Overview
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What is Solvexia?
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Overall experience with Solvexia
“User-Friendly Reconciliation Tool Improves Workflow But Lacks Historical Note Tracking”
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Company Description
Solvexia empowers finance and accounting teams to automate spreadsheet-driven and manual processes. The Solvexia platform significantly reduces the time and effort needed to combine, reconcile, map, and analyze data for finance, tax and compliance processes. The platform combines business process automation, data management and workflow into a modern, end-to-end solution to deliver rapid, high-impact outcomes for finance and accounting teams. Solvexia makes it quick and easy for businesses to build and maintain automated, scalable, code-free solutions for any routine data task. Using Solvexia, companies across the world run processes faster and with fewer errors while reducing key person dependency and reallocating essential resources to value-added work.
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Reviewer Insights for: Solvexia
Solvexia Likes & Dislikes
The one-to-one matching is the most helpful aspect of this product when reviewing large quantities of data. The customer support team for Solvexia is very responsive and helpful with troubleshooting software errors. The summary sheets that compare banking to the detailed transactions allow for a secondary high-level review of the related transactions. The program has helped reduce the time it takes to complete reconciliations and finish month-end close. The software has improved the accuracy and transparency of the related financial records.
The strength is in the product and its features. The product was setup in such a way it can get connected to the regulatory authority's application to download the validation rules and perform those checks and give us an output on the failures indicating the rows with issues. this makes it very easy for us to check and correct the issue where possible instead of searching the whole file.
What I value the most are the time savings and the way it reduces manual effort. We've saved a considerable amount of time with our APRA reporting. It's also simple and user-friendly
The main issue with the software is that it does not keep prior comments/notes from prior runs of the reconciliations. Another issue is that with large quantities of data, the program sometimes duplicates certain items based on amount/date/name that are, in fact, different transactions. The last main issue is that the reconciliations can take over an hour or more to run which can cause some downtime while waiting for the ending reconciliation to be provided.
This is a basically a configuration tool which needs a bit of learning and expertise on the product to use it.
The main challenges we've found are the initial setup effort required to get processes built, the complexity involved in customising more advanced forms, and that scaling the solution to cover frequently changing processes can take some time. That said, once implemented, the platform works very smoothly
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Solvexia Reviews and Ratings
- Finance Associate<50M USDBankingReview Source
User-Friendly Reconciliation Tool Improves Workflow But Lacks Historical Note Tracking
The Solvexia product is very helpful with matching transactions between multiple large quantities of data. It has helped automate tedious, repetitive and very manual tasks of the accounting team. The team at Solvexia is very responsive in regard to our questions and any issues that may arise with the software. It is a user friendly tool and provides quality reports in excel. I look forward to future improvements to the product that will allow for comments on valid discrepancies to be maintained with each re-run of a particular reconciliation. - Analyst10B+ USDBankingReview Source
Automated Validation Features Reduce Errors in Post-Merger Regulatory Data Submissions
We are an organisation came into existence due to a merger and doing our regulatory reporting after a merger became a very tedious exercise. SolveXia provided us a solution simplifying all the complications in aggregating the data and performing all validations necessary for the submission. We have been able to meet all our regulatory obligations without any issues now. - Financial Accountant<50M USDBankingReview Source
SolveXia Streamlines APRA Reporting and Reduces Manual Effort Significantly
Our overall experience with SolveXia has been very positive. It streamlined our APRA reporting process, significantly reduced manual effort, and gave us a reliable, well-structured review workflow, The platform was easy to use, training was clear, and the support team was consistently quick and helpful when questions arose. - Senior Specialist1B-10B USDBankingReview Source
Solvexia helped us automate workflows and improve efficiency with excellent support
I liked that I learned a new skill by automating our excel spreadsheet-based process using Solvexia. It made a noticeable difference in efficiency. The support team was amazing, responsive and helpful throughout our implementation and ongoing use. - Finance Associate1B-10B USDBankingReview Source
Effective Data Validation and Report Generation Streamline Pre-Submission Checks
The tool is really excellent for validations that we can build into the product. It has helped our team consolidate and generate reports that are useful to check before submitting the data externally.