What is RecWise?
RecWise is a specialized reconciliation software designed by accountants to streamline the month-end financial close process. It tracks balance movements, identifies discrepancies, and automates repetitive tasks, ensuring accurate and verifiable financial statements. The solution integrates seamlessly with existing ERP systems and offers features like autocomplete rules, aging of reconciling items, and comprehensive audit trails.
With deployment in as little as two weeks, RecWise operates on your infrastructure or private cloud, providing full control over your financial data. It minimizes downtime, offers local Australian support, and delivers a positive ROI by reducing accounting time and costs. The intuitive interface requires no training for auditors and supports efficient collaboration between preparers, reviewers, and approvers.
Features
- Autocomplete Rules: Automates reconciliations for static balances using nearly twenty built-in rules, handling up to 95% of reconciliations automatically.
- Balance Tracking: Monitors monthly balance movements instead of individual transactions, identifying changes and discrepancies automatically.
- Reconciling Item Management: Records and ages unexpected transactions, ensuring they are actioned and reportable.
- Audit Trail: Attach supporting documents and comments to each reconciliation for a complete, verifiable audit trail.
- ERP Integration: Seamlessly collaborates with your existing ERP system for data import and reconciliation.
- Custom Workflows: Set up custom rules and workflows tailored to your industry and business needs.
- No Training for Auditors: Familiar interface minimizes the learning curve, with built-in help manuals and support.
- On-Premise or Cloud: Deploy on your servers or in a private cloud for full data control and security.
Use Cases
- Month-end financial close process
- Balance sheet reconciliation automation
- Audit preparation and compliance
- Fixed asset reconciliation
- Bank account reconciliation
- Intercompany reconciliation
- Accounts payable and receivable reconciliation
FAQs
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Is RecWise SaaS?
No, RecWise is deployed on a cloud but not SaaS. It operates on your infrastructure or private cloud, allowing you to negotiate cloud costs with your provider. -
How secure is RecWise?
RecWise is highly secure. It integrates with your Active Directory, does not store Personal Identifiable Information (PII), and offers optional two-factor authentication. Data remains on your servers. -
How long does it take to set up RecWise?
RecWise can be implemented within 10 business days when all required data is available. -
Will training be provided?
Yes, training is provided via Microsoft Teams webinar at a suitable time. Supporting documentation is embedded in the application. -
How does the autocomplete function work?
Autocomplete uses rules to automatically complete reconciliations for static balances. If the balance meets a rule, preparers and reviewers don't need to action it, saving time. Up to 95% of reconciliations can be automated.
Helpful for people in the following professions
RecWise Uptime Monitor
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