Client:
Global Non-Governmental Organization (NGO)
Challenge:
Inefficient reconciliation processes leading to increased operational costs and risk of errors
Solution:
Implementation of ReconX
Our client, the global charity organization, was facing significant challenges in their reconciliation processes. The manual methods they relied on were time-consuming, prone to errors, and unable to keep up with the growing volume of transactions. This inefficiency resulted in increased operational costs and a higher risk of financial discrepancies.
Manual Processes
High Operational Costs
Risk of Errors
Scalability Issues
ReconX was implemented to automate and streamline the reconciliation process. The tool offered several key features:
Automated Data Matching
Automated Data Matching
Error Detection and Resolution
Error Detection and Resolution
Scalability
Scalability
Real-time Processing
Real-time Processing
Automated Data Matching
Automatically matched transactions from various sources, reducing manual effort
Real-time Processing
Enabled instant transaction reconciliation, ensuring up-to-date records. ReconX captures data from banks and CRM, using a bespoke algorithm to match time, transaction number, session ID, and amount, providing a one-click, currency-wise reconciliation with bank payouts
Error Detection and Resolution
Provided robust error detection mechanisms and tools for quick resolution.
Scalability
Easily handled growing transaction volumes and interfaces, ensuring scalability as the client’s business expanded.
The implementation process involved
Needs Assessment:
Customization:
Training:
Support:
Real-time processing capabilities reduce reconciliation time by up to 70%, freeing up valuable resources
Real-time processing capabilities reduce reconciliation time by up to 70%, freeing up valuable resources
Real-time processing capabilities reduce reconciliation time by up to 70%, freeing up valuable resources
Real-time processing capabilities reduce reconciliation time by up to 70%, freeing up valuable resources
«The automation features in ReconX have freed up our team's valuable time. We can now complete reconciliations in a fraction of the time it used to take, allowing us to focus on more strategic accounting tasks.
The month-end close process is now a breeze with ReconX. If you're looking to bring efficiencies and effectiveness in your reconciliation process, I highly recommend ReconX»
— Moshin Khan / Finance Lead
ReconX has proven to be a game-changer for our client, enabling them to streamline their financial operations, reduce costs, and minimize errors. By automating the reconciliation process, we have helped them achieve greater efficiency and scalability, positioning them for continued growth and success.
For more information on how ReconX can benefit your organization, contact us today.
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