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What is ReconXpert?

Originally created to harmonize the accounting data of the Federal Reserve with that of financial institutions' general ledgers, ReconXpert has evolved into a dynamic solution that alleviates the burdens of manual reconciliation tasks. This transformation ensures that management has timely access to accurate information, which is vital for making crucial daily business decisions. The platform is built around two interconnected modules, offering an advanced reconciliation tool that boasts unparalleled soft-coded matching rules for rapid setup and execution. With the Operations Module functioning as a web-based application, organizations can perform multiple reconciliations aligned with the business rules defined in the Administration Module. Users are empowered to view outcomes, assess automatic matches, create manual matches and journal entries, track outstanding items, and investigate specific queries, thereby improving the overall efficiency of the reconciliation process. As a result of optimizing these functionalities, ReconXpert plays a significant role in enhancing productivity within financial institutions. This modernization not only saves time but also reduces errors, ultimately supporting better financial decision-making across the board.

What is RecWise?

To begin a reconciliation process, one should first compare the closing balance of the General Ledger with the sub-ledger and other relevant documents, including bank statements or records from third parties. Any inconsistencies found between these sources must be carefully examined, quantified, and rectified when possible through appropriate adjustments in either the general ledger or sub-ledger. It is also crucial to record any discrepancies as reconciling items to ensure transparency in the process. Ultimately, the balances should correspond precisely and be backed by all relevant documentation associated with the reconciliation effort. The review phase is vital for validating the thoroughness of the reconciliation, and adding an extra layer of approval can further bolster confidence in its correctness. Additionally, creating a solid framework alongside a standardized procedure can greatly enhance the efficiency and streamlining of the reconciliation process at the end of each month. This practice not only promotes uniformity but also helps in early detection of potential issues within the cycle. By implementing such measures, organizations can ensure a more reliable financial reporting process moving forward.

Media

Media

Integrations Supported

Additional information not provided

Integrations Supported

Additional information not provided

API Availability

Has API

API Availability

Has API

Pricing Information

Pricing not provided.
Free Trial Offered?
Free Version

Pricing Information

Pricing not provided.
Free Trial Offered?
Free Version

Supported Platforms

SaaS
Android
iPhone
iPad
Windows
Mac
On-Prem
Chromebook
Linux

Supported Platforms

SaaS
Android
iPhone
iPad
Windows
Mac
On-Prem
Chromebook
Linux

Customer Service / Support

Standard Support
24 Hour Support
Web-Based Support

Customer Service / Support

Standard Support
24 Hour Support
Web-Based Support

Training Options

Documentation Hub
Webinars
Online Training
On-Site Training

Training Options

Documentation Hub
Webinars
Online Training
On-Site Training

Company Facts

Organization Name

Sydel Corporation

Date Founded

1998

Company Location

United States

Company Website

www.sydelcorp.com

Company Facts

Organization Name

RecWise

Date Founded

2017

Company Location

Australia

Company Website

www.recwise.com

Categories and Features

Categories and Features

Audit

Alerts / Notifications
Audit Planning
Compliance Management
Dashboard
Exceptions Management
Forms Management
Issue Management
Mobile Access
Multi-Year Planning
Risk Assessment
Workflow Management

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