Reconciliation – Won’t a Spreadsheet Do?
Since its inception in 2004, Aurum Solutions has maintained a long and mutually productive relationship with many organisations by assisting them with all types of reconciliation and data-matching processes. This article explains the many ways that Aurum Solutions’ expertise and its flagship software, Groupit, is used in organisations in all sorts of industry sectors, from education to energy, law to leisure – and how it is many steps beyond an Excel Spreadsheet.
Reconciliation – one of those tasks which seems like it “just gets done”. Hence organisations assume that their accounting system has everything they need for reconciling accounts and when they find that it doesn’t, they often turn to a spreadsheet which is quickly thrown together to meet a certain requirement.
A spreadsheet, however, can create big problems when it comes to reconciliation – it won’t have audit, data associations could be lost easily, and controlling access can be problematic. People can, and do, spend hours getting data into the right format to be included; matching can be difficult to automate; and departments find themselves totally dependent upon an individual’s expertise.
Aurum Solutions are reconciliation and data matching specialists. We used our extensive experience with reconciliation and accounting systems to develop Groupit – our supremely flexible and powerful reconciliation and data matching software.
Groupit has been designed to handle all sorts of data matching requirements, and has many features to make reconciliation of accounts a breeze.
Data Acquisition and Enrichment
Groupit is able to import data from any text file you care to provide, including downloadable bank statement files, in addition it can also pull data directly in from databases, so cashbook and ledger data can be imported without needing to be written to a file first and minimising both risk and effort as a result.
It’s often necessary to enrich imported data to make it useful for reconciliation. Groupit can infer data, which can be useful for both matching transactions efficiently and management information, by inspecting and separating data elements or by linking to associated data through lookup tables. This includes what Aurum Solutions calls “range lists”, where a value lying within a range of values will infer some specific data.
Groupit’s flexible database mechanism ensures as many fields as required can be defined to meet specific customer requirements. Even fields containing hyperlinks to supporting data in other systems can be defined. The end result is that all the required information for a reconciliation is available within Groupit.
When it comes to matching transactions and balances as part of any account reconciliation process; automation is best. Groupit can manage any form of reconciliation, including Bank Reconciliation and Payment Service Provider Reconciliation - saving valuable time and preventing errors.Explore solution
Reconciliations and Exceptions
Using site-specific rules, which can be easily tailored to meet changing requirements, Groupit can automatically reconcile matching groups of items, including contra items. Matches can also be prevented, so sites can make it impossible to reconcile different transaction types together. The system’s flexibility allows metrics to be captured at each stage.
Groupit can even cope with timing differences, looking for matching subgroups within master groups of transactions. The same processing power and flexibility is available in semi-automated mode too, where users confirm or deny suggested reconciliations.
It’s an unusual reconciliation which doesn’t leave any exceptions, and Groupit has just the functionality you need to resolve as many of those as possible. Its innovative items display screen allows users to group, sort, filter and colour items however they want, meaning that finding matching transactions becomes much easier. Groupit can also look for matching items, or suggest groups of items to reconcile. Users can also add notes and update transactions, all adding value to reconciliation processes.
Groupit’s full audit trail allows management and auditors to investigate what happened to any particular transaction at any time. Its sophisticated rollback functionality allows mistakes to be easily undone. Groupit even contains the ability to view the snapshot of any reconciliation at any point in its history.
Integration and Sophistication
Aurum Solutions recognises that all sorts of business processes include reconciliation so, from the start, ensured Groupit could write data updates back to donor systems and produce all kinds of reports. In addition escalation processes can also be defined for outstanding exceptions.
Month-end processing can cause hiccups for even specialist systems. Not so for Groupit, which can continue to work reconciling data while you’re closing down your accounting periods. Miscellaneous events, such as audit sign-offs, can also be stamped onto reconciliation accounts.
Groupit also contains a fully-configurable user permissions model, ensuring that only the users you want to be authorised to undertake specific tasks can do so. In addition, Groupit can also manage account statuses, so certain actions, such as loading data, can be prevented unless the account is in a particular state. Can a spreadsheet do that?
Sitting on top of industry standard databases (Microsoft SQLServer and Oracle), Groupit minimises the amount of work required by IT staff, and the whole installation and configuration process is remarkably quick. Most organisations are installed within minutes and go live within only a few days.
Proof of Groupit’s flexibility? Well, customers already use it for:
standard two-sided cash-to-bank reconciliations;
- single-sided control and suspense account reconciliations;
- system-to-system reconciliations;
- reconciliations where a third file is provided to expand the data for subsets of other transactions already loaded;
- reconciliation chains where the output from one reconciliation is the input to another; and
- sophisticated three-and-a-half-sided reconciliations matching ledger, trade, settlement and bank records.
Flexibility, scalability, auditability, automation, control – all good reasons to look at Groupit today and see how many benefits it could deliver for you.