Reconciliation XL

Easy, effective and affordable software to manage your month end reconciliations

Reconciliation Landscape

General Ledger reconciliations form the basis of ensuring that financial reporting is correct. Without proper completion of reconciliations, a company can be left exposed to audit and regulatory risk. In particular, companies could make the wrong commercial decision based on errors, damaging the future of the business.

As a result, there are many companies that are searching for a cost effective reconciliation and workflow tool, that will meet their core needs.
Reconciliation XL can fulfill the core needs without paying exorbitant fees. There are no upfront one off licenses and no hidden costs.

It is simple to use for both accountants and non accountants and is suitable for small to medium sized companies.

We understand your needs for:

  • Efficiency – a process that saves time during month end to allow your staff to focus on other value add activities for the company.
  • Automation – reduction in transposition errors and missed items.
  • Standardisation – a consistent look and feel for all reconciliations to allow for easy comprehension.
  • Insightful reporting – an ability to quickly interpret the status of reconciliations and take action.
  • User friendly – a process that doesn’t require the use of assigning IT staff to implement and maintain the reconciliation process.
  • Value for money – a product that isn’t going to cost a fortune, but is effective an effective control for the company.

General Ledger Output

We can:

–Automate the Balance Sheet Input for workflow purposes

–Provide daily updates

–Allow for an easy month end rollover

We remove:

–Time wasted for manual updating

–Errors in manual updating

–Missed General Ledger accounts


Reconciliation XL Application

We provide:

–Profiling and categorisation of Balance Sheet accounts which drives reconciliation requirements and treatment

–Easy to update profile and categorisation tracking

–We reference your General Ledger Balance Sheet Governance and Policy through our templates.

We remove:

Inconsistency

Lack of structure

Standardised Reconciliations

We provide:

–Standardisation through reconciliation templates that align with profiling rules

–Various templates to choose from

–Automated file network hierarchy and file naming convention

We remove:

–Various formats and treatment

–Inconsistent file name and file path saving

Reconciliation XL Workflow

We provide:

–Ease of assigning an Owner, Preparer and Approver

–Simple yet effective status and completion date audit trail

We remove:

–Overlooked unassigned General Ledger accounts

–Opaque reconciliation production time and effort

Insightful Reporting

We provide:

–Current Period, Prior Period, Prior Year comparison

–Mobile device delivery of Reconciliation Dashboards

We remove:

–Manual updating of General Ledger account balances

–Manual recreation of month reports

–Inconsistency


Input Balance Sheet

The Problem

Many companies use a manual process to update a workbook or system that is used to track and monitor the reconciliation status for month end close.

This manual process is: –Open to error, especially for a company that is experiencing growth and continuously creating new General Ledger accounts. Often the process requires time to reconcile the manual update process back to the general ledger. In essence a reconciliation of the reconciliation process. –Companies encounter the dilemma of who to assign this task to. Assigning to a high skilled staff member will ensure the task is performed accurately and efficiently, but wastes their time. On the other hand, giving this task to a more junior accountant can result in errors and poor quality.

Our Solution

If you use an ERP or have a general ledger system that can schedule a daily download of the balance sheet accounts, then we can automate the upload of input for you.

If you can only manually download a trial balance, we have an easy Input tab for you to update, which will then flow into the workbook.


Governance and Policy

The Problem

You may not have one established, but a Governance and Policy document which stipulates the rules for categorisation of your general ledger accounts is extremely important. It may be intuitive to many accountants, but often the requirements for reconciliations is forgotten.

A good Governance and Policy document dictates the requirements of reconciliation for your existing general ledger accounts and any new general ledger accounts in the future.

Our Solution

We provide you with a facility to store your Governance and Policy rules.

These rules will drive the requirements for each general ledger account category.

The requirements are contained in the reconciliation template that is assigned to each general ledger category.


Standardised Reconciliations, File Paths and Naming convention

The Problem

With many different ways of creating a reconciliation it can become difficult for approvers to interpret the data.

Saved in different locations and with inconsistent naming convention can also make finding reconciliations extremely difficult.

Our Solution

We provide you with specifically designed reconciliation templates that provides standardisation across categories of reconciliation.

We create the network structure based on the balance sheet accounts. Within this framework ease of reference is established.


Workflow

The Problem

Your main control template, continually changes from month to month.

Requires manual updating and reconciliation back to the raw input from the General Ledger.

Does not identify new accounts which remain unassigned, and fall through the cracks.

Delayed start due to waiting for a hard close of the general ledger whereby balances are locked in with no further changes allowed.

Our Solution

We provide you a structured reconciliation control template which automatically updates upon opening of Reconciliation XL

It is easy to filter to identify new accounts. And a customised end user view can be switched on so that each user is focused on their areas.

The workflow is easy to use, structured yet can easily be changed by the end user.


Reporting

The Problem

Management does not have line of sight of the month end close process.

It is unclear as to whether all reconciliations are being completed, being reviewed and what are the issues.

There is no reporting, or the current system reporting is inflexible, inaccurate and inconsistent with previous months.

Our Solution

We have simple dashboards that can easily be customized.

Dashboards can be emailed or accessed by your mobile device.

Clear audit trail of assigned reconciliations, working day completion, and approver status.

Extended reporting can be created and automated.


Why choose Reconciliation XL?

Reconciliation XL does not need any modules downloaded to your desktop, laptop or mobile device. We are accessible by any web browser.

