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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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Nov / 27 / 2019

How to Own Self-Sufficient Reconciliation Processes For Your Business

Self-sufficiency, the ability to supply one’s own needs without external assistance, is essential for any business team which strives to maintain control of its operations, without being overly dependent on external parties. This is especially true for businesses that have to process a large volume of transactions from multiple internal and external accounts. When a business reaches such levels of operation, identifying high-risk or non-standard transactions is crucial to enhancing compliance and speeding-up period end activities. However, with so many parties and procedures involved, how do business teams make the reconciliation process more self-sufficient?

When it comes to matching, reconciling, and certifying accounts, ReconArt’s customer success stories illustrate a number of challenges businesses from various industries face throughout their reconciliation lifecycle:

  • ReconArt Process ImprovementDependency on internal IT Departments to achieve specific tasks
  • Heavy reliance on Excel and “spreadsheet gurus”
  • Large amounts of manual work
  • Expensive and rigid legacy solutions.

All of these challenges affect a company’s ability to address its needs without external assistance. However, they also open the door for business teams and leaders to reimagine how automation could transform the operation – changing what now takes days or weeks of manual labor and dependency on other departments, into an agile workflow with well-defined roles, responsibilities, and outcomes.

Generally, reconciling financial data is contingent upon the frequent collaboration between business teams – who have knowledge of the business’ reconciliation process – and internal IT structures who have the technical capabilities to implement that knowledge. This dependency makes it difficult to have visibility and control over the reconciliation process. By reducing reliance on outside departments, business teams become empowered to manage tasks and delegate responsibilities with more transparency and visibility.

For example, ReconArt users can generate, distribute, and archive a rich variety of reports that fit their exact specifications. When it comes to analytics, ReconArt’s dynamic dashboards give users a comprehensive overview of reconciliation and certification status. The platform’s journal entries, notifications and prompts, and task templates ensure that users can define and control their workflows. Role-based administration makes it easy to accommodate internal and external auditors with minimal disruption to business operations.

Giving control to business users, however, is only half of the story. Even without external assistance, companies might still find it difficult to fulfill their reconciliation needs. Instead of an optimized and automated workflow, the reconciliation process can quickly turn into a collection of separate laborious activities. This might include obtaining the right internal data, relying on other staff to extract large data sets while manipulating them to adhere to specific formats, to then delivering the data to systems, stakeholders and/or regulatory bodies. Therefore, a self-sufficient reconciliation solution not only gives control to business users but is capable of fully integrating with the entire reconciliation process from start to finish – thus maintaining control and responsibility.

By providing native support for common data formats, a drag-and-drop interface, and easy automation processes, ReconArt allows users to tackle just about any part of the reconciliation lifecycle. Hence, the level of control is given to business users in terms of reporting, analytics, and task management is complimented with the most advanced matching, exception management, and automated reconciliation solution tools in the market.

Flexible Needs Require Flexible Solutions

Since company needs constantly evolve, achieving self-sufficiency becomes a matter of practice and continuous reevaluation of processes. As a trend, many organizations are moving toward Software-as-a-Service (cloud-based) solutions. This approach eliminates common problems found in IT-centered, self-hosted environments, and provides a service that is agile, cost-effective, and scalable. Removing dependencies on internal IT resources makes it much easier for business teams to address existing problems, preempt future ones, and maintain full control of all day-to-day reconciliation operations and needs.

When users learn to use ReconArt, they often expand its scope in the business across other existing and new processes (e.g. adding a new bank record, deciding to reconcile employee expenses, adding month-end certification in addition to daily matching activities, etc.). This example illustrates a new level of empowerment and value creation that employees are able to bring to the table once they are fully equipped to own their business processes.

Today, reconciliation software solutions can provide companies with tight control and the necessary capabilities to fulfill their business needs with minimal external assistance. By implementing these solutions, companies create self-sufficient processes, as well as self-sufficient employees who – instead of being bogged down by tedious tasks and departmental obstacles – take full control of their work and enjoy the efficiency, accuracy, and transparency provided by top reconciliation software and financial close management tools.

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Case Study

Premier Credit

Premier Credit

Industry: Finance, Financial Services, Lending
Focus: Multiple Bank Sources, Automation

Premier Credit Limited is a microfinance company established in 2013 to provide credit only financial solutions to small and microfinance entrepreneurs in East Africa.

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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4720-E Langston Blvd,
Arlington, VA 22207
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