ReconArt: Features, Packages & Costs

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​Fintech teams handling month-end closures with complex workflows often struggle with time-consuming processes. In fact, 84% of organizations still rely on manual processes and spreadsheets for part of their reconciliation.

This is the gap that automated reconciliation is trying to bridge. As automation is expected to be embedded in most financial processes for effective and error-free reconciliations, close management platforms are becoming essential for enterprise growth. 

In this article, we explore one such platform, ReconArt, and try to understand its features, packages, and costs so that enterprises can make an informed decision on the type of reconciliation platform suitable for their financial operations. 

What is ReconArt?

​ReconArt is a web-based reconciliation platform serving a global clientele across diverse industries. It provides modern automation tools that allow financial organizations to manage reconciliations across systems, such as:​

• Bank statements
• ERP systems
• Accounting systems
• Payment processors

They offer comprehensive, enterprise-level reconciliation that leverages modern technology and web solutions to empower finance teams.

​What Can You Do with ReconArt?

​All ReconArt solutions are web-based and work with any ERP, accounting system, and external data sources. Its major capabilities include the following:

​Automated Reconciliation

ReconArt allows you to compare and reconcile intercompany transactions with configurable matching rules and manage both Accounts Payable (AP) and Accounts Receivable (AR) reconciliation in a single, automated tool.

​API for Integration

ReconArt uses a public API connector, which is a technical component that enables system-to-system integration to facilitate the highest level of reconciliation automation. It also enables both inbound and outbound connections across ERP systems.

ReconArt Intellidoc

ReconArt uses advanced AI models that can scan and collect data from various document types and formats, including invoices, statements and forms. This model also helps with exception management, flagging discrepancies to the respective team for correction.​

Structured Workflow

Using ReconArt, accounting teams can create more structured workflows by automating tasks and creating timely alerts. This helps in transforming from reactive action to proactive management.​

Audit-Ready Reporting

ReconArt follows a multi-level approval structure that helps maintain compliance and control. Additionally, it ensures that all journal entries posted to the general ledger comply with industry standards, making the organization audit-ready.​

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ReconArt Pricing Details: What We Know

ReconArt does not publish detailed pricing on its website, which means you need to request a quote to understand total costs.

Pricing typically varies based on several factors:

• Number of users
• Transaction volume
• Data integrations
• Customization requirements 

For accurate pricing, it is better to contact ReconArt directly. 

ReconArt's Feature Breakdown by Pricing Tiers

Although actual pricing is not published by ReconArt, it follows a tiered pricing structure, which generally includes the following:​​

What Drives ReconArt's Costs Up?

In most SaaS platforms, pricing scales with operational and other functional needs. Key drivers of ReconArt’s costs could include the following: 

Number of transactions: If your transaction volume is high, the costs will be directly proportional to it, as high volume affects processing speed and storage requirements. 

Integrations required: Reconciling data from different systems and sources increases the complexity of the rules engine, impacting the overall cost. 

Implementation and support: Initial setup, which includes custom match rules or professional onboarding services, could be charged separately. 

Additional features: There are specialized modules for specific industries, which usually require additional features that add to the total cost. 

Costs are subject to subscription tiers, and businesses can scale as they grow by acknowledging their current needs and planning for later stages effectively. 

Is ReconArt Pricing Negotiable?

​For many close management platforms, pricing is generally negotiable as it is customized according to your specific needs. Here are some factors that allow for flexibility in the final cost:​

• Average contract value
• Contract length
• Number of users
• Tailored features and add-on modules
• The model you choose
• Implementation scope

It is important to decide which features you want before contacting the vendor directly to get the best price.

​Pros and Cons of ReconArt

​ReconArt is a useful tool for comprehensive reconciliation and structured workflows; however, it also comes with certain limitations. ReconArt’s pros and cons are highlighted in the table below:

ReconArt's Strengths​

• Multi-system transaction: ReconArt provides multi-step matching to support any process, including credit card statements, payment gateways, banks, GL, POS for e-commerce platforms, and corporate expense management systems.
• Industry use: ReconArt has a diverse client base ranging from fintech to banking, which translates to greater credibility.
• Advanced automation: ReconArt compares and reconciles intercompany transactions with configurable matching rules that are aligned with industry standards.

ReconArt's Weaknesses

Less pricing transparency: As ReconArt does not publish its pricing, organizations must request quotes to evaluate total costs. 

