QuickReco Tool

https://www.quickrecotool.com/

[reconciliationtool]

A Quick Guide on QuickReco Tool and Its Working Model

QuickReco Tool is one of the most advanced automation tools built to add exceptional automation for reconciliation and many other Excel operations. From Banking to Insurance, NBFC (Non Banking Financial Companies), and many other industry verticals can use this reconciliation tool.

What makes the QuickReco Tool stand out among many other excel automation tools?

·         It is not just an excel automation tool, it is way more than that.

·         This tool has many amazing features and a mechanism to process calculations way more securely and efficiently. Even if the calculations are quite tough to process by any other excel automation tool.

·         Unlike many other data reconciliation tools or bank reconciliation tool, it has some intelligent and astounding features that automate manual excel operations.

·         It simplifies calculations regardless of the fact how complicated the calculation formula or algorithm is.

·         Moreover, accurate reconciliation of records is its USP, which is why the QuickReco Tool is renowned as one of the best excel automation tool

·         The QuickReco Tool is one of the preferred reconciliation tools as it can perform various options with predefined algorithms in a jiffy.

·         It enhances the operations by automating various jobs. It means the banks, non banking finance companies, insurance agencies, or any other organization using the QuickReco Tool do not need to put manual resources to make day to day calculation and generate reports or assure reconciliation.

·         All of these jobs and many more can be handled by this single data reconciliation tool.

How does the QuickReco Tool work?

Let us share the working model of the QuickReco Tool, so you can get an idea of How does Account Reconciliation Software Work? The explanation of the working model of this tool will also give a glance at the major advantages this software offers to the banks and NBFC.

So without further ado, let us briefly explain the functional flow of the QuickReco Tool in a stepwise manner:

1. All files or data to be processed will be tracked by the software automatically.

·         Based on the predefined interval, the QuickReco Tool tracks the files that need to be processed.

·         The processing interval can be defined by the admin, which can be daily, whenever available, or even monthly.

·         This excel automation tool will follow the predefined processing intervals to process the predefined calculations.

2. File import from system to this data reconciliation software.

·         Once the files to be processed with predefined logics are detected, this QuickReco Tool will import those files into the software from its source.

·         The user can also manually upload data for the calculation and reporting process.

3. Validation of the imported data and records.

·         As we all know, each software solution can process data if the data is stored in the correct format in the file.

·         The QuickReco Tool also requires the files to be processed in the right format.

·         To assure this fact and efficacious reconciliation of data, the QuickReco Tool will validate the imported data and records before actually processing them. This makes it one of the best data reconciliation tools.

4.Computation on imported data.

·         Once this reconciliation software validates the correctness of the data, the next step is the computation of the data based on the configured calculation algorithms and functions.

·         This excel automation tool can securely process data, unlike macro and store it in the database to keep the processed data in a well defined format and securely stored.

·         The calculation is processed automatically in the background, so it can process a large volume of data quickly.

5. Data reconciliation.

·         After the processing, this one of the top data reconciliation tools will use predefined keys for data reconciliation.

·         It makes sure that the processed data is accurate and presented efficiently.

6. Report production and export.

·         This tool not only computes the required calculations, but also represents the output in an easy to understand format of reports.

·         It can generate periodic reports to provide the required reports automatically.

7. Send reports automatically.

·         Whether the reports need to go for approval or they need to go for periodic review, this banking and NBFC reconciliation software can do both.

·         It can automatically send the reports to predefined people with the auto email functionality.

8. Summary dashboard display.

·         The processed data can also further be computed to extract the summary.

·         This one of the popular data reconciliation tools shows the crux of computed data, as a summary on the dashboard.

·         A quick look at the dashboard summary can make the overview process faster.

This reconciliation software is built to empower Banks, NBFCs, Insurance and many other companies.

Let us take you to the walkthrough of this powerful tool.

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QuickReco Tool Accounting automation benefits cuts down manual effort when lookup, calculation and reconciliation is done using 7 steps.

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QuickReco, a Logistics automation software automating Bank and Wallet Reconciliation. Logistics company provides courier services and reconciliation for COD, Wallet.

