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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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ReconArt 
Blog
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Dec / 9 / 2021

Implementing A Reconciliation Solution – The Business Case Made

It is crucially important that all organizations, which rightly seek financial stability and control, pay careful attention to the need to deploy a robust reconciliation solution.

The results of failing to do this, with the necessarily high degree of operational detail required, can be catastrophic for their reputation, both corporately and for their culpable senior officers. There have been many, well publicized instances where the plausible emergencies created as a result of a failure to address their reconciliation duties have culminated in unwelcome outcomes ranging from substantial fines to complete corporate collapse. There is certainly more attention to this issue today than there was even 10 years ago with a greater degree of intellectual capital and shared understanding of this issue complemented by a variety of IT led solutions.

However, it is hugely surprising to find that, even in today’s highly regulated environment, many businesses continue to operate akin to “the way it’s always been done”, largely using Excel or a manual processes or a combination of the two, believing cost issues or the perceived level of importance attached to this key issue to be restrictive in initiating a reconciliation solution procurement. These limiting views prevail such that including another IT project in the budget, particularly so in the current economic climate, is often deemed impractical. This is in spite of a reconciliation solution’s ability to provide the potential for improved stability and cost mitigation.

Yet the availability of a commercial off the shelf reconciliation software solution, such as ReconArt’s, offers a complete end-to-end solution covering everything from advanced matching capabilities to exception management and, an automated approach to problem resolution via user email notification and task and case management to resolve more complex issues at all stages in the resolution chain.

It remains the case that many businesses which have been able to optimize the use of the ‘old world’ practices previously outlined unintentionally disguise the latent risks they inevitably confront.

The lack of control, visibility and traceability that subsequently arises when organizations ‘release’ supervisory management and insufficiently robust processes are open to fraud and embezzlement, their vulnerabilities are there to exploit and the balance of cost and risk cannot be justified in the context of manual or spreadsheet driven processes.

So what’s to be done? End to end solutions offer complete visibility and auditable control to all reconciliation processes across the enterprise The best automated matching algorithms often offer 99% success, process cost mitigation upwards of 60-80% and a return on investment of between 3 – 9 months in many cases. Crucially, the TCO (total cost of ownership) of the most modern solutions solidify the business case with forgiving ‘professional services’ costs incorporating installation, training and support. Departmental system ‘ownership’ and usability reduce the need for specialist IT management and support input.

The ability of class leading solutions to match huge volumes of transactions allows businesses to focus their time and efforts effectively on the identification and resolution of valid and more complex exceptions. The business justification for the automation of the reconciliation challenges confronting businesses is a clear and present one. Organizations can reasonably expect direct cost recovery of 60-80% in staffing as well as cost mitigation in fraudulent activity and audit overheads, a realistically low cost of ownership and a typical ROI within a year. The virtuous circle of improved use of the system as departmental users improve their processes and procedures further adds to the compelling nature of the business case over time.

Tom Burke is ReconArt’s latest recruited Senior Sales Executive within ReconArt’s UK operation. With over 25 years’ experience of enterprise-class software solution sales, he brings extensive knowledge to the table of how automation using proven software can being significant benefits to any organization. Tom can be contacted at tom.burke@reconart.com or +44 (0) 7475 400 240.

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Case Study

Workday

Workday

Industry: Software
Focus: Multi-step Employee Expense Recs

In its own words, Workday was founded over a decade ago around the idea of putting “people at the center of enterprise software” and it continues to deliver on that idea today.

read more

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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