RecWise Description
The reconciliation should start with comparing the General Ledger closing amount to the sub-ledger, or other relevant sources (such bank statements or other documents from third parties). The two should be compared to determine if there are any differences. If necessary, correcting journals should be posted to the general ledger and sub-ledger. To provide visibility, anomalies should be recorded as reconciliation items. The reconciliation should be complete and the balances must match. All documentation must be attached. The reconciliation will be approved if it passes the review process. The standardised process and a framework can greatly improve the reconciliation process at each month's end.
RecWise Alternatives
Oversight
Oversight gives you 100% visibility across all systems and in real-time to every area of spend, from payables to T&E, P–Cards, and more. Oversight uses AI and machine learning to automate spend analysis and prioritize risk based on your specific spend profile. This allows you to focus on the most urgent audit findings. Oversight quickly identifies any process problems and helps you to correct them. This will allow you to drive measurable changes in employee purchasing behavior. Oversight optimizes people, not just the policy. This reduces out-of-policy spending 70%. Oversight's best-practice approach reduces audit effort. It delivers measurable ROI through behavior monitoring, benchmarks and employee engagement. Scorecards are used to report progress and opportunities to diverse stakeholders. Oversight can help you manage the most critical risks in your financial process. This includes procurement, fleet, T&E, fleet, T&E and general ledger. As you expand your controls, the platform scales easily.
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PlumERP
PlumERP is a comprehensive solution that covers all your business requirements - CRM, HRM, Procure to Pay, and much more.
PlumERP's financials software helps you to accelerate your financial close. It provides a strong expense management system, streamlines and auditable revenue management, and gives you complete real-time insight into the financial performance for the entire company. It covers all the critical functions, including: general ledger, accounts payable and receivable, comprehensive budgeting, asset management, cash management capabilities, and other dedicated tools.
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ReconArt
ReconArt, an enterprise-class web-based platform, is designed to automate all data reconciliation processes and integrate management. Our reconciliation software solution uses best practices and technology to keep up with digital transformation trends in finance and accounting.
ReconArt's integrated functionality supports every aspect of the reconciliation lifecycle: from administrative management and data management, to robust transactional matching and exception management technology, to comprehensive, fully auditable reconciliation of balance sheets, as well as other supporting functionality like journal approvals or variance analysis.
ReconArt's user-owned functionality allows for any type of reconciliation. This includes bank accounts, credit cards, payments, GL/suspense and AR/AP. It also supports ledger to subledger, intercompany trades, positions and balance sheets.
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Numeric
Numeric helps leading teams to organize their closes, streamline reconciliations and use AI for auto-drafted flux analyses and lightning-fast reports. With recurring workflows, collaboration tools and centralized month-end closing, you can centralize and streamline your close. Numeric was designed to help you move as quickly as possible. Streamline your month-end closing with recurring workflows, automation and controls that are built for speed and efficiency. Track and manage the entire close in one place. This includes journal entries, reconciliations and flux analysis. Review notes, tasks and subtasks are also included. Set tasks to repeat at any frequency - monthly, quarterly, annual, or even on a custom schedule - so that you always have a checklist available at the right time. From one place, you can view and resolve comments, receive updates, perform reviews and more. Use rich-text, pinned links and more to document details so that all information is in one location.
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Integrations
No Integrations at this time
Company Details
Company:
RecWise
Year Founded:
2017
Headquarters:
Australia
Website:
www.recwise.com
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Product Details
Platforms
SaaS
Windows
Type of Training
Documentation
Customer Support
Phone Support
Online
RecWise Features and Options
Audit Software
Alerts / Notifications
Audit Planning
Compliance Management
Dashboard
Exceptions Management
Forms Management
Issue Management
Mobile Access
Multi-Year Planning
Risk Assessment
Workflow Management
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