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Payment Reconciliation Software for Non-Banking Financial Company (NBFC). QuickReco tool, the Financial Reconciliation Software automated bank reconciliation process.

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QuickReco Tool Automate Reconciliation process at Life Insurance company. Implementing this led to minimum manual intervention with 80% effort reduction.

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QuickReco Tool is a Bank Account Reconciliation Software. It can be used for reconciliation of bank records. 100% Excel automation tool.

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NBFC Reconciliation Software

Automating Bank Reconciliation at Non-Banking Financial Company (NBFC)

 The NBFC has 16 process and 83 files for Bank Reconciliation through channels viz payment gateways, wallets, net banking, UPI, kiosks, ATMs, bank cheques, credit cards and prepaid cards. These processes include Collection, CMS, Direct Debit, E-Collection, Processing Fees and Disbursement.

Requirements

High manhours on reconciliation, quicker reporting turnaround time, dependence on people to be present and newer people having the ability to quickly deliver, detection of payment issues and optimizing processing charges expenses.

Handling complex reconciliation rules, performing reconciliation between several files and Bank Statements, generating Open entries and Bank Reconciliation Summary (BRS) Reports for several processes was a repetitive and time-consuming task performed on daily basis.

Our solution

The QuickReco tool,

Payment Reconciliation Software

dynamically automated bank reconciliation process. This included the following:

·       Bank Reconciliation with 2-levels of reconciliation, including reconciliation between Bank Statements and various reports like Liquidation, E-Collection, Direct Debit etc., & a final reconciliation with the Accounting data

·       Handling exceptions in case of an amount mismatch between the 1st level reconciliation files and flagging these to the user.

·       Handling duplicate data for ledger transactions.

·       Reports like Open Entries, Matched & BRS Reports can be downloaded or auto-emailed to management.

·       Manual Reconciliation via Screen and Excel feature used for handling contra entries.

 Results:

1) The solution provided by QuickReco tool has resulted into an integrated solution for all reporting, analytics and reconciliation needs.

2) It has also streamlined the reconciliation process, thus improving the overall efficiency.

[reconciliationtool]

Logistics Automation Software

Automating Bank and Wallet Reconciliation at Leading Logistics Company

The logistics company provides courier delivery services and performs reconciliation for different processes like Cash on Delivery (COD), Collection & Wallet, etc.

Requirements

Our solution:

The challenge faced by the team was reconciliation based on the Amount for Remittance cases where a consolidated amount was captured in the Ledger as compared to the multiple records in Bank Statements. Moreover, these transactions had no matching parameters for identification. There was a lot of effort spent by the team in identifying such records for reconciliation.

Another challenge was to process a large volume of transactions for COD & Wallet process; this had multiple vendor files & approximately 50-60k records within each file.

QuickReco Tool (Logistics Automation Tool) performed end-to end automation which included the following:

The QuickReco tool, Logistics Automation Software addressed this issue related to complex matching without an identifier. It did so by providing a Suggestion based feature where the user is presented with all possible transaction matches based on the amount. The transactions can then be verified & marked as reconciled by the user.

 Results:

Large Volumes of transactions are handled by the tool, which has substantially helped in reducing the processing and response time. Daily multi location collections (through cash and card) net off any returns and reconciling it to accounting records and customer records to ensure least friction to users’ whose needs are being fulfilled.

[reconciliationtool]

Life Insurance Reconciliation Software

Automating Different Reconciliation Process at Leading Life Insurance Company.

The Life Insurance Company has multiple accounts and multiple products across 85 processes. Compiling and computing over 200 data files for Banks and Vendor Reconciliation and receipts management. These processes include Internet banking, Cash Management (CMS), Central collection, Credit Card Mandate and various vendor files inclusive of Wallet based entities.

Our solution

QuickReco Tool,

Life Insurance Reconciliation Software

performed end-to end automation which included the following:

Auto Downloading Daily Bank and Transaction Files from IBM Notes Mailbox.

Auto-upload and Auto-Reconciliation of all bank and vendor files.

Generating various reports required for SAP System Input.

Requirements

Handling huge volume of transactions, managing a number of bank accounts, and different file formats from various vendors had posed a big challenge for the Daily Reconciliation process.

