QUICK RECON - Reconciliation

Reconciliation is not just an essential part of every accounting practice; it is also crucial for many business models. Transactional industries should know – they go through huge volumes of transactions daily.
While legacy tools may help reconcile up to a certain level, they usually become ineffective when thousands of financial transactions are happening rapidly. Therefore, the result is a number mismatch due to time constraints, fraud, or human errors. Multiples of minor mismatches impact the final numbers significantly and have a detrimental effect on a company’s financial health.

A modern, versatile, web-based application software that can serve various business and technical environments. It features end-to-end automation of critical activities in the reconciliation process. This helps avoid erroneous manual tasks and presents a granular level audit trail.

QuikRecon supports various types of financial reconciliations, bank statements, Insurance transactions, merchant/credit cards, online payments, payables & receivables (AP/AR), general ledger to sub-ledger, GL / suspense, Nostro / Vostro accounts, intercompany, trades, and positions. It also possesses functionalities for smart financial close management: balance sheet reconciliation and account certification, period-end task management, enhanced control of journals, and variance analysis. Now, this digital transformation era is fuelled by changing business needs, and so is QuikRecon. Talk about new business data structures, business rules, process workflows, or organizational changes – QuikRecon is ready for all! This results in a compliant, transparent audit that improves efficiency and saves time.

Use cases of QuikRecon in a bank

✥ Bank Reconciliation

✥ Insurance

✥ Reconciliation

✥ Debit/Credit card reconciliation

✥ AP/AR Reconciliation

✥ Trade Reconciliation

✥ Payment wallet Reconciliation

✥ Mobile Payment Reconciliation

✥ Telecom billing Reconciliation

✥ Unstructured Data Reconciliation

QuikRecon Key Features

Bank Reconciliation

Transaction processing systems to general ledger reconciliation
Balance-to-balance reconciliation
Additional end-to-end process automation
Fully configurable matching rules
Automation of data import, matching, and reporting

Debit/Credit Card

Scalable to any volume
Multi-stepped matching to suit any process
Exception management and reporting
Intuitive UI and interface
Available onsite or in the cloud

Telecom Billing

Transaction processing systems to general ledger reconciliation
Balance-to-balance reconciliation
Additional end-to-end process automation
Fully configurable matching rules
Automation of data import, matching, and reporting

Unstructured Data

Handle data inconsistencies issues swiftly
Easier to track discrepancies and report on trends
Reduced cost of IT
Identify the root causes of data issues from various systems
Minimize revenue loss and customer dissatisfaction