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Privacy Policy

ReconArt, Inc.

SITE PRIVACY POLICY

This Privacy Policy governs the manner in which ReconArt, Inc. (“ReconArt”) collects, uses, maintains and discloses information collected from users (each, a “User”) of the ReconArt.com website (“Site”). This privacy policy applies to the Site and all products and services offered by ReconArt.

Personal identification information

We may collect personal identification information from Users in a variety of ways, including, but not limited to, when Users visit our site, register on the site, fill out a form, and in connection with other activities, services, features or resources we make available on our Site. Users may be asked for, as appropriate, name, email address. We will collect personal identification information from Users only if they voluntarily submit such information to us. Users can always refuse to supply personally identification information, except that it may prevent them from engaging in certain Site related activities.

Non-personal identification information

We may collect non-personal identification information about Users whenever they interact with our Site. Non-personal identification information may include the browser name, the type of computer and technical information about Users means of connection to our Site, such as the operating system and the Internet Service Providers utilized and other similar information.

Web browser cookies

Our Site may use “cookies” to enhance User experience. User’s web browser places cookies on their hard drive for record-keeping purposes and sometimes to track information about them. User may choose to set their web browser to refuse cookies, or to alert you when cookies are being sent. If they do so, note that some parts of the Site may not function properly.

How we use collected information

ReconArt may collect and use Users personal information for the following purposes:

  • To improve customer service:  Information you provide helps us respond to your customer service requests and support needs more efficiently.
  • To personalize user experience:  We may use information in the aggregate to understand how our Users as a group use the services and resources provided on our Site.
  • To improve our Site:  We may use feedback you provide to improve our products and services.
  • To send periodic emails:  We may use the email address to respond to their inquiries, questions, and/or other requests.

 

How we protect your information
We adopt appropriate data collection, storage and processing practices and security measures to protect against unauthorized access, alteration, disclosure or destruction of your personal information, username, password, transaction information and data stored on our Site.
Sensitive and private data exchange between the Site and its Users happens over a SSL secured communication channel and is encrypted and protected with digital signatures.

Sharing your personal information

We do not sell, trade, or rent Users personal identification information to others. We may share generic aggregated demographic information not linked to any personal identification information regarding visitors and users with our business partners, trusted affiliates and advertisers for the purposes outlined above.

Changes to this privacy policy

ReconArt has the discretion to update this privacy policy at any time. When we do, we will revise the updated date at the bottom of this page. We encourage Users to frequently check this page for any changes to stay informed about how we are helping to protect the personal information we collect. You acknowledge and agree that it is your responsibility to review this privacy policy periodically and become aware of modifications.

Your acceptance of these terms

By using this Site, you signify your acceptance of this policy. If you do not agree to this policy, please do not use our Site. Your continued use of the Site following the posting of changes to this policy will be deemed your acceptance of those changes.

Contacting us

If you have any questions about this Privacy Policy, the practices of this site, or your dealings with this site, please contact us at: ReconArt – info[at]reconart[dot]com

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Oct / 20 / 2021

Reconciliation & Exception Management – Should You Build or Buy?

Microsoft Excel remains the most widely used reconciliation platform today, but at what cost?  It’s perfect for small businesses or quick fixes: cheap, easy, and flexible.  But what happens when your needs grow in terms of frequency, volumes and scope?  More and more resources are required, and more processes need to be built outside of, or around, all those worksheets to meet needs as broad as audit, tickler lists, or compliance.

And that’s when the debate always starts: should you develop a reconciliation solution in-house, or should you buy an off-the-shelf product.  Often the former appears cheaper, and sometimes even gives the appearance of being quicker or easier; however reality has proven time and time again that looks can be deceiving.  So here are six great questions to ask yourself….

Q1 What is your firm’s core competency?  Are you in the business of building and supporting specialist software solutions, or do you want to focus your energies on growing your revenues?

Q2 Have all the development costs been identified if you build in-house?  Almost all studies focused on the ‘build vs. buy’ software debate have concluded that costs nearly always overrun initial projections as we always miss things first time around.  Do you really want to go back and ask for more budget?

Q3 How quickly will you have your solution fully live?  Just as studies demonstrate consistent cost overruns, they also clearly show projects running late.  The two are tied together.  A fully developed solution such as ReconArt™ can be implemented in as few as a couple of weeks.  As you’re asking for more budget to build internally do you really want to explain why the project is running late?

Q4 Have you budgeted for on-going development?  Internal needs evolve over time, legislative and regulatory changes are forced on us, banks and other third parties change systems and formats.  What will it cost you on an on-going basis to address all of these needs, many of them unforeseen?

Q5 What about on-going support costs?  Even without any functional enhancements, have you estimated all of your internal IT and other support costs.  What happens when your internal resources move on or leave?  What will the true cost of supporting an in-house solution really be?

Q6 How easily can you bring on different types of reconcilements?   So now you’ve developed your in-house bank rec solution, then in 6 months you need a solution to meet period end reconciliation of the balance sheet, or merchant processing, or you need to reconcile fixed assets or inventory.  What is it going to cost you, and how long will you have to wait, to get these developed?

I just did a very rough calculation (which I am sure is a gross underestimate) and figured out we have invested 20+ person years in development effort alone in the last 3 years, and that ignores everything else that goes into building a functional solution.  With fully loaded labor costs anywhere from $40-100K annually, development times even for simple solutions often in months, and uncertainty over how to address future needs is there really any reason to build as opposed to buy, especially if buying gives immediate ROI?

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Case Study

Audubon Engineering

Audubon Engineering

Industry: Engineering
Focus: Bank and Cash Recs, Efficiency

Today Audubon is comprised of four affiliates, which include Audubon Engineering, Audubon Field Services, Cimation, and Affinity.

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ReconArt Customers

Here are some of the customers who leverage our reconciliation software to automate their reconciliation and close processes.

Soyven
Gathern
Navan
Klar
Daikin
Expedia
Umpqua bank
Calgary co op B&W
deVolksbank
Nedbank
Asos
Fiat Chrysler
Ferratum
Quikrete
New York City Department of Finance
Worldremit
Bill
Catalyst
Xendit
Agency Insurance Company
MidFlorida Credit Union
Sparkasse Bank Malta

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ReconArt Americas
4720-E Langston Blvd,
Arlington, VA 22207
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