 Results:

1) Implementing the QuickReco Tool, Account Reconciliation Tool led to minimum manual intervention, with an 80% effort reduction.

2) It also helped in streamlining the reconciliation process, thus improving the overall efficiency.

3) The payback of this technology investment was 4 months!

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How QuickReco Tool Automates Reconciliation Process to Empower NBFCs?

Non-Bank Financial Companies (NBFCs) are growing rapidly in India and so does the popularity of this kind of companies. Nonbank financial companies, also popularly known as nonbank financial institutes (NBFI) are well-liked for offering various financial and banking services similar to public and private banks. The only difference between banks and NBFCs is, the NBFCs do not hold the banking license and therefore, cannot offer all the services as a bank can offer.

Below are some examples of nonbank financial companies to help you understand the concept of NBFC.

·        Finance loan lenders

·        Mortgage lenders

·        P2P lenders

·        Money market funds

·        Private equity funds

·        Hedge funds

·        Investment banks

·        Insurance agencies

·        And more

In this blog, we will shed more light on one of the important processes in the NBFCs, namely, reconciliation and its automation.

Why NBFC needs a reconciliation tool?

·        Even if the nonbank financial institutes do not hold a banking license or cannot provide all banking services, this type of company still deals with money and process the transactions.

·        Thus, data reconciliation is one of the important processes in NBFCs.

·        NBFCs need an accurate and reliable reconciliation tool to assure efficient data reconciliation.

Why NBFC needs a data reconciliation tool that adds automation to the reconciliation process?

·        Manual methods of data reconciliation are tedious and time consuming.

·        The manual methods are also error prone in some cases.

·        The manual process of data reconciliation in one or more excel files without using any bank or NBFC reconciliation tool cannot represent data in an easy to understand format or reports. It needs reporting efforts in addition.

·        Manual reporting at a regular interval wastes a lot of manual and other resources.

·        If an NBFC uses only an excel automation tool, then it may cause some security and storage issues.

·        All in all, instead of using a traditional method for data reconciliation in the nonbank financial company, using an NBFC reconciliation tool that includes automation of the data reconciliation process is necessary.

How NBFCs can automate the whole reconciliation process?

As now, you know what NBFC is and why an NBFC needs a reconciliation tool, let’s delve deeper to explore how any nonbank financial company can automate the reconciliation process.

·        The simple answer to apply an accurate and efficient reconciliation process in the NBFC is using one of the best data reconciliation tools, which is the QuickReco tool.

·        There are some more excel automation tools available in the market. However, they cause certain challenges and roadblocks.

·        Unlike usual excel automation tools or traditional bank reconciliation software, the QuickReco tool simplifies the reconciliation process for the NBFC.

·        It can accurately process thousands of data records within some time.

·        It represents data in the custom report formats.

Let’s understand the working model of the QuickReco tool to know how it automates the bank reconciliation process at an NBFC.

·        The QuickReco tool can automatically process all different files and processes.

·        The QuickReco tool is renowned for processing multiple different processes automatically using predefined logic and calculations to assure accurate data reconciliation.

·        It can also process the data collected from multiple files via various channels such as:

o   ATM

o   E-wallet

o   UPI

o   Payment gateway

o   Banking or financial kiosks

o   Credit card processing

o   Debit card processing

o   Bank cheques

o   And more

·        The QuickReco tool can automate various processes such as:

o   Debt collection

o   E-collection

o   Auto debit from the bank

o   CMS

o   Disbursement

o   Processing fees

o   Late penalties

o   And more

Working model of QuickReco in NBFC:

·        The QuickReco Tool, one of the best data reconciliation tools, can fetch data from different sources.

·        It is one of the advanced data reconciliation tools. Thus, it performs a two-level reconciliation process.

·        The excel automation tool of the QuickReco tool applies different predefined calculations and logic to process the data fetched from diversified sources.

·        In case of data disparity, this NBFC reconciliation tool will send a notification alert to the concerned person to check the disparity and take the required steps.

·        Unlike traditional excel automation tools, the QuickReco tool can also handle duplicate data to provide efficient data reconciliation.

