ReconArt is an integrated, fully web-based, best practice solution designed to automate and manage all aspects of business data reconciliation. It is fully configurable, scalable, fast, and a technology leader in the complex high-volume transaction matching.
Variance Analysis, as a quantitative approach of identifying deviations in business performance from defined standards, can be a powerful management tool. This ReconArt functionality allows teams to analyze differences in account activities, uncover the patterns of deviations, facilitate performance measurement and improve control. The monitoring automation of account activities and their fluctuations over any selected time period can become a significant component of continuous accounting methods.
Evaluate key period-end balances against previous periods
Set acceptable threshold amounts or percentages to flag larger variances
Assign analysts and approvers to collaborate on explaining fluctuations
Ensure variances are fully documented and analyzed
Provide auditors access to detailed info on balance fluctuations
Establishing best practices to manage risk and prompt actions based on differences of concern
Quick insight into differences between planned and actual account balances
Increased visibility and operational efficiency
Full support for all typical file formats to ensure ease of bringing along all required data
Business user friendly