#1 most frequent
United States of America
86.1%136 installations of 158
What is ReconNET by Trintech?
ReconNET is a corporate performance management solution from Trintech. ReconNET automates account reconciliation, including high-volume reconciliation, with the goal of helping users tighten controls, reduce risk and increase process efficiency.
Categories & Use Cases
Top Performing Features
Journal entries and reports
Ability to enter journal entry adjustments and produce reports showing all journal entries for a specific period.
Category average: 8.3
Multi-currency management
Ability to handle foreign currency conversions during consolidation.
Category average: 8.4
Detailed Audit Trails
Tracing changes to data and processes that were run.
Category average: 9.1
Areas for Improvement
Financial data consolidation
Consolidating data from several entities into a single statement using US GAAP, IFRS or other standards.
Category average: 8.7
Who Buys & Uses ReconNET by Trintech
#2 most frequent
France
2.5%4 installations of 158
#3 most frequent
United Kingdom of Great Britain and Northern Ireland
2.5%4 installations of 158
ReconNET -- Stress-free Reconciliation
Pros
- The ReconNET tool has a great audit-trial system that captures every detail in the life of a record and helps eliminate any manual intervention. It's fully SOX Compliant, and helps track any changes in the data from an audit perspective.
- The automation helps us focus entirely on the exceptions, which helps eliminate attention from the mundane tasks to areas with potential problems.
- Exception management and automated posting to the GL are great features that help streamline many of the routine, mundane, and yet time-consuming activities, freeing up time to focus on issues at hand.
Cons
- It takes a little bit of practice to get the hang of the tool to set up the reconciliations, but its not necessarily a drawback, since this applies to every other automation tool out there. However, once someone gets the hang of it, it's pretty user-friendly to run it on a daily basis.
- Since automatons can only be built on a set logic, at times certain items that show up as exceptions are not truly a cause of concern. However, since it's always better to flag too many potential exceptions than too few, it's not a true drawback.
- It has quite a few features, such as multi-currency reconciliation, bank deposits, disbursements, automated postings to G/L, etc. which could be of great value for various requirements for clients. It is especially useful where volumes of data are too large to deal with. The uses might not be phenomenal for low volume reconciliation requirements.
Return on Investment
- It definitely has a positive impact on ROI with freeing up resource availability and usage on the most pressing tasks at hand. For example, focusing on exceptions rather than reconciling from scratch.
- Another positive impact on the ROI can be realized with the detailed audit trials on sensitive information.
- Strong Financial Reporting is the backbone of any industry, regardless of the sector it operates in, and having an automated reconciliation tool such as ReconNET helps you attain the key objective of integrity of information in a timely fashion, to support the close process.
Alternatives Considered
Winshuttle, Microsoft Access and Excel4apps
Other Software Used
Microsoft Access, SAP HANA, Microsoft Office 365
