To make data-driven decisions finance managers need to reconcile daily business transactions. However, data reconciliation is a time-consuming and lengthy process. Switch to automation with Cointab reconciliation to simplify the reconciliation process so that you can view the reconciled results at a click of a button.
The ability to select a specific format when downloading results or data is referred to as custom export format. The download format is chosen to meet the user’s requirements so that they can directly download it from the software to fulfill their purpose.
The export format function allows users to further customize their results by choosing the data fields, columns, etc. and organizing data as per what suits their needs the best. In case a user wants to export data to another software with a compatible format and specific data fields then with this feature they can choose those fields, formats etc to do so.
In a reconciliation software, the custom data export feature holds a lot of importance as the final reconciliation results are usually downloaded and exported to another system for analysis or accounting purposes. For this, the finance teams would need the custom feature as they can select the relevant columns and data fields to conduct a proper analysis. The input format for these analysis or accounting software differs from one another, so now they can directly download the result as per the needed file type and export it to another software without much effort. Without the custom export format feature, the finance team would face issues as given below:
Limited compatibility: With the option of a single export format, a user will not be able to directly export results to another software as it may not be compatible with that system. Every software might accept a different file format eventually leading to delays considering the time and effort spent to convert to a different format.
Loss of information: When converting the file into another file format for exporting data it is possible that some information is lost resulting in inaccurate data present in the reconciliation result.
Reduced flexibility: When the software has a fixed download format, then it limits your ability to get insights from the custom-made results. The flexibility to directly download data and export in various formats to other software is also limited.
Lack of standardization: A single export format may not be an industry standard or widely accepted, this makes it difficult for everyone to understand or use the data in a meaningful way.
Time-consuming: It takes up some amount of time to convert the results in different formats when needed to upload to another software or it gets difficult to analyze because specific columns cannot be selected.
Thus, when choosing a reconciliation software, users should be aware to look for the custom export feature. As this feature is extremely important in the final stages of the reconciliation process. The finance team needs to download the results for further analysis so it is better if they can customize the export result as per their need.
Tailored to specific needs:
When you customize the export result it helps to ensure that the relevant information is present and organized in a way that makes analysis easier.
The customized format ensures that there are no compatibility issues with other softwares, as you can export the results by choosing the acceptable file type.
Improved data organization:
You can discover more insights when you are able to customize the export result and organize the data as per what is necessary for further analysis
A custom export format can be designed to be flexible, allowing for the data to be analyzed in different ways, providing greater flexibility and more opportunities for insights.
A custom export format saves a lot of time in the long run as data is provided in a format that can be easily imported and used by other software programs or systems without any extra time wasted in conversion.
To fully optimize reconciliation, it is necessary that the final step in reconciliation also works efficiently. The Custom Export feature helps you ensure efficiency as it lets you export results in any format with selected columns and fields without wasting any time converting files. So it is crucial to choose a reconciliation software that provides the custom export feature.
Our reconciliation software is fully automated right from data loading, and scheduling reconciliation to export results. It gives you the option to choose the file format for download such as XLSX, CSV, TXT, PDF, JSON, XML, etc. Additionally, it lets you select the column and data fields as per the requirement of your finance teams. The system helps simplify the analysis process ensuring that the finance teams can complete the reconciliation process efficiently.