without variance and automated tagging of exceptions.

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ReconArt™ Total Reconciliation Lifecycle™ solution

ReconArt™ for NetSuite is а scalable integrated solution designed to help organizations in any industry move away from high cost, high risk manual processes, spreadsheets and locally developed solutions to achieve a high degree of automation and control across all their reconciliation activities both daily and month end.
In summary, ReconArt™ for NetSuite is the only NetSuite-integrated fully functional, enterprise scalable, highly intuitive, totally web-delivered, and rapid to deploy Total Reconciliation Lifecycle™ solution.

Key Benefits

Automate quickly and efficiently some or all reconciliation processes.

Enforce consistency across all your reconciliation practices.

Reduce operational costs and boost profitability

Mitigate both balance and transaction based operational risks

Enhance internal and external audit and compliance activities

Effectively handle all journals entries and tasks that need action, review and approvals

Close the books faster at period, quarter and year end

Customer Quote

“We are happy with the decision we made with ReconArt. Key areas have been eliminating manual reconciliation and finding patterns in unmatched transactions. ReconArt’s implementation team has been very good. We find the Support Team to be very responsive and helpful.”

– Finance Manager, WorldRemit.

Why Compromise on Your Reconciliations?

ReconArt™ for NetSuite allows you to establish a high degree of automation, best practice and consolidation of all your reconciliation processes within a single Total Reconciliation Lifecycle™ solution:

All reconciliation account types in one integrated solution: transactions, positions, balances, and non-financial data.

All stages of the reconciliation lifecycle: data import, transformation and enrichment, matching, exception resolution, journal entries and approvals, task management, period end reconciliation, attestation and certification, reporting and analytics to help you manage and constantly improve your reconciliations.

100% web deployed across every function: set up, administration, daily and period end activities, reporting – everything performed in your browser of choice with no software installed or plugins.

Full multi-language and multi-region support allowing users in every continent to operate in a single database using their language and settings of choice.

Data Import, Enrichment, Journals and Export

Standard import templates covering all mainstream externally sourced data:

CSV and Fixed Width
Microsoft Excel
SWIFT, BAI, ACH and all core bank formats
Drag-and-drop import and export one time set up
Data transformation & enrichment

Integrated Journal entries and approvals functionality to post back to NetSuite.

Transaction & Data Matching

Intuitive business user set-up match rule definition:

End user
Expert user

All data types supported, for example:

All types of bank and cash, and merchant accounts
Trading activities, positions and holdings and their settlements
AP invoice matching, AR cash allocation, Payroll, Suspense, Inventory, Inter and Intra-Company
Non-financial data

Fully automated, semi-automated and interactive matching

Exception Resolution & Break Management

Exception categorization by type, risk, department

Support for unlimited notes and attachments that form part of audit trail

Exception aging reporting and analytics

Automated alerts, email notifications, and integrated task management

Case Management for the creation and tracking of electronic case folders

Full audit trail of all exception resolution activities with one-click output to Excel and email functions

Account Reconciliation & Certification

All reconciliation activities covered including:

Daily high volume transaction-based
Period end balance sheet

Automated reconciliation statement production, review and online digital sign-off

General ledger and sub-ledger account reconciliation, attestation & certification

Multiple configurable workflows: e.g. preparer, reviewer, approver, auditor

Multiple policies covering different account types, risk levels, jurisdictions

Fully integrated variance analysis

Reporting & Analytics

Configurable Home Page with alerts and drill down

Standard reports and dashboard libraries

Ability to create amend existing and create additional reports

Instant Excel® download at press of a button

Integrated Report Vault with review and digital sign-off

Controller Dashboard giving instant view of daily and period end activities with full drill down