Why enReconcile?
For any business, reconciliation, the age old process of cross-referencing records to ensure that the records match, is a critical task. When done right, reconciliation can mitigate financial losses. However, when done manually or with disparate systems, it can be time-taking and error-prone.
In last few years, C-level executives in many organizations have started pushing for the End to End Automation that can taken a huge load off of reconciliation process. With many reconciliation tools in the market where each promises to maximize your team’s efficiency and make the financial close process seamless, one ought to clear the clutter and assess the tools based on the essential features which addresses the requirements.
We at Taxilla have made an outline below on the reconciliation automation essentials to help you chose the right tool for your requirement.
Ability to handle large quantities of data
As a business grows, the ledger is bound to get data-heavy, increasing the time taken to reconcile records and the possibility of making errors. The reconciliation tool must match large amounts of records within minutes. This frees up time for your team to focus on high-level tasks and making decisions.
enReconcile, built on the Taxilla platform that processes about 8% of India's invoices, can handle vast amounts of data and function effectively, giving the output you need.
Standardize the process
With several offices and divisions within an org, there is a chance of the disparity in data and the process that is followed. If you have multiple branches and divisions, The critical process should be consistent with end to end automation and comprehensive audit trail.
End to End Automation
Most software reconciliation solutions automate the reconciliation to an extent. However, even before the reconciliation can begin, there are several steps in the pre-process such as downloading the data, fitting it with the template given by the tool, et al. But for a true End-to-End comprehensive Reconciliation automation, the application must be capable of
- fetching the source data for two sides,
- transform the data to the required format,
- validate each records based on the criteria,
- reconcile the data based on your business criteria,
- Categorize into exact matches,
- Matches with Tolerance,
- Matches with String Manipulation,
- Algorithmic matching .
- post the reconciled output to a ledger,
- collaboratively resolve the mismatches and exceptions,
- collaboratively work on the shared ledger.
enReconcile by Taxilla provides true end-to-end automation for any reconciliation requirement from fetching the source data to collaborative dispute resolution.
Dashboard, and Alerts
Automated reconciliation can help you mitigate the risk, and avoid potential loss to any organization. But to truly reap the full benefits, whenever a mismatch is identified, the concerned parties should be notified via alerts configured as per business rules; the management must have access to the dashboard with a birds eye view of the information that matters to them, with ability to drill down when required. Taxilla's dashboard and alerts capability will best suit the needs and keep your management will informed and alert.
Enhanced Access Control and Audit Trails
With manual reconciliation, access control is limited to non existent, as there's little control over how a
document can be shared after it was sent via email to a counterparty - whether internal or external. With an
appropriate software, the access control can get much robust so that only the necessary team/member has access to
the records only for as long as it is required to fulfil the business requirement.
Taxilla's robust access control, along with the comprehensive
audit trail addresses these like no other.
Trial
Though a free trial might sound trivial, it is imperative that the tool you are assessing allows you to try out their proposed solution for your use-case. Though reconciliation is a common requirement across the industry, there could be certain nuances that are unique to your organization, and a demo will not cover it all.
enReconcile by Taxilla offers to set up the reconciliation for you based on your requirement and allows you to try solving the problems in the real-world before you make any purchase commitment!
Pricing
As the automated reconciliation adds significant value to an organizations' risk management, the service providers often price their offerings to capture a chunk of savings that an organization will enjoy; some providers even price the reconciliation software arbitrarily. Hence it is necessary to compare the prices and analyze if certain providers are offering the same / lesser set of features as enReconcile for much higher price.
enReconcile comes with a pay per use pricing, with no upfront infrastructure costs and you would only pay for the reconciliation use-cases that you subscribe to. Average pricing for a subscription with a daily reconciliation starts at 39 USD per month.
Comparision Table
We have prepared a simple comparison table between some of the top reconciliation providers based on the information available from their websites, brochures and other relevant materials.
| enReconcile | ReconArt | Frontier Reconciliation | Aurum Solutions | DUCO | Infosys ITRS | TCS BaNCS for Reconciliations | |
| Reconciliation Use-cases | Every enterprise data reconciliation use cases. | Financial Transactions | Financial Transactions Reconciliation | Multiple Use cases | Multiple Use cases | Financial Transactions | Financial Transactions |
| Customizability | Yes. Fully Configured end to end automation | Yes, Limited Configuration | Yes | Yes | Yes, Limited Configuration | Yes | Only along with TCS BaNCS suite |
| Deployement | Cloud / SaaS | Cloud / SaaS | Info Not available | Cloud / SaaS | Cloud / SaaS | Info Not available | Info Not available |
| Integrations with External Systems | Full Integration. Connectors, API, File Import, Configure with any systems |
File Import, Limited web/api integrations | Info Not available | Full Integration. | File Import | Info Not available | Yes, if used with TCS BaNCS suite |
| Support Options | Standard (Included), Priority and Premier. | Email Support/Helpdesk and Chat | Info Not available | Standard | Standard | Varies | Varies |
| Free Trial | Yes. Configured for your unique requirement | No | No | Info Not available | No | No | No |
| Pricing | Starts at 40 Paise per record or 39 USD per month | Starts at 1500 USD per month | Info Not available | Info Not available | Info Not available | Info Not available | Info Not available |
Nota Bene:
This document is for informational purposes only and may not be incorporated into a contract or agreement. The
information presented in this document is subject to change without prior notice and should not be construed as a
commitment by Taxilla IT Solutions Private Limited or Taxilla Inc. The information in this document is
confidential and may be legally privileged. It is intended solely for the purpose of evaluation and distribution
with anyone else for purposes other than this is unauthorized.
All information in this presentation is current at 2022-06-06, unless otherwise stated.