With supply chain pressures resulting in more intercompany relationships, new business channels with third-party agents creating more data trails, and more complex consumer behaviors and purchase interfaces, many organizations are struggling to manage large volumes of transaction data, keep up with changing payment trends, and provide business-critical insights as the economy shifts.

Leading organizations are leveraging transaction matching automation to do the heavy lifting, ensuring their time and effort are focused on high-value activities that help drive the strategic direction of their organizations. In this blog, we will dive deeper into Cadency Match, Trintech’s transaction matching solution. We will discuss what it is, the advantages of using Cadency Match and the benefits real customers experience, and lastly, some tips and tricks on how to get the most out of the solution.

What is Cadency Match

Reconciling transactions is one of the most time-consuming and manual parts of the financial close. With Cadency Match, you can quickly perform transaction matching and rapidly enhance the accuracy and regulatory compliance of all resulting financial statements. With automation, matching transactions with bank statements, credit card statements, point of sale, merchant, 3rd party delivery services, and