Implementation complexity: Large enterprises with complex workflows might require additional implementation support, which can increase the final cost. 

Limited real-time features: While ReconArt connects well to major ERP systems, it may have limited resources as compared to competitors for real-time reconciliations. 

Scalability issues: Financial organizations processing extremely large transaction volumes may require more specialized infrastructure that can handle all the requirements efficiently and accurately. 

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When Should You Reconsider ReconArt?

​ReconArt can work well for organizations looking for automated close management with multi-system integration, but it might not be the best fit for every enterprise. You should look for alternatives when:​

• Your business frequently handles high-volume transactions.
• You require real-time reconciliation across multiple systems.
• You need exception handling and automated re-routing.
• Your accounting team is handling large-scale transaction processing.

In these cases, reconciliation software like Osfin can provide a greater scope for scalability while maintaining accuracy.

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A Better Alternative: Osfin for Product-Led Growth

​Osfin is a reconciliation platform built specifically for large enterprises handling high-volume transactions, which significantly supports product-led growth by allowing you to scale to your specific needs.

​It is designed for fintech companies,  banks, and other financial institutions that require complex financial reconciliation. While ReconArt can be a strong option for comprehensive close management, Osfin is considered to be faster and more efficient.

​Here is a comparison of their primary features:

Osfin is a Better Fit for Product-Led Growth

​Osfin is a financial operations automation platform specifically designed for high-volume reconciliation in large enterprises. It is a better fit for product-led growth because of the following features:​

1. Importing data: Osfin supports 170+ integrations that help import data from multiple sources regardless of format, apply custom deviation tolerances during ingestion to filter poor-quality data before reconciliation, and detect duplicates at the point of ingestion to prevent downstream issues.

2. Reconciliation process: Osfin provides logic-based matching that can handle many-to-one, one-to-many transactions and multi-way reconciliations. It can reconcile 30 million records in just 15  minutes.

3. Exception handling: Osfin automatically flags  unmatched transactions and assigns them an accurate reason. It then routes unmatched transactions to the appropriate team member through the ticketing and exception handling engine.

4. Output: Osfin delivers a compliance report and maintains audit-ready workflows with complete traceability and transaction history, secures data with 256-bit encryption, maker checker flow, role-based access, and two-factor authentication. Additionally, it complies with SOC 2, PCI DSS, ISO 27001, and GDPR requirements.

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Osfin Offers Better Value than ReconArt

​Osfin offers better value than ReconArt as it offers end-to-end financial operations automation, which is supported by these capabilities:​

1. Format-agnostic data ingestion

2. Logic-based transaction matching

3. Automated exception management

4. Real-time financial dashboards

5. Audit-ready reporting and compliance controls

​These features significantly reduce operational workload and help financial organizations shift to smarter automation.

Choose What Truly Serves Your Growth!

Choosing the right reconciliation platform depends on your organization’s current operational needs and scalability requirements.

ReconArt can be useful for organizations looking to automate traditional reconciliation workflows. However, businesses managing large transaction volumes in challenging financial ecosystems require a more efficient solution.

Osfin provides the tools needed for modern financial operations. This enables organizations to reconcile transactions more quickly, manage exceptions, and maintain financial transparency through audit-ready reporting.

By selecting the platform aligned with your business needs, you can build financial processes that are sustainable in the long run. 

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FAQs

1. What are some alternatives to ReconArt? 

If you are looking for modern enterprise solutions that offer efficient financial automation, platforms such as Osfin, Numeric, and FloQast could be strong alternatives to ReconArt. You should choose a platform that aligns with your business needs.

2. How fast is Osfin's reconciliation engine?

Osfin can reconcile up to 30 million records in just 15 minutes. That too with 100% accuracy. This makes it particularly valuable for financial institutions where transaction volumes are too large and too frequent for traditional close-cycle tools to handle effectively. 

3. What file formats does Osfin support for data ingestion?

Osfin is file format agnostic, meaning it can ingest data regardless of format. This includes MT940, ISO 20022, BAI2, XML, CSV, TXT, and JSON. It also applies custom deviation tolerances during ingestion to filter out poor-quality data before reconciliation even begins.

4. Is Osfin secure enough for sensitive financial data?

Yes. Osfin uses 256-bit encryption, role-based access controls, two-factor authentication, and a maker-checker approval flow to protect sensitive financial data. It also maintains complete transaction histories and audit-ready workflows, making compliance reporting simple.