Johannesburg, 04 Sep 2024
Less than a year after Sage partner Peresoft launched its game-changing True Automation for RecXpress with a robust SFTP tool, customers are reporting increased accuracy, efficiency and massive time savings in bank reconciliations as a result.
Peresoft founder and MD Bobby Perel says the full automation of Peresoft's EFTXpress and RecXpress has taken EFT and bank reconciliation to levels previously unheard of in the accounting industry.
RecXpress is described as "the fastest way to reconcile your bank accounts", with automatic bank statement retrieval and a number of efficiency features.
“With RecXpress SFTP, organisations no longer have to manually log into bank accounts to fetch statements. SFTP automatically retrieves statements from various banks and consolidates all financial data in one place, intelligently checking for duplicate transactions and ensuring data accuracy. It also allows customers to post batches and manage transactions across any number of bank accounts on a single screen, and sends them to the right ledgers.
“RecXpress was initially launched in 2010 to reduce the need for manual reconciliation. The SFTP solution is the end goal of the product, taking it from partially to fully automated. This was a game-changer, but we are evolving the solution even further: we will be integrating Sage Bank Feeds in version 2025, to offer a complete solution that covers all banks,” he says.
From mundane reconciliation to higher value tasks
Customers using RecXpress with SFTP and True Automation report that key benefits are time savings, improved accuracy and enhanced security, Perel says.
“Once it has been properly implemented into the system, customers see the power of it. Where reconciliation used to take weeks, it now takes them minutes. Enhanced to 'remember' monthly entries, RecXpress can automatically generate repetitive entries. Users can display only the transactions they want to see by selecting the category of transaction codes – such as cheques, deposits or charges. RecXpress also takes care of matched transactions and unmatched transactions through a Batch Generation feature.
"Risk is reduced by using two-factor authentication and because no employees have to log into the bank account. RecXpress reduces workloads and eliminates mundane tasks, freeing staff to focus on higher value tasks such as managing new transactions, debt management and liaising with customers,” he says.
RecXpress offers increased accuracy that gets more accurate the more it is used, Perel says. “When you bring in a statement, rules filter and organise transactions under a category using a like/compare method. The rules can also assign them to specific account numbers or allocate them to certain customers or vendors. Over time, the accuracy improves and in four to six months, you achieve a 99% match,” he explains.
Transformative features
In addition to the time savings, enhanced efficiency and improved security, RecXpress offers several features that are transformative for some customers.
Perel cites the example of a customer who runs auctions: “They wanted to receive bank statements every 30 minutes so that during auctions, they could see transactions coming in, reconcile them and move forward. RecXpress supports this. For other organisations with thousands of transactions, daily statements are needed so they can reduce month-end workloads by doing daily reconciliations.”
The RecXpress Audit List offers a comprehensive report of all actions performed within RecXpress, providing full transparency and accountability.
Perel adds: “Another amazing feature of RecXpress is you don't have to manually input transactions from Cashbook: you can simply import your bank statement and post it to Cashbook in minutes. It's all perfectly matched and reconciled.”
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