·        The contrast entries can be managed manually, as and when needed, by the QuickReco tool using the manual reconciliation features available in this data reconciliation tool.

·        The QuickReco tool also automates the report generation to benefit the NBFC staff. It automatically sends reports via email to the concerned executives.

Conclusion

This NBFC reconciliation tool has an array of features, which are developed to enhance and automate the data reconciliation process in NBFC. Book a free demo to see how it works and can benefit your NBFC.

[reconciliationtool]

A Quick Guide on QuickReco Tool and Its Working Model

QuickReco tool is one of the most advanced automation tools built to add exceptional automation for reconciliation and many other operations. From banking to insurance, NBFC (Non Banking Financial Companies), and many other industry verticals can use this reconciliation tool.

What makes the QuickReco tool stand out among many other excel automation tools?

·        It is not just an excel automation tool, it is way more than that.

·        This tool has many amazing features and a mechanism to process calculations way more securely and efficiently. Even if the calculations are quite tough to process by any other excel automation tool.

·        Unlike many other data reconciliation tools or bank reconciliation software, it has some intelligent and astounding features that automate manual excel operations.

·        It simplifies calculations regardless of the fact how complicated the calculation formula or algorithm is.

·        Moreover, accurate reconciliation of records is its USP, which is why the QuickReco tool is renowned as one of the best excel automation tools.

·        The QuickReco tool is one of the preferred reconciliation tools as it can perform various options with predefined algorithms in a jiffy.

·        It enhances the operations by automating various jobs. It means the banks, non banking finance companies, insurance agencies, or any other organization using the QuickReco tool do not need to put manual resources to make day to day calculation and generate reports or assure reconciliation.

·        All of these jobs and many more can be handled by this single data reconciliation tool.

How does the QuickReco tool work?

Let us share the working model of the QuickReco tool, so you can get an idea of how does this outstanding excel automation tool work. The explanation of the working model of this tool will also give a glance at the major advantages this software offers to the banks and NBFC.

So without further ado, let us briefly explain the functional flow of the QuickReco tool in a stepwise manner:

1. All files or data to be processed will be tracked by the software automatically

·        Based on the predefined interval, the QuickReco tool tracks the files of data that need to be processed.

·        The processing interval can be defined by the admin, which can be daily, every alternate day, weekly, biweekly, or even monthly.

·        This excel automation tool will follow the predefined processing intervals to process the predefined calculations.

2. File import from system to this data reconciliation software

·        Once the files to be processed with predefined logics are detected, this QuickReco tool will import those files into the software from its source.

·        The user can also manually upload data for the calculation and reporting process.

3. Validation of the imported data and records

·        As we all know, each software solution can process data if the data is stored in the correct format in the file.

·        The QuickReco tool also requires the files to be processed in the right format.

·        To assure this fact and efficacious reconciliation of data, the QuickReco tool will validate the imported data and records before actually processing them. This makes it is one of the best data reconciliation tools.

4. Computation on imported data

·        Once this reconciliation software validates the rightness of the data, the next step is the computation of the data based on the configured calculation algorithms and functions.

·        This excel automation tool can securely process data, unlike macro and store it in the database to keep the processed data in a well-defined format and securely stored.

·        The calculation is processed automatically, so it can process a large volume of data quickly.

5. Data reconciliation

·        After the processing, this one of the top data reconciliation tools will use predefined keys for data reconciliation.

·        It makes sure that the processed data is accurate and presented efficiently.

6. Report production and export

·        This tool not only computes the required calculations, but also represents the output in an easy to understand format of reports.

·        It can generate periodic reports to provide the required reports automatically.

7. Send reports automatically

·        Whether the reports need to go for approval or they need to go for periodic review, this banking and NBFC reconciliation software can do both.

·        It can automatically send the reports to predefined people with the auto email functionality.

8. Summary dashboard display

·        The processed data can also further be computed to extract the summary.

·        This one of the popular data reconciliation tools shows the crux of computed data, as a summary on the dashboard.

·        A quick look at the dashboard summary can make the overview process faster.

This reconciliation software is built to empower banks and NBFCs.

Let us take you to the walkthrough of this powerful tool. Book a free demo NOW!