Reconciliation

In today’s volume driven, complex and regulated operations environment of enterprises, having an automated reconciliation process can help in reducing costs and risk, achieving compliance and significantly improve the overall financial back-office process. The miFIN™ Reconciliation Software helps you do this by introducing a configurable rule-driven framework to define and automate the bulk of your reconciliation activities. It makes it easy for users to migrate from manual to a system driven process. It realizes the need to have necessary manual interventions and hence also provides for manual reconciliation.

miFIN™ Recon aims to transform reconciliations, which is one of the most important periodical financial back-office processes, and yet has been historically overlooked by IT systems. Without an automated mechanism, the recon process ends up being time consuming, person dependent, spreadsheets driven & risky.

Sample Use Cases

Business Benefits

Effective Recon Management Process

miFIN™ Reconciliation Software ensures a standardized recon process with consistent terminology and methodology, irrespective of changing personnel.

Cost Savings

Recon automation saves time and manpower invested in the process, while also reducing the need for supervision. There are also indirect cost savings gained due to reduced errors, faster exception management and closures.

Improved Security and Reduced Risks

Automated processes ensure lower financial and compliance risks. Greater security is ensured as sensitive financial information is no longer shared via spreadsheets.

Improved Operational Efficiency

Effective tracking of open items, and quick identification of errors help you perform timely reconciliation and faster financial closings.

Why miFIN™ Reconciliation?

Flexible and configurable

You can define and maintain dynamic recon rules, with multiple parameters, making it customizable for your specific recon processes. It also provides for manual reconciliation mode in addition to the auto reconciliation mode.

Reduce time, costs and risks

miFIN™ Reconciliation Software helps reduce human intervention and time for reconciliation thus reducing direct and indirect costs and risks.

User Friendly

Intuitive and easy to use interface for managing recon rules and manual reconciliation by business users.

Highlights

Ability to configure multiple types of reconciliations – cash or cheque collections, transaction reconciliation, bank account reconciliation etc

Comprehensive dashboard to track the recon process, that maintains audit trails and historical information

Easily integratable with third party application processing systems, and spreadsheets for feeding transaction data for reconciliation. Ability to upload .CSV format data files for reconciliation

Easy-to-use and intuitive interface to set up and modify recon rules.

Configurable, template based reporting capabilities with an integrated communications engine to send system generated & template driven mails and messages

Highly configurable recon rules with an ability to set user-defined tolerance, and facilitates auto as well as manual reconciliation