Data quality woes
Inconsistent, inaccurate and incomplete data leading to faulty financial reporting and delay in reconciliation proces.
Reconsyde: Solving Most Complex Reconciliation Challenges
Our PaaS based Reconciliation and Data Management platform, Reconsyde, empowers organization by ensuring streamlined processes, enhanced analytics, and personalized solutions for robust financial management.
Reconciliation Challenges
Without proper reconciliation tools and automation, organizations struggle to keep up with the increasing volume and complexity of data.
Transaction matching
Matching transactions across various systems and accounts for complex financial instruments, and addressing the exceptions and discrepancies during reconciliation leading to unnecessary delays.
Regulatory compliance
Ever-changing financial regulations and reporting standards adding complexity and pressure to the reconciliation process.
Manual processes
High dependency on manual reconciliation processes that lack efficiency, are error-prone, and time-consuming
Multiple systems and formats
Different departments within company adopting varied data formats and systems, leading to rise in discrepancies and complications in matching and reconciling the data
Complex data
Vast amount of data pouring in from multiple sources, making it challenging to consolidate and reconcile information accurately
Frequency and volume
Frequent, high-volume transactions straining resources and hampering quick and regular reconciliation
Advantages of Reconsyde
1. Audit trail
Meticulously logs all activities, ensuring complete transparency and accountability in the reconciliation process.
2. Exception management
Intuitive exception management tools easily tracks and resolves discrepancies, minimizing delays and improving efficiency.
3. Data security
Robust data security protocols safeguards and protects against unauthorized access of financial information.
4. Encryption/Decryption
Industry-leading encryption techniques guarantees confidentiality and integrity of data during transmission and storage.
5. Process Flow
Streamlines entire reconciliation process, ensuring seamless execution and accurate outcomes through:
- Data Collection Gathering data from various sources, harmonizing formats and structures for consistency.
- Matching Algorithm Employing advanced algorithms to match transactions across different accounts and systems, delivering precise results.
- Exception Identification Quickly identifying discrepancies and exceptions through automated processes, accelerating the resolution timeline.
- Resolution and Reporting Facilitating prompt exception resolution and generating comprehensive reports for further analysis.
6. In-Built Reconciliation Processes
Equipped with diverse range of pre-configured reconciliation processes, tailored to meet specific needs, the processes include:
- Bank Reconciliation Effortlessly reconciling bank statements, ensuring accuracy in financial records.
- Payment Gateway (PG) Reconciliation Seamlessly matching PG transactions for streamlined payment processing.
- Wallet Reconciliation Simplifying wallet transactions matching, ensuring precise financial visibility
- Collection Reconciliation Automating collection reconciliations, reducing manual efforts and enhancing accuracy
- Dynamic Reconciliation Adapting and customizing reconciliation processes to suit dynamic business requirements
7. In-Built Analytics
Providing data-driven insights and empowering your decision-making through:
- Control Reporting Monitoring the reconciliation process and ensuring adherence to internal controls and compliance standards.
- Managerial Reporting Accessing comprehensive reports for managerial oversight and strategic planning.
- Dashboarding Visualizing critical financial metrics through interactive dashboards, facilitating real-time performance monitoring.
8. Advance Charges / Commission Calculator
Unlock unparalleled precision with our Advanced Charges/Commission Calculator. Engineered for accuracy and efficiency, this cutting-edge tool seamlessly computes intricate charge structures and commission rates, accommodating diverse scenarios and multi-tiered agreements.
Whether you're dealing with simple percentage calculations or complex, conditional rate determinations, our calculator delivers rapid, error-free results every time. Intuitive and user-friendly, it's the ultimate solution for businesses aiming for transparent, accurate, and streamlined financial operations.
