New Version of Reconciliation & Account Balancing Application Released
The newest version of ReconNET, the reconciliation and account balancing application from Trintech Group PLC, is now available. The 7.25 version allows ReconNET to be integrated with AssureNET GL to extend existing financial controls and reporting capabilities through general ledger account reconciliation and certification, enabling smoother audits and compliance with regulatory requirements such as Sarbanes-Oxley Act (SOX).
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“Regardless of reconciliation requirements for individual accounts, clients can benefit from extensive management and control features within ReconNET 7.25 and AssureNET GL,” John Harte, General Manager of Trintech’s Funds Management Systems Division, said in a statement announcing the new version. “This enterprise reconciliation solution provides a comprehensive toolset for the management of high-volume transaction reconciliations and template-based reconciliations, as well as complete visibility into the status of the account reconciliation program. With this combination of two leading reconciliation and certification solutions, enterprises will have the means to continually assess risks and costs, and intelligently analyze where and how they can benefit from improved operational controls.”
Trintech's integrated enterprise reconciliation solution easily automates reconciliation processes from daily verification and reconciliation of bank deposits, to month-end reconciliation of balance sheet accounts, to maintaining evidence of the review process, to certifying the accuracy of the financial data. Reconciliations are completed within the application, and at period end, "with just the press of a button" the results are certified.
Features and functionality of the solution will enable enterprises to:
- Increase visibility into the status of the account reconciliation function in real-time -- ensuring management can assess the risk to the organization and respond appropriately
- Extend their exception management and risk control structure to deliver faster results more efficiently
- Report on core statistics via scorecard reporting (e.g., reconciliations prepared on time, the number of reconciliations passing policy guidelines, etc.)
- Increase compliance with regulatory requirements such as the Sarbanes-Oxley Act
"Trintech continues to provide innovative product expansions that address evolving customer needs," continued Harte. "Our extensive experience servicing a global client base helps us determine how to best expand our product's capabilities, so that our customers can confidently meet their challenges head on."