Industry: Fin - Tech

Smart Recon - A SAAS financial reconciliation process

0 Engineers
0 Months
0% Decrease in processing time

Services

Rapid Application Development, Product Engineering, Data Infrastructure Modernization

Technology

Python, React.js, MongoDB, PostgreSQL

Location

Chicago

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Overview

A SAAS automates tedious financial reconciliation processes. One of the largest tax advisory firms in India wanted to build an app that could automate the reconciliation process.

We built an independent, fully integrated app that automated the process of identifying mismatches between large sets of accounting data, and simplified the management of these exceptions.

Challenges

Reconciliation is an accounting process that compares two sets of records to check that figures are correct and in agreement. Account reconciliation requires manual analysis of huge amounts of data — often tens of thousands of transactions — to ensure consistency.

The client, one of the largest tax advisory firms in India, wanted to build an app that could automate the reconciliation process. It was to be developed as a SAAS product that could be offered to financial institutions and other large firms. The app was required to filter transactions from Excel or CSV files generated by accounting software, reconcile them, and handle all exceptions seamlessly.

The requirements were very high level and the scope of the project was not well defined. Our teams worked extensively to develop the idea, find solutions and create a detailed set of requirements. New requirements emerged throughout the project, but were incorporated seamlessly thanks to our agile process.

Solutions

We built an independent, fully integrated app that automated the process of identifying mismatches between large sets of accounting data, and simplified the management of these exceptions. The powerful app included the following features:

1. Fully automated reconciliation using Excel or CSV files from any accounting software
2. Exception management as per user defined parameters
3. User management and login based on approval flow: Super Admin, Client Admin, Preparer, Reviewer, and Approver
4. Rolling recon: Recon data is saved and rolled to the next cycle, so users can address pending exceptions
5. Customisable dashboard that allows users to visualise the reconciliation data using bar graphs and pie charts for analysis and forecasting

Need a custom software application for your business?

We at TechVarible do acknowledge that one size will not fit all. Hence, we work in collaboration with you to identidy, analyze & then develop a solution that fulfils your needs.

Either we will define the functional scope of your project to estimate the timeline and budget or you can create your own agile team from among our recources.

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High Level Design Architecture

The Result

1. Smart Recon reduces reconciliation time for 10 GB financial data from a week to 4 hours
2. Human errors are minimized
3. Different data sets are matched automatically, so other parties don’t need to clean up data
4. Rolling Recon function allows pending exceptions to be addressed without any rework
5. User management and approval flow prevents unauthorised usage, maintains quality control
6. Minimum APIs ensure exceptional performance, and optimised database handles massive amounts of data effortlessly

Enquire now

Give us a call or fill in the form below and we will contact you. We endeavor to answer all inquiries within 24 hours on business days.

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