Challenge at hand

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.

Technical challenges in existing solution
The reconciliation process is laborious and regularly requires many days of work by trained accountants, as financial institutions and large firms reconcile various accounts. This process involved manually identifying exceptions by comparing entries in a spreadsheet like Excel.

The TechVariable Solution

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