The Only Reconciliation Software Tailored to ATMs and Other Self-Service Terminals

Reconciliation Software

Sonas understands that inefficient reconciliation processes can be utterly demotivating and simply put, just waste your time. Therefore, Sonas reconciliation software automates the process, captures data in real-time and reconciles any amount of transactional data from any source.

Let this be the last time that you have to deal with large and outdated spreadsheets that are nearly impossible to reconcile.

What is a Reconciliation Software?

 

A reconciliation software helps automate the matching off process and replaces it with a centralized online system. Preparers using the software can retrieve real-time balances from a general ledger, carry information and open items from prior periods. Additionally, they can compare data from the bank statement with any supporting documentation. These account reconciliations can then be signed electronically by the preparer before being sent to a reviewer for approval. Once approved, the data can be stored in the software’s database as an audit trail.

However, most reconciliation tools concentrate on the transactional reconciliation of the ATM and are missing a fundamental element when it comes to ATM reconciliation. It is essential to reconcile the ATM transactions and the cash cycle. Without tracking the cash journey of an ATM with the source documentation, the audit trail is not robust. You should match the ATM receipt against the physical cash counted for full reconciliation certainty. 

Sonas understands the unique issues that occur from ATM Reconciliation. Sonas solves these challenges by introducing real-time data capture through OCR technology (optimal character recognition) which captures an image of the source documentation in real-time. Importantly, creating an instant audit-trail, while tracking all related information such as the guard, employee number, time & date, sequence number, and linking this ATM receipt to the physical cash receipt and bank data.

Users can upload supporting documents, leave comments, view company policies and procedures, and electronically view and sign off on all reconciliations and exceptions. Additionally make data-driven business decisions with real-time analytics and reports.

 

Features of SONAS ATM Reconciliation Software

Sonas Systems Process Flow showing the different modules to our system including data capturing, cash reconciliation, exceptions management, claims management and reporting
Real-time Data Capture

Capture source documentation from the cash cycle right at the point of entry. Providing complete transparency. Documents, such as ATM receipts, are utilised in the Reconciliation, Exceptions and Claims Modules for review and investigation. This data is extracted into real-time reporting and analytics module.

 

 

Cash Reconciliation

Cash Reconciliation of a device ensures an automated validation of the cash journey. Therefore, providing complete transparency and detailed reporting and analytics. Your entire cash cycle is recorded, allowing exceptions to be easily identified, investigated and resolved.

 

 

Transactional Reconciliation

Match bank transactions and internal account transactions from multiple sources to each other. Establish matching rules specific to one account or company-wide.  Essentially, you can match transactions to solve differences within predetermined tolerances.

 

 

Overall Reconciliation

SONAS Lets You See The Whole Picture

Gain a transparent and holistic overview of your individual terminals. With a reconciled and valuable overview of your combined digital and cash balances in real-time. Experience a new level of transparency, allowing you to make timely, informed, strategic, and operational business decisions.

 

 

Exceptions Management

Identify exceptions, track follow up attempts and roll forward issues into subsequent periods. Additionally, resolve via a manual matching clean-up method.

 

 

Claims handling

Streamlined Claim Investigation and Resolution With SONAS

Investigate and resolve claims, handle the settlement process, record payments, and access a complete audit trail on one platform. This module also offers a customer portal to improve communication and resolution efforts with increased transparency.

 

 

Reporting

Visual Analytics and reporting of reconciliation and device overview that list unmatched records. View suggestions for getting your account into balance. Store reports for future historical reporting and compare the differences in financial statements from previous periods.

 

Benefits of A Reconciliation Software

Reconciliation solutions: Man using laptop to access Sonas modules

 

Both large and small businesses will benefit from the use of reconciliation software. Automated algorithms, full bank and ERP integration, and in-depth reporting. These are few of the immediate benefits offered to a company looking to implement a reconciliation software. Larger businesses will benefit even greater.

 

 

Fully Automate Your Reconciliation

An Account reconciliation software provides a level of automation that relies less on manual input from your employees. Ultimately, leaving you more time to analyse reports and improve other areas of your business. Automation will lead to stronger compliance, decreased costs, and speed up the financial close process.

The controls embedded within reconciliation software will advance automation by decreasing the risk of errors. This is accomplished by ensuring all connected balance sheet accounts are reconciled (including new or recently added accounts), sending alerts to the appropriate users for approval or rework, template creation, and storing documents in the right place.

 

 
Standardize Your Reconciliation Process

An account reconciliation software will help optimize how your reconciliations are presented. This will help improve the quality and accuracy of your financial data and internal control. Many companies that perform manual reconciliations will deal with non-standardized methods. This means that their documentation is being recorded in a variety of formats and data is spread thin between different locations. Therefore, leading to data-gaps. This downside is in addition to the amount of manual labor that is required to perform the reconciliations. Essentially,  meaning their full-time employees are tied up from handling more important tasks.

 

Sonas Reconciliation software will enforce standardized rules for every reconciliation type. When it comes to auditing, the ATM software will give a standardized presentation with your reconciliations. Also, will provide a centralized document repository. 

 

 

Reduce Errors and Enhance Internal Controls

Minimise fraudulent activity by recording the entire reconciliation process. Giving you total control and transparency over your cash journey. Track digital and cash transactions, monitor investigations and manage claims in real-time.

 

The biggest benefit of the internal controls provided via account reconciliation software is the reduction of risk that is prevalent with manual paper-based methods. Electronic processes will help segregate duties between your staff. Also, will automatically sync with any accounting software or ERP systems, and detect missing or duplicated transactions.

 

 

Decrease Costs

Reduce physical infrastructure costs through global access to the cloud, supporting remote working and more.

 

A consolidated platform gives you the advantage of automation, synergy between departments, a higher rate of productivity, and reduced personnel costs.

 

 

Increase Efficiency

Automated reconciliation allows your staff to focus on performance and provide seamless communication between internal departments and third parties.

Source documentation and data portals enable faster investigation and resolution of exceptions and claims.

 

 

Real Time Analytics and Reporting

Manage your business performance and conduct root-cause analysis to discover problem areas with our visual graphs, trend analysis, and drill down facility.

Detailed and comprehensive reporting offers full sight and transparency of your entire reconciliation process.