ReconArt Review

Overview

ReconArt provides total reconciliation lifecycle applications to its clients. The company’s founders were disappointed with legacy reconciliation tools and sought to address and overcome the drawbacks of such products. Modern organizations demand sophisticated software programs that can be readily installed on-premise or deployed online. They wish to support their whole reconciliation lifecyle with a single system and not two or three.

ReconArt’s reconciliation solution delivers best practice, a high grade of automation, and consolidation of several reconciliation practices and processes in a single platform. This intuitive and flexible program reduces the total cost of ownership and can be rapidly deployed as a single, fully web-based system.

Benefits

100% Web-Based Product

ReconArt’s software tool is completely web-deployed from the initial setup to end-use. You can perform all your work in a web browser and need not install anything on your computer. The vendor offers flexible deployment choices: you can host it securely in the cloud or on-premise on your server to maintain greater control.

Manage the Complete Reconciliation Lifecycle

ReconArt’s integrated features empower you to efficiently oversee all elements of the reconciliation lifecycle from data integration and administrative management, to robust exception management and transactional matching technology, to auditable reconciliation of balance sheet as well as supporting functions like variance analysis and journal approvals.

Supports all Types of Reconciliaton

ReconArt allows you to perform all kinds of reconciliation including balance sheet, trades and positions, intercompany, ledger to sub-ledger, AR/AP, GL/suspense, payments, credit card, bank accounts, and more. Moreover, the software is flexible and permits you to reconcile and report non-financial data also. The pricing is edition-based and you can pay for features based on your user needs.

Scalable System

ReconArt is a scalable platform in terms of user base, data and accounts and reconciliation volumes, and underlying technology. Your company’s users can be distributed across geographies, locations, departments, and teams. The vendor offers suitable packages for small teams with only 5 to 10 users, as well as for larger enterprises with hundreds of staff leveraging the product. 

Product Features

Pricing

ReconArt offers four edition packages:

Essentials Edition

• Starting at $1,500/month
• Full support for all types of exception management, transaction matching, and reconciliation
• Includes 5 users as part of starting plan
• User-owned integration features for data import/export, enrichment, and clean-up
• Includes 25 million transactions a year as part of the fixed fee

Plus Edition

• Starting at 3,000/month
• All ReconArt Essentials features, plus 1 key process module (Variance Analysis, Period-end Balance Sheet Reconciliation, Journal Entry)
• Includes 10 users as part of starting plan
• Optional custom reporting
• Includes 50 million transactions a year as part of the fixed fee

Certify Edition

• Starting at $1,500/month
• Support for completely auditable month-end Balance Sheet Reconciliation and Certification
• Secure repository for finished reconciliations and substantiation documents
• Configurable position-based approval workflow with due-date driven alerts
• Enhanced visibility into close workflow and account status

Enterprise Edition

• Custom pricing
• Options-based
• Custom user scope and full solution capability
• Custom report development
• Additional deployment options (perpetual licenses, on-premise)
• Improved support options
• Additional storage, backup, and redundancy capabilities
• Integrated enterprise security choices (SSO, AD)