ReconArt for NetSuite

Transcription

1 ReconArt for NetSuite Automating Your Reconciliations Do you wish there was a single tool that could automate all your data matching and reconciliation activities? There is - ReconArt for NetSuite Now you can enjoy the best of both worlds integrated into one. ReconArt for NetSuite allows you to establish the highest degree of automation, best practice, control and consolidation of some or all your account reconciliation processes within a single solution that is integrated with NetSuite. 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, reporting and analytics, period end reconciliation, attestation and certification, task management and journal entries back to the GL. 100% web deployed across every function: set up, administration, daily and period end activities and reporting - everything performed in your browser of choice with no plug-in software installed. Total deployment flexibility: immediately available as a cloud-delivered Software-as-a-Service, or the option to bring in-house and install in your data center Key Benefits include: Reduce your operational costs by delivering a high degree of automation and standardization Immediately identify situations of transaction or balance-based risk to your business and give you the tools to resolve then minimize them. Ensure you comply with all audit, regulatory and statutory requirements associated with the proper reconciliation of data Streamline all your reconciliation activities, removing the need for manual and disparate processes often including paper reports, s and spreadsheets Speed up your period and quarter end cycles by dealing with issues immediately they occur and providing a structured, automated workflow for closing the books quickly.

2 Reduce Your Operational Costs Automate manual or semi manual processes Matching of transactional data Management of exceptions investigations BANKING Increase Operational Efficiencies Reassign staff to more productive tasks Support business growth without adding headcount Mitigate Your Operational Risks Identify risks Automate the identification of errors and exceptions Automatically classify risk situations Better manage risks Automate the distribution and routing of exceptions for follow up Identify immediately who is responsible for resolution Resolve exceptions faster Deliver reminders and alerts automatically Reduce quantity of risks Enhance Your Audit & Compliance Enhance audit capabilities All data in one place, easily accessible Auditor role Comply with regulatory and statutory requirements Instant visibility to users of procedures and best practices Have all procedures and timelines in one place See all supporting documentation in same database Provide transparency into key processes Internal and external Reduce costs of audit and compliance Speed Up Your Period End Close Enjoy more frequent matching Transition from weekly or monthly to daily Month end becomes just another end of day Streamline All Your Reconciliation Activities Standardize processes Enforce a consistent process Capture all desired steps and data Streamline tasks and reminders Automate reminders and past due notifications Enjoy fully integrated Task Management Deliver faster resolution of exceptions Address and resolve exceptions as they occur Speed up time to audit Audit and compliance officers have immediate access to all data Reconcile the General Ledger ReconArt Certification module provides full GL Account Reconciliation

3 Common Reconciliation Types GL Account Reconciliation Direct NetSuite integration for GL periods and balances Certify account balances as often as you like with multi-calendar support (monthly, quarterly, yearly) Auto-Certify zero-balance or zero-change accounts to speed up financial close Powerful, intuitive, and collaborative certification workflow that is conducive to any account volumes Bank Reconciliation Multi-account support multiple accounts can be reconciled within a single reconciliation group FTP/SFTP Push Support from most major banks gives ability to automate data transfer to avoid manual downloads and attachments Automate daily reconciliation statements so you re always on top of bank rec status Merchant/PSP Reconciliation Multi-way match support Reconcile your POS to Merchant/PSP, then to your bank to ensure accurate transfer of all funds Grouping and update rules facilitate the identification and reconciliation of transaction fees, batch payments, and other misc. transaction types Payables and Receivables Reconciliation Three way matching of orders to receipts to payments Cash allocation for incoming payments from customers Integration of scanned documents via third party OCR solutions Investments Reconciliation Track daily positions with ease with intuitive Position View Drill down to matching of underlying trades and their associated cash settlements Auto-matching using CUSIP, ISIN, SEDOL, and more Monitor trends and risks with user assigned exception codes Suspense Account Reconciliation Single sided reconciliation Auto match debits and credits one to one, one to many or many to many Immediately flag and categorize risk situations And More! Expense account reconciliation Inter and intra-company Even non-financial data EXAMPLE INDUSTRY TYPES Whatever type of reconciliation and whichever industry you are in, ReconArt for NetSuite has you covered. BANKING ecommerce EDUCATION FINANCING FOOD SERVICES GOVERNMENT HEALTHCARE HOSPITALITY INSURANCE MANUFACTURING ONLINE SERVICES INTERNET & TELECO PAYMENT SERVICES RETAIL SECURITIES & INVESTMENTS

4 FEATURED MODULES Follow all reconciliation lifecycle stages to conclusion IMPORT/EXPORT ReconArt for NetSuite is designed to get your data ready for matching or review in the simplest fashion. Standard import templates are provided out-of-the-box, and import rules can be defined by a non-technical administrative user via simple drag-and-drop in your browser. Naturally data can be manipulated and enriched with a preview during the definition stage, and any import can be scheduled on a one-time or recurring basis. As easily as data can be imported it can be exported in similar fashion. And for data coming from NetSuite there s even less to do ReconArt for NetSuite is already directly integrated! MATCHING ReconArt for NetSuite allows any number of match rules to be defined for any number and any type of account: transactions, balances and positions, static data. Data can be matched in a scheduled fully automated manner, as suggestions pitched to a reconciler, or by user selection on screen with powerful search and match. A really neat feature gets ReconArt for NetSuite to automatically write match rules itself from data selected as match candidates. EXCEPTIONS ReconArt for NetSuite provides different levels of exception resolution functions to meet your needs: from the easy presentation of exceptions by type, category and assigned user, to full workflow-enabled case management. Activity assignments, reminders, exception aging and support for all documentation including file attachments, are all fully audited standard functions. RECONCILIATION ReconArt for NetSuite supports all stages and degrees of account reconciliation: from the generation, review and sign-off of a daily reconciliation statement to full period end attestation and certification of GL accounts in NetSuite. Reconciliation schedules are defined to provide analysis and control over who needs to do what and when for accounts requiring periodic reconciliation with support for on-line documentation and file attachment.

5 TASKS ReconArt for NetSuite drives operational efficiency, consistency and timeliness. Key to this is the allocation and follow up of tasks that need to be completed by a user. Whether it s an approval needed, a personal reminder to follow through on an exception, or a step that needs completing as part of the period close process, ReconArt for NetSuite provides task management across the entire solution set. No need for a separate product it s all right there. JOURNALS ReconArt for NetSuite makes it really easy to get adjusting and other entries back into NetSuite. Journals provides a configurable workflow process for the approval of transactions to be posted to the GL. With flexible configuration of mandatory and optional attributes and multi-level approval (based on value or other criteria) journals are posted back to NetSuite or systems. This results in exception resolution being further streamlined yet under full control of authorized approvers. REPORTING ReconArt delivers analytical data at the right levels to maximize efficiency. Configurable dashboard-style widgets specific to each user are presented upon log in, with drill down to underlying data and work screens. Additionally, a comprehensive library of configurable standard reports developed to meet your one-time and recurring reporting needs. ARCHIVING ReconArt can start by being implemented small and then grow large within your organization. While you may need to maintain historic data for regulatory needs for several years, matched transactions can easily be moved automatically based upon different retention rules to the archive. You still access archived data easily should the need arise without cluttering up your day-to-day operations. ABOUT US ReconArt is the dedicated and single focus provider of latest generation reconciliation software solutions to organizations across every industry and geography worldwide. With operations in the United States, United Kingdom, the Netherlands and Bulgaria, ReconArt today has the fastest growing footprint of clients deploying automated reconciliation software worldwide to reduce costs, mitigate operational risks, enhance and enrich their audit and compliance activities and close their books faster. CONTACT US United Kingdom & Ireland +44 (0) Canada & US Toll Free RECONART Benelux +31 (0) Asia Pacific Rest of World , The Hub, 300 Kensal Road London, W10 5BE United Kingdom info@reconart.com