PFS Introduces Daily Accounts Reconciliation Solution
By James Emejo
Financial software professonals, Precise Finacial Systems Limited (PFS) said it has developed a workable and high quality software which permits regular reconciliation of financial transactions.
The solution, clirec executive summary, is a fully accounts reconciliation solution encompassing nostro, vostro, suspense, inter-branch or inter-company accounts which involves a reconciliation exercise starting from data collection through gathering to final reports and analysis.
Speaking with newsmen recently at the company's corporate office in Lagos, Mr. Yele Okeremi, CEO, PFS accompanied by his deputy managing director, Philip Ayeni, stated that the solution came amidst doubts about the practicality of a software that can enhance a day- to-day reconciliation of financial transactions.
" Clirec reduces both time and effort required to do any reconciliation exercise by ensuring complete integrity of data. Furthermore, the financial cost confirmation module recalculates both debit and credit interests as well as other financial cost within seconds," he explained.
Further enumerating the benefits of the product, Okeremi said it is cost saving on stationery and other resources and aids in timely detection of frauds, errors and omissions.
Other advantages include the availability of comprehensive reports and analysis for management use as well as the assurance of integrity of results and data of reconciliation among others.
The system's areas of application include foreign, local, self-reconcilable, suspense, inter-branch and inter-company accounts reconciliation.
Okeremi also spoke on another innovation called the "Checklog executive summary ", a solution that effectively monitors outward cheques from the teller point.
According to him, this solution, employs a device through which the MICR code line of a cheque is captured and the cheque's scanned picture stored.
With Checklog, the processes of posting and encoding of cheques become obsolete as the solution "generates automatically the lodgement slip for customer's keeps and posts all accounting entries on-line, real-time. The system generates a CAPTURE FILE which is deployed to either NIBSS or a primary Bank Clearing Centre (PBCC) for the commencement of clearing processes," he explained.
The system is a tool for maintaining integrity between cheque beneficiary and account holder's identity. It also aids drastic reduction in resources required for capturing and processing outward cheques among other benefits.
Other cost effective and security enhanced workable solutions by the firm include: the directpay, a direct debit instrument issuance solution; checkpay, a complete cheque payment system that incorporates all the processes involved in cheque issuance up to accounting entry posting, cheque register updates, signature and printing as well as climax, a financial and banking solution and tremos, a comprehensive treasury management system.
Incorporated in 1988, Precise Financial Systems Limited is an IT solutions outfit with core competence in the provision of financial software. It is in alliance with leading foreign technical partners including the Infrasoft technology, India.
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