Revolutionizing Financial Reconciliation: A Journey from Manual Analysis to Automated Efficiency with Smart Recon

DataSteroid

Revolutionizing Financial Reconciliation: A Journey from Manual Analysis to Automated Efficiency with Smart Recon

Overview

TechVariable partnered with one of India’s largest tax advisory firms to create a software-as-a-service (SAAS) application. The aim was to automate and streamline the traditionally tedious financial reconciliation processes. TechVariable rose to the occasion and, with the data transformation capabilities of DataSteroid, developed a fully integrated application capable of identifying mismatches between vast accounting data sets and simplifying exception management.

Challenges

Large-Scale Data Analysis: The reconciliation process involves comparing two sets of records to ensure accuracy and agreement, requiring manual analysis of potentially tens of thousands of transactions.
High-Level Requirements: The client wanted an application to automate reconciliation and manage exceptions seamlessly. However, the project's scope was not well defined, and the requirements were high level, necessitating extensive work to develop the idea, find solutions, and create a detailed set of requirements.
Evolving Requirements: Throughout the project, new requirements emerged, which had to be incorporated into the development process.

Solutions

Integrated Data Harmonization and Automated Reconciliation: We integrated Excel, CSV files, and any accounting software with DataSteroid, which harmonized the data accordingly to allow a consolidated view. This data was used, and a fully automated reconciliation process was set up to ensure accuracy and efficiency.
User-centric Management System: A user management system based on approval flow and distinct roles like Super Admin, Client Admin, Preparer, Reviewer, and Approver was built to bar unauthorized access and maintain quality control. Additionally, the system includes exception management based on user-defined parameters, fostering user-centric control and customization.
Rolling Recon: We reinstated a rolling Recon system, where recon data is saved to the next cycle, allowing users to address pending exceptions.
Customizable Dashboard: A dashboard allowing users to visualize reconciliation data for analysis and forecasting.

Result

With the implementation of DataSteroid, Smart Recon has become a potent tool for the tax advisory firm. Now, reconciling 10 GB of financial data takes about 4 hours instead of a week. Implementing an automated reconciliation process has reduced human errors, while automatic data matching has eliminated the need for external cleanup. The Rolling Recon feature simplifies addressing pending exceptions without rework. Minimal APIs and a refined database have optimized the firm’s performance, ensuring seamless handling of massive data volumes.

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