Get a faster, insightful financial close
Stop wasting time cutting, pasting and creating pivot tables in Microsoft Excel. Enable your accountants to spend more time on high-value tasks like analyzing variances rather than the mechanics of the close.
ReconBotz is a best-in-class complement to your existing approach that prepares reconciliation entries your way each period.
- Ingests required info
- Prepares the reconciling entry
- Handles the evidence
- Submits the recon to your reconciliation system of record
By separating the reconciliation instructions for each account into simple rules established and maintained by your accounting team, ReconBotz is one automation that does the work of thousands.
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How ReconBotz works
1. Ingests required info
- Identifies accounts needing to be reconciled in the period.
- Processes ledger and sub-ledger data, and other very large data sources as needed which are generally the same data source used by your preparers before ReconBotz.
- Able to pair with WonderBotz’s ReportBotz to automate creation of required input files
2. Prepares the reconciling entry
- Prepares 100% customized reconciling entry for each account based upon accountant instructions for all types of account
- Supports day of close functionality and multiple currencies
- Determines whether the reconciling entry is ready for certification, based upon situation or accountant managed rules.
- Reruns if a previously reconciled account becomes unreconciled
- For accounts it cannot reconcile due to missing data, it provides the reconciling data to the accountant responsible for the account, so they can focus on analysis rather than data gathering.
3. Handles the evidence
- Allows a variable evidence approach by account and BU
- Depending upon your recon system, able to loads detail as part of recon (i.e., no need for separate files)
- Able to loads link to where details are stored whether in ERP or externally for use by auditors
4. Submits the recon to your system of record
- Fully configurable output file (detailed or summary) based upon instructions in parameters
- Loads reconciling entries into organization’s reconciliation system of record such as Blackline, Trintech or any other. Out-of-the-box, Blackline item data import template is included.
- With Blackline, ability to suspend auto-reconciliation to force certifier review
- Able to be run in trial mode before the start of close, providing early insights to accounting leadership.
- Visibility into close and causes of exceptions
And, because all of the controls are set and maintained without code through parameters, the accountants retail control of how each account is reconciled.
Using ReconBotz, you leap-frog to immediate benefits.
- Speeds your financial close without compromising quality
- Eliminates the preparer’s work either substantially or entirely, freeing them for high-value tasks.
- Create consistency and standardization by account, account-type across periods and regions
In turn, you’ll also increase the quality and reliability of your financial close process.
ReconBotz installation is fast and easy, as highlighted below:
- Setting up ReconBotz , including installing and connecting the RPA platform as appropriate
- Setting up the parameter file controlling location of files, how each individual account is to be reconciled and the way ReconBotz manages outputs
- While in most cases, ReconBotz uses the same files as your accountants today, our ReportBotz solution can get the required data and provide it to ReconBotz
- Depending upon your recon system of record, we may build custom connectors to upload the final results
You can add accounts to ReconBotz over time for a phased deployment based upon your needs
Preferred services partners for our Account ReconBotz solution
RPG: RGP is a global services firm with 4,000 industry experienced professionals, 70% of whom are CPAs or hold advanced degree.