ReconNET is a corporate performance management solution from Trintech. ReconNET automates account reconciliation, including high-volume reconciliation, with the goal of helping users tighten controls, reduce risk and increase process efficiency.
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Vena
Score 8.7 out of 10
Mid-Size Companies (51-1,000 employees)
Vena Solutions provides a financial process automation solution to automate Corporate Performance Management, accounting and budgeting, Regulatory & Compliance, and other finance-related processes. It is scaled for medium to large-sized organizations.
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Pricing
ReconNET by Trintech
Vena
Editions & Modules
No answers on this topic
Professional
N/A
Complete
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Offerings
Pricing Offerings
ReconNET by Trintech
Vena
Free Trial
No
No
Free/Freemium Version
No
No
Premium Consulting/Integration Services
No
Yes
Entry-level Setup Fee
No setup fee
Optional
Additional Details
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The Professional Plan is the most flexible way to get started quickly and can be added onto as a company grows. The plan includes: Vena Platform, Customer Success Manager, Standard Support and Customer Portal.
Complete Plan includes everything in Professional, plus: Vena Insights, Premium Support, Sandbox Environment, and Expert Managed Services.
For a limited time, new customers who use Microsoft Dynamics 365 Business Central (Online) as their primary ERP can get a free year of Vena and 40% off implementation costs.
Vena also offers special pricing for not for profit organizations. To learn more, speak to an expert.
It is well suited in scenarios where customers have tremendous volumes of data to deal with and where the reconciliation of the information is of paramount importance to businesses and stakeholders. We use it primarily for balance sheet reconciliations that come with features, such as exception management, which is great for focusing on the few that matter the most at the end of the day.
Whether you have processes you are looking to make more efficient or starting from scratch, Vena is a great tool to handle both. When we started with Vena all of reporting was either very manual or frankly nonexistent. Vena was pivotal in bringing us from zero to 10 in a short time. it helped us streamline the process of gathering data to the end reporting
The ReconNET tool has a great audit-trial system that captures every detail in the life of a record and helps eliminate any manual intervention. It's fully SOX Compliant, and helps track any changes in the data from an audit perspective.
The automation helps us focus entirely on the exceptions, which helps eliminate attention from the mundane tasks to areas with potential problems.
Exception management and automated posting to the GL are great features that help streamline many of the routine, mundane, and yet time-consuming activities, freeing up time to focus on issues at hand.
What i like best about Vena is that it is very seamless Excel integration.
Vena fosters collabs across teams, helping multiple members to work together on financial planning in real-time enhancing overall efficiency.
We now also can automate manual processes like budgeting, consolidation of data and reporting saves my valuable time and also reducing the risk of errors.
It takes a little bit of practice to get the hang of the tool to set up the reconciliations, but its not necessarily a drawback, since this applies to every other automation tool out there. However, once someone gets the hang of it, it's pretty user-friendly to run it on a daily basis.
Since automatons can only be built on a set logic, at times certain items that show up as exceptions are not truly a cause of concern. However, since it's always better to flag too many potential exceptions than too few, it's not a true drawback.
It has quite a few features, such as multi-currency reconciliation, bank deposits, disbursements, automated postings to G/L, etc. which could be of great value for various requirements for clients. It is especially useful where volumes of data are too large to deal with. The uses might not be phenomenal for low volume reconciliation requirements.
It could improve the ease of implementation; it could take a long for an inexperienced IT team.
From the ERP system perspective, it can be linked easily, but it has room for improvement when you make core changes and require a Vena specialist again.
Some administrators can get confused while working on Excel implementation; it has complicated technical requirements.
Vena has been a huge win for us as an organization, as it vastly improved our budgeting process by removing manual consolidation that was incredibly time consuming, and it allows us to see a multi-year view of our organizational budget across all of our funding sources. We've seen Vena's platform grow over the years and we've not yet fully adopted some of them so it feels like there's still potential to get even more value out of the platform.
Vena allows any solution to be built the way you need it to work, and there are many different ways of going about what you need it to do. It may require time to build, test, and rebuild and retest, before the best solution to what you are trying to accomplish is reached. It is best for those who are Excel proficient because Vena utilizes and enhances the usage of existing Excel functions. For those who are not Excel proficient, the journey may be more challenging, however, with help of EMS, you can get your planning and reporting to a dynamic state.
Contact with Vena Solutions technical support is quick and experts in the field always respond. It is not necessary to go through a large form to explain the problems and then answer more questions to receive a direct answer, we simply send a message indicating the specific problem and they are immediately there to actively help us
Vena Solutions pages load quickly and only a few times does it get a bit slow, only when there are many integrations and the reports are long. But in general it is always fast and honestly I am very satisfied with the speed in the generation of statistical reports and the pages
They are very quick to respond when you submit a ticket and typically fix issues quickly as well. I only didn't give this a 10 because there is still an open issue with our Salesforce connection that we've been waiting on now for a few months.
Our initial in person training was a little rough b/c I felt like our trainer wanted to focus on maximizing Vena rather than understanding what we were needing for our organization. He was very responsive and added insights, but could have worked to understand our needs a little better.
The training was structured as a group training to learn the basics of creating a data model and mapping a template. While we had nearly 10 participants, I was the only actual implementer so we probably didn't actually need the training and could have just learned the initial skills from the implementation consultant. Two years later, when we hired a new team member, they completed several modules in Vena Academy (a self paced learning course) which allowed them to get up to speed on the basics with just a bit of supplemental guidance from me as our existing admin.
The Vena consultant had great knowledge of both the Vena solution and Excel and Excel functions. He was able to help suggest ways to build our templates that met our requirements using Excel functions we had not previously considered using. And we have been able to use the Excel information he provided in other ways outside of Vena. He was very patient and flexible as we learned the Vena tool and created templates
Each automation tool has its own set of features, but the fact that ReconNET is built for reconciliation purposes sets it apart from the rest. The ease of usage once the user gets a hang of it, the extensive audit trial, and the ability to focus on exceptions rather than the necessity to scroll through a bulk of irrelevant information, all provide the key-user with the critical decision-making ability.
Vena Solutions stands out due to its familiar Excel-based interface, making it easy for our team to adopt without extensive training. Compared to alternatives like Anaplan and Oracle Hyperion, Vena's strong customer support and efficient automation have significantly reduced our budgeting cycle time. We chose Vena for its seamless integration with our existing systems and substantial time-saving benefits, ultimately enhancing our decision-making process.
We onboarded the entire company in a very short time frame to complete the full company budget cycle the first year out of the gate. Now we are looking to add more data and the ETL tool makes it easy to backload data into the cube as if was always there. Vena has been very scalable for our needs.
It definitely has a positive impact on ROI with freeing up resource availability and usage on the most pressing tasks at hand. For example, focusing on exceptions rather than reconciling from scratch.
Another positive impact on the ROI can be realized with the detailed audit trials on sensitive information.
Strong Financial Reporting is the backbone of any industry, regardless of the sector it operates in, and having an automated reconciliation tool such as ReconNET helps you attain the key objective of integrity of information in a timely fashion, to support the close process.
