RecWise - Account Reconciliation Management Software
Delivered to Reconciliation Staff via the Web Browser, and utilising a Windows look and feel incorporating drop-down menus, resizable grids, pop-up dialogs and tabs, the speed of operation is such that users are generally unaware that RecWise is browser based.
Feature-Rich For Productivity
Distributable across the enterprise, with zero deployment on desktops, RecWise allows staff the ability to easily access and use the system collaboratively, work productively and minimize multiple handling and processing.
Preparer and Reviewer deadlines are also assigned to reconciliations to track on time performance and can be used to link to individual KPI's. Timely completion can be reported on at the individual, Local, Regional or global level and deadlines are relative to the local time of the Preparer or Reviewer, wherever they may be logged on. This enables real time status tracking in a global environment.
In addition, multiple uploads of the closing general ledger balances can be performed to cater for the different time zones and month end completion times of the various operations. This reinforces the global nature of the RecWise application.
Provision exists for the business operations to rate and comment on reconciliations. This enables targeted feedback at the individual reconciliation level and assists with overall quality.
Business Benefits
- Reconciliation data no longer needs to be stored on network file shares or in individual excel spreadsheets.
- Consolidated and Centralized Data and Processes in one accessible system - allowing for consistent processes and measurement of Key Performance Indicators, Completion Timeframes and Internal and/or External Auditing capabilities.
- Full and Complete Process Auditing and Improvement
- Quick time to deploy due to thin-client architecture
- Removal of labour intensive processes
- Increased efficiency
- Can reduce in some cases up to 99% of transactions via auto-complete feature
- Significantly can reduce workloads and shorten the reconciliation lifecycle
- Stable and Consistent Environment
- Full System Security
- Streamlined and Easier Administration
- A high-performance solution used by major corporations internationally
- Offers businesses substantial ROI - saving staff hundreds of hours and millions of dollars annually
- Can benefit any organisation as it is solution specific - and sits outside of your accounting or ERP systems - thereby is not limited in terms of performance or benefit
- Provides greatly reduced risk across business
- Average savings of 1.5M annually in personnel costs in most typical case-scenarios
- Reduction in completing bank reconciliations from 1 month to 3 days
- Automated 85% of bank reconciliations with 99.9% accuracy rate
Reconciliation Module
- At the end of each period, general ledger balances are exported and uploaded to RecWise
- Users view a list of reconciliations for the current period awaiting their action
- Reconciliations are prepared by entering data into an Excel template and balanced by applying one or more reconciling items to the reconciliations
- Preparers can also insert reconciling items to balance the account. These reconciling items are completed in subsequent periods as journals are done in SAP to match the items
- Once balanced, the reconciliation is submitted for review, via a work flow process
- Reviewers are alerted to reconciliations requiring their attention via email. Reconciliations are reviewed and may be sent back to the preparer for reworking. Email notifications are sent at each step of the work flow process
- All steps and actions in the preparation and review process are logged to an audit log should an audit trail be required
- Reports are generated that allow the overall status of the reconciliation process to be monitored, checked and improved
Reports Module
A large number of reports are available within RecWise/b> that are configurable with different filtering options. Users can view consolidated data at various detailed or summary levels and the reports can be exported to various formats or viewed on screen.
SQL Reporting Services is used to deliver reports measuring:
- Summaries of progress of recs for each period
- Numbers and amounts of reconciling items entered
- Measurement of progress against Key Performance Indicators (Reconciliations have key dates by which they must be prepared and reviewed)
- Analysis of reworked reconciliations for process improvement
Administration
Allows the management of reconciliations and associated data:
- Managing company and account information
- Creating and modifying reconciliations
- Creating and modifying Excel worksheet templates and assigning those templates to reconciliations
- Uploading to RecWise general ledger balances from a SAP download and managing any associated errors
System Requirements
The following outlines the minimum Server Hardware, Application Server and Client Workstation requirements required to support the deployment of the Web browser delivered RecWise system.
Server Hardware Requirements:
Note: the requirements below are for a server running both the Application and Database on a single server. Requirements will vary if Application and Database are hosted on different servers.
- Minimum dual CPU Pentium 4 3.x Ghz (Recommended Quad CPU 3.x Ghz)
- Minimum 2Gb RAM (Recommended 4Gb)
- Disk 200Gb OS, Minimum 200Gb Data (recommend 500Gb for data)
Application Server:
- Windows Server 2008/2003
- Microsoft .Net Framework V2.0 or later
- Microsoft ASP.Net installed and enabled on server
- Microsoft SQL Server 2008/2005
- Microsoft SQL Reporting Services
- SMTP Server (optional - but required by email-based workflow notification)
Workstation:
- Minimum supported desktop resolution - 1024 x 768
- Microsoft Internet Explorer 7 *
- Microsoft Office Web Components (installed automatically with Office up to 2003. Manual installation required for Office 2007 and later)
- Cookies enabled
- Javascript enabled
- If running Windows XP SP2, popup blocking disabled for the local network or explicitly allowed for this application's URL.
- Other popup-blockers (Google, Yahoo etc) must be disabled for the application URL.
* Other browsers cannot be supported because the Office Web Component (OWC) is an Active-X control that is only fully supported by Microsoft Internet Explorer.