Finally. The NAV review, automated.

The first NAV reconciliation solution built for fund administrators of every size.

The morning files come in. Every check runs in seconds. Your reviewers see only the breaks, sign off, and release. All of it inside your own Microsoft tenant.

Book a 20-minute demo
  • Deployed inside your own Microsoft tenant
  • Nothing to migrate: it reads the files you already have
  • Calibrated to your funds
  • A parallel run before you switch
NavRecs overview on a mixed morning: one NAV released, one ready to release, four with open exceptions

Your NAV review has outgrown Excel.

NAV reconciliation is the set of checks a fund administrator runs on the day's net asset value (NAV) before it is released: cash, positions, prices, FX, fees, capital activity and the movement in the NAV itself. The review is essential. The way it runs is not.

Every morning today

  • Files collected by hand from custodians, brokers and pricing feeds. Some behind a login and a two-factor code. Some arriving as PDFs, re-typed figure by figure.
  • Excel workbooks rolled forward every morning, with formulas one accidental edit away from breaking silently.
  • Twelve tabs open. Digging through folders and inboxes for the right version of the right file.
  • Your most senior people spending the morning comparing numbers that agree.
  • Sign-off as initials in a cell, and a scramble when the auditor asks how you know.
  • Every new fund adds another workbook to another senior diary.

Every morning with NavRecs

  • The files are in, on a schedule or by drag and drop. Nothing re-typed, nothing rolled forward.
  • Every check re-performed, with your own tolerances for each fund.
  • One screen: which funds are clear, which are on hold, and why. Breaks ranked by their impact on the NAV.
  • Your senior people start the day making the decisions only they can make.
  • Every figure one click from its source. Every decision on a tamper-evident record.
  • New funds are a setup, not another spreadsheet.

A fraction of the work. Every decision still yours.

How it works

Your morning, in three steps.

  1. STEP 1

    The files come in.

    On a schedule, straight from your sources. Or dropped in by your team in seconds. Your choice, see below.

  2. STEP 2

    Every check runs.

    Every check you run today, across cash, interest, prices, FX, positions, trades, fees, capital activity and the NAV movement, each calibrated to your funds. Seconds, not hours.

  3. STEP 3

    Review the breaks. Sign off. Release.

    Each break opens with both figures and its source file. A named reviewer clears it with a reason, and the fund releases.

Custodian A · SFTPPrime broker · PDFPricing feed · APIAccounting pack · XLSX
Your tenant
NavRecs
4 of 4 read in full
A fund page: every control and its outcome, clean or open
A cash break opened: custodian and NAV pack figures side by side, the evidence traced to the row and the cell, and the sign-off with initials and a reason

What changes

The morning, in numbers.

18+
checks, every morning

Our standard set, plus any you run that we build in.

under 3s
to run every check

371 checks across 6 funds, measured. All funds, all checks, before the coffee is poured.

0
figures re-typed

No roll-forwards. No formulas to maintain. No typo to find at 4pm.

1
click from any figure to its source file

No folders, no inboxes, no "which version was that".

90%

Up to 90% of the morning's review time, handed back to your team.

On one desk we studied closely, our own estimate was around ten senior hours a day across its funds. Roughly nine of those went on collection, logins, re-keying, roll-forwards and comparing numbers that already agreed. About one hour was judgement. That is one desk, our own count, not a survey.

Book a 20-minute demoEvery check, run live on sample funds

Getting the files in

Two ways to get the files in.

OPTION AINCLUDED

Drop them in.

Your team saves the morning files into NavRecs. Drag and drop. No re-typing, no roll-forwards, no formulas to maintain. Included in every setup.

CUSTA_CASH_0902.csvPB_Statement_0902.pdfPrices_0902.xlsxTB_Epsilon_0902.txt
Drop the morning files here · 4 of 4 read in full
OPTION BINTEGRATED

Integrated.

We set NavRecs up, per source, to collect the files itself on a schedule: secure file transfer, a direct connection or a mailbox pickup, whatever each custodian, broker or pricing feed offers. Nobody downloads anything.

06:00Custodian ASFTPread
06:10Prime brokerMailboxread
06:30Pricing feedDirectread
06:45Accounting packSFTPcollecting

Start with Option A. Move sources to Option B one at a time.

The checks

The checks a NAV review needs. Run every morning, evidenced automatically.

Our standard set of 18, grouped the way a review is. Each one is switched on, tuned or switched off per fund at setup. Every check maps to a control your regulator expects.

Cash and interest

01–02 · 2 checks
  1. 01

    Cash reconciliation, per account per currency.

    The cash balances on the custodian statement against the cash in the accounting pack, fund by fund, currency by currency, compared in the balance's own currency so FX noise never moves the answer. Three outcomes: ties, explained (a difference that exactly matches a same-day trade), or check.

  2. 02

    Interest accrual completeness, per broker, per currency.

    The interest on the broker's statement, including the one that arrives as a PDF, tied to the interest booked, per currency per fund. A whole currency's interest can no longer go unbooked because someone missed a line while re-typing.

Prices and FX

03–05 · 3 checks
  1. 03

    Security price check: stale prices, day-on-day movement, your primary feed against an independent one.

    Three comparisons per security: today against yesterday on the independent feed (stale or moved beyond your band), the accounting price against your primary feed, and the accounting price against the independent feed as the tiebreak, so two feeds agreeing wrongly cannot pass.

  2. 04

    FX rate movement, per currency.

    Every rate against its own prior day. A stale rate from a pricing job that fell over, or a large genuine move, goes to a human before release. A pack with no rates sheet surfaces as "not verified", never skipped.

  3. 05

    Cross-currency price check.

    Securities listed in one currency but held and priced in another. The listing price times the day's rate gives the implied price, compared against the broker's. Catches the stale or mistyped manual rate that would otherwise corrupt every price it touches.

Positions and trades

06–08 · 3 checks
  1. 06

    Position reconciliation against each custodian, by quantity and market value.

    Every holding matched by ISIN. Quantity must tie exactly. Market value compared stated-to-stated in the security's own currency.

  2. 07

    Trade reconciliation: custodian trades against the accounting records.

    Two-sided matching of the custodian's trades against the accounting pack: side, quantity, price, currency. Anything unmatched on either side surfaces as a break.

  3. 08

    Corporate actions against what the accounting records have processed.

    Dividend events from the market data against what the accounting pack has processed. Other action types are surfaced for human review rather than guessed.

Income, accruals and fees

09–13 · 5 checks
  1. 09

    Dividends receivable, per security.

    Gross equals quantity at ex-date times the declared rate; net equals gross less withholding. Exact, line by line, and the lines must sum to the trial balance.

  2. 10

    Accruals, recomputed from each schedule.

    Each accrual recomputed from its own schedule and the days elapsed, against the booked balance. Exact.

  3. 11

    Prepayments, recomputed from each schedule.

    The expected remaining balance recomputed from each schedule, against the booked line.

  4. 12

    Management fee, recomputed from the fund's own terms.

    The fee recomputed from the fund's own terms (flat, tiered or with a minimum) against the fee payable in the trial balance. Exact, the way your own fee check works.

  5. 13

    Performance fee, per share class: hurdle, high-water mark, fee.

    Benchmark, high-water mark and fee recomputed forward from the day's stated openings, index growth and cashflows, against the stated figures and the booked payable. A full recalculation, never a sense-check.

Capital activity

14 · 1 check
  1. 14

    Subscriptions and redemptions tied to the dealing cash, per fund.

    Subscriptions receivable and redemptions payable in the trial balance tied to the dealing cash, per fund, per side, per currency. Fund-level totals only. No investor-level data is read, shown or stored.

The NAV itself

15–18 · 4 checks
  1. 15

    NAV-to-NAV reconciliation, per prime broker, line by line.

    The final gate. Per prime broker, the trial balance tied to that broker's own report totals, line by line across cash, amounts due to and from the broker, fees, dividends, interest and positions, in the line's own currency and in base. Residuals split into explained, with a named reason, and unexplained. Ends in a 0.00% bottom line.

  2. 16

    NAV movement per share class, against your own band.

    Closing against opening NAV per class, net of the day's capital movements, against your own band for that fund. A breach is an investigate trigger: it queues for sign-off with the day's P&L attribution alongside.

  3. 17

    Reasonableness of the NAV move: how much of it the day's P&L explains.

    The day's realised and unrealised P&L summed per security and ranked, against the NAV movement. The evidence a reviewer needs to explain a flagged move, on screen, without opening a workbook.

  4. 18

    Balance-sheet completeness: every account has a home, or the release is blocked.

    Every account on the trial balance placed against a balance-sheet line and against the check that examines it. A new, unmapped account is exactly what a NAV review exists to catch, so it blocks the release until someone has looked.

Around every check, two controls.

Import integrity (every file read in full or refused with a reason) and four-eyes sign-off (nothing releases until a named reviewer has cleared every open break, every action on a tamper-evident audit trail).

Calibrated to your funds.

Every check is calibrated to your funds at setup: your tolerances, your bands, your sign-off rules. Run a check we do not have? We build it. Do not need one for a fund? It is switched off at setup.

Your tolerances are yours to change.

Bands per fund, per check, edited by your own senior reviewer inside the tool. Every change is recorded: who, when, from what to what.

See every check in detail

Your own tenant

Deployed inside your own Microsoft tenant. Your data never leaves.

NavRecs is installed in your own Microsoft Azure environment, by us. Your files stay in your environment. Your people sign in with their own Microsoft accounts and your existing two-factor. The solution makes no outbound internet calls, so nothing leaves your tenant. Not even to us.

Need a different arrangement? Talk to us.

CustodiansBrokersPricing feedsAccounting
Your Microsoft Azure tenant
NavRecs
Your filesYour audit trailYour keys · Azure Key VaultYour Entra sign-in
Outbound to the internetNo route out

Built for firms your size

The largest administrators have had tooling for years. Most reviews still run in Excel.

5–50
funds

Documented, evidenced NAV controls are now what regulators, auditors and clients expect, and the whole industry is moving that way. The largest groups built or bought platforms years ago. In most firms, and in plenty of offices inside the largest, the morning review is still a spreadsheet.

Weeks
not quarters

Firms your size were left with Excel, because the enterprise platforms were built and priced for hundreds of funds, with implementations measured in quarters. NavRecs is the first NAV reconciliation solution built for administrators striking NAVs for 5 to 50 funds.

Unlimited
users

It is the administrator's own control, the one your clients' oversight teams test every morning. Setup in weeks. Priced by fund count, not by seat. Unlimited users.

Security

Built to pass your compliance and IT review.

The questions your compliance team and your IT team will ask, answered up front. The full detail is on the security page.

  • Your own Microsoft login

    Microsoft Entra sign-in, so your existing two-factor applies. NavRecs never stores a password of its own.

  • A tamper-evident audit trail

    Every file read, every check run, every sign-off, on a record that shows if anything is changed after the fact.

  • No outbound calls

    The solution opens no connection to the internet. Nothing leaves your tenant.

  • One copy per client

    Your own tenant. No shared database, ever.

  • Read-only on your systems

    NavRecs never writes to your accounting system. It reads the files, runs the checks and records the result.

Read the full security overview

Onboarding and support

We run it alongside your current review before you switch.

The four-week parallel runYour real mornings · your tenant · your reviewers
Week 1 · CalibrateWeek 2 · ParallelWeek 3 · ParallelWeek 4 · Pass criteria met

  • The parallel run

    Four weeks on your real mornings, inside your own tenant, next to the review you run today. Your reviewers compare both against pass criteria agreed in writing. It is the professional standard for any finance system, and the fastest way to be certain.

  • Calibration inside the run

    Your tolerances and bands are set with your team at the start. Anything that needs adjusting is adjusted inside the run, at no cost.

  • Nothing switches off

    Your current process stays the documented fallback for as long as you want it. No cut-over day.

  • Training included

    A working session for the reviewers who will use it daily, and a plain-English guide. The expertise it asks for is fund administration, which your team already has.

  • A direct line

    Questions and changes go straight to the people who built it. Anything blocking a NAV release comes first, until the NAV is out.

  • After go-live

    A provider changes a file format or a new fund comes on: handled, under the support arrangement. A new check is scoped with you.

FAQ

Questions a fund administrator asks first.

Does NavRecs replace our fund accounting system?

No. It sits alongside it and checks the NAV it produces. Nothing to migrate.

What files does it read?

Yours. The spreadsheet, text and PDF exports your custodians, brokers, pricing feeds and accounting system already produce. We map every source at setup.

How much of the work goes away?

The re-typing, the roll-forwards and the comparison work, and the collection once a source is integrated. What stays is the judgement on the breaks, and that stays with your reviewers.

Where does our data live?

In your own Microsoft tenant. It never leaves.

How long does setup take?

Weeks, not quarters: file mapping, calibration per fund, and a four-week parallel run.

What happens at sign-off?

A named reviewer clears every open break. The release, the reason and the reviewer are written to the tamper-evident audit trail.

Can we change the tolerances ourselves?

Yes. Your senior reviewer sets and changes bands per fund, per check, inside the tool. Every change is recorded with a name, a time, and the old and new value.

What size of firm is it for?

Administrators striking NAVs for roughly five to fifty funds. Larger books are a conversation.

Does NavRecs change anything in our accounting system?

No. It reads the files your systems produce, runs the checks and records the result. It never writes to your accounting system.

Who are you?

NavRecs is automated NAV reconciliation software for fund administrators, based in Guernsey. Behind it: a former fund administration director and a software engineer.

Beyond the checks

Also looking to automate the NAV calculation itself, not just the checks?

Today NavRecs checks the NAV your accounting system produces. If you also want the preparation automated, we want to hear what your packs look like.

Talk to us

About

Who is behind NavRecs.

NavRecs re-performs the daily NAV review the way a review team actually runs it, and refuses to guess when a file is wrong. Behind it: a former fund administration director and a software engineer.

About NavRecs

See your own morning run on NavRecs.

Twenty minutes. Our sample data, your questions. No commitment.

Book a 20-minute demo or email hello@navrecs.com