Reconciliation XL is easy to use and understood. Accountants and non accountants will not feel restricted.

Pricing is SIGNIFICANTLY LESS than other reconciliation software.

Your downside is capped by our low cost, but your upside is large.

Case Study

At World Bank, they have assigned an accountant with the task of creating a “reconciliation list” by his manager in Excel. The accountant does not update the list correctly and spends half a day updating the list. Some accounts are missed, some have the wrong balance, and some are assigned to the wrong person.

The manager is frustrated but unwilling to spend hundreds and thousands of dollars for a reconciliation software that can automate the month end close. The manager is also unwilling to assign this task to a more qualified accountant as it is a waste of their time.

With the purchase of Reconciliation XL, the manager has been able to automate the month end close, complete reconciliations with accuracy, understands the status of reconciliations and risk.


Value Proposition – Why purchase RecXL?

Reconciliation XL is the only software that is cheaper than $100,000 per year! We are the only reconciliation software that uses your mobile for reconciliation review.

Reviewing reconciliations should be easy and simple! Draw insights into your reconciliations to not only meet compliance but business needs.

The manager is frustrated but unwilling to spend hundreds and thousands of dollars for a reconciliation software that can automate the month end close. The manager is also unwilling to assign this task to a more qualified accountant as it is a waste of their time.

With the purchase of Reconciliation XL, the manager has been able to automate the month end close, complete reconciliations with accuracy, understands the status of reconciliations and risk.

Do you only have one monitor at work? Constantly flipping between screens to check workings then marking off your reconciliations? Is month end close maintained on an Excel spreadsheet and manually updated? Or perhaps everything is hard copy – print and signed?

Reconciliation XL is the only software that enables you to use your mobile device to manage your month end reconciliation close process. There is a misconception that loading all the supporting documents onto one platform is a time saver, but this could not be further than the truth. Users often complain of too many clicks, slower reconciliation completion and complexity in a tool. Reconciliation XL fixes all of that!

We keep it simple, effective and affordable. Plus we utilize a tool that you already have. Your mobile device!

  • Affordable pricing that can’t be beaten
  • Cheaper than your personal mobile phone bill.
  • Simple and easy to use, yet effective and affordable.
  • Average implementation time 5 working days
  • No system administrator needed from your end, we do it all for you!

Functionality

  • Standardized and consistent reporting
  • Dashboard, lead schedules, individual reconciliation cover sheets
  • Automated General Ledger Balance updates, ad-hoc and scheduled
  • Workflow month end certification
  • Preparer, Reviewer and Approver functionality and assignment
  • Email reminders, notes and comments
  • General Ledger account and description
  • Ability to store Standard Operating Procedures
  • Tailored Month End Reconciliation Checklist
  • Reconciliation risk status – High, Medium, Low
  • Multilevel categorization to allow reporting for financial statements, operational, departmental or division.
  • Simple and easy to use – built for accountants and non accountants
  • Mobile compatible (HTML5) Android and Apple. Reconcile on your laptop, tablet or mobile phone.
  • One user role which is interchangeable, no need for super users, no need for separate Preparer and Approver roles.
  • Ability to Claim reconciliations in order to fill in for absentees.
  • Store links to folder location of workings on the network.
  • Month End task list

Pricing and Implementation

Our Pricing

–Subscription based

–Affordable 

Unbeatable

Implementation and Support

  • Ongoing support is via live chat 24/7.
  • No hidden fees or costs
  • No sensitive data sent into cloud
  • Simple and easy terms and conditions

Other Reconciliation Software Providers charge over hundreds of thousands for yearly licensing in addition one off implementation costs.

We provide a different product to the market, that caters for the small to medium end of town.


Our Competitors and how they compare

BlackLine

  • Caters for Medium to Large Companies
  • Has month end certification and matching engine.

BlackLine began with a month end application that specifically addressed the issue of month end close and standardisation of reconciliation cover sheets. Their matching engine developed at a later stage, hence customisation may be needed for reconciliations that require out of the box matching rules.

SmartStream – TLM

  • Caters Large Companies
  • Has month end certification and matching engine and workflow for unmatched items

TLM has many customers which are large corporations. Unless your budget is willing to extend to the hundreds of thousands per year, then rule out SmartStream.

Oracle ARM / ARC

  • Caters for large companies
  • Has month end certification and matching engine but no workflow.

Oracle is a well known software developer. Their reconciliation products generally are better with month end certification, while the matching engine can be a little clunky.

FiServ NXG Accurate

  • Caters for large companies
  • Has month end certification and matching engine and workflow for unmatched items

FiServ has been around for many years. Well established and caters for the high end of town. Similar to TLM, unless your have a budget that runs into the hundreds of thousands per year, then rule out FiServ NXG Accurate.

TrinTec

  • Caters for medium to large companies
  • Has month end certification and matching engine but no workflow.

FIS Sungard

  • Caters for large companies
  • Has month end certification, matching engine and workflow.

Along with the bigger brand names, is usually used by larger corporations.


About Us

Phillip Wong

B.Com UNSW | M. Risk Deakin | CPA

Over 20 years in the Financial Services Sector as an accountant. Covering financial and management accounting, process improvement, ERP system implementation, cash flow modelling, capital management, statutory reporting, operational processing and risk and compliance management.

Daniel Carr

B.Com USyd | M.Com UTS | CPA

Over 25 years in the Insurance and Funds Management industry as a financial accountant. Extensive experience with process improvement, change and implementation for reconciliations.