During these challenging and changing times, phrases like “work smarter” or “doing more with less” are more and more common in the finance world. Dealing with large volume of transactions, reconciling them and analysing has become a full day’s work and usually a full day’s work of a whole team.

Finance functions are expected to control data but also be in the position to present and analyse them. Putting into the picture the security and compliance issues, then things get even more complicated.

Reconciliation is a process that compares sources and sets of records to confirm their accuracy.

Traditionally, spreadsheets are widely used in Finance and are very helpful in dealing with data and numbers. Over the years however, and considering the volume of data, spreadsheets have major deficiencies:

• Time consuming – building a spreadsheet is time consuming especially if you must consider all the parameters and formats of different sources.

• Even using advanced formulae and macros, still matching is slow and not accurate.

• You need to utilise your highly trained accountants to build such complex spreadsheets.

• You will reach a stage where these spreadsheets will become monsters and only the person who set them up will be able to fix them.

• No audit trail as anyone can write, erase, and amend spreadsheets. Information can also easily be lost.

• A spreadsheet will be too heavy after some time, not allowing for additional data to be inserted.

• With manual processes, it is very difficult to diagnose and treat process inefficiencies.

• Try to use the data in a spreadsheet for reporting and drill down for further details; it will be impossible. Imagine having 50 different spreadsheet tabs in a file, having 10 different formulae in each tab to try and reconcile all these transactions. Its already heavy enough; Try now to use all this data for custom report and analysis…..almost impossible.

By moving to an automated solution, like MRS, you will change the daily activities of your finance department. Processing will be much faster and of course you will be able to have more control and confidence of your numbers.

So how does MRS solve the above issues:

• MRS streamlines the data collection process by including the report structure of over 250 popular banks and payment providers used by brokers around the globe.

• Items are automatically matched based on chosen parameters from 500+ available matching rules.

• MRS is specializing on providing this solution to tens of brokers around the globe for more than 12 years, making implementation process simple..

• MRS includes comprehensive activity logs, allowing each number to be traced back to its original source. This allows total transparency and helps build trust with auditors and other reviewers.

• Customisable Access Levels ensuring that company remains secure, and all policies are adhered to with fully customisable user access levels. Each employee received the exact access they need and nothing more.

• By inputting the contract and agreement details with PSPs in MRS, you will be able to have a recalculation of your charges, to either compare them with actuals or to proceed with accruing them in your accounting records in case that you do not know the actuals yet.

• MRS provides a multicurrency accounting journal and Trial balance for all records in MRS, always providing a reconciled internal record.

• CASS and client funds reconciliation reports come as standard reporting in MRS, therefore there is no need to export data out and perform a separate working.

• More than 10 standard reports available, allowing users to collect, analyse and present all client movement.