Orit Birman, Co-Founder“Our mission is to provide companies with additional time in analyzing their data by making the month end closing done in a quick, simple and accurate way,” enunciates Noam Atar, Co- Founder, Rway Applications. “CFOs today need convenient accounting solutions to streamline their work processes and allow their departments to submit better reports.” Rway Application's foolproof reconciliation process comes as a respite for finance departments wasting days on gathering data and detecting discrepancies in their accounting processes. The process gets delivered through a holistic portfolio of products compatible with various versions of Oracle E-business suite (EBS). The firm also facilitates the implementation of their applications during upgrades involving data migration from older EBS environments. For instance, if a customer chooses to upgrade from Oracle EBS version R11 to R12, oftentimes the sub-ledgers do not reconcile to the general ledgers. “Our tool helps verify data migration during an upgrade from one version to another, while identifying impediments in the reconciliation efforts,” adds Atar.
Built to reconcile balance sheet accounts in a single day, Rway proffers its solutions through five main reports— Accounts Payable (AP), Accounts Receivable (AR), Cash Management (CE), Inventory and Fixed Assets (FA). In addition to reviewing factual errors and omissions, Rway’s products are designed to trace the origin of discrepancies, issue alerts in case of mismatches in bank statements, and offer SOX compliance for ledgers. The reports are presented in Excel in What You See Is What You Get (WYSIWYG) format to ensure that the information in a client’s Oracle EBS is replicated accurately. The users benefit from Rway’s real time input/output, and automated reports facilitated by the standard Oracle EBS Interface. “Our technology enables us in processing big volumes of data in reasonable time and the final output is a single binary excel file with multiple worksheets that provides both summary and detail information levels,” elaborates Orit Birman, Co- Founder, Rway Applications.
Our reconciliation tool ensures the completion of month end closing procedures in one business day
Noam Atar, Co-FounderThe reports run on the application server, so no client installation is required as the only one thing the end user needs is Excel. “Since every company has some specific reporting needs, we also provide our clients tools to add new fields to the worksheets.” The Rway tool checks 100 percent of the transactions that get moved from one version to the other during a migration. It compares and verifies that everything is in place and once verified the user can be assured that the migration worked well. “So the Rway software not only does the full reconciliation but also lets you know if something was stuck somewhere in the system which cannot be tracked in a sub-ledger or general ledger,” delineates Atar.
Driven by the ideology to make workflows lean and efficient, the team at Rway believes in “doing it right the first time.” The firm is currently observing the workflow patterns that run in companies with respect to Oracle EBS to discover new loopholes and improve flow-efficiency by developing and implementing new solutions. Moving ahead, Rway has plans to develop a holistic package that would address all the reporting needs of an end-user with regards to Oracle-based systems. “With Rway applications businesses get a piece of mind that their reported figures are accurate while saving up to 4 business days a month,” concludes Atar.