Think about the traditional way of performing account reconciliations — manually reconciling accounts with documentation spread across dozens of files and locations. This approach quickly magnifies the risk of data entry errors and financial misstatements. It lacks data security. It leaves you completely unprepared for an audit. And it inefficiently uses the time of your staff who could be spending less time reconciling and more time thinking about your business.
Instead, with T-Recs by Trintech, you can automate and standardize all these steps — and create a strong framework for account reconciliation, risk management and compliance.
Tighten your financial controls. Adapt your workflows. And bring the power of automation to this important part of your financial close. All with T-Recs.
- Match all of your information quickly and accurately using a powerful algorithm that allows you to define the best match rule process for each account
- Reconcile in any currency and between currencies
- Use highly customizable executive dashboards to make real-time, data-driven business decisions
- Strengthen your exception management process with automatic notifications and flexible business rules
- Use task tracking to increase productivity and measure results
- Improve the efficiency of your month end process
Benefits and Details
Avoid potential slowdowns caused by matching large volumes of accounts by using pre-defined rules to match and clear common daily transactions coming from your credit cards, gift cards, and cash accounts.
Automatically create journal entries based on defined business policies, and create manual JEs whenever necessary, using specially designed templates that verify the validity of all key characteristics including accounts, account combinations, amounts, and required allocations
Reduce staff hours spent on manual reconciliation — freeing up time to identify business risks, evaluate internal controls, or measure ongoing performance.
Get the info you need, when you need it. Accelerate data-driven business decisions with real-time information on parameters such as risk ratings, reconciliation statuses, exception items, and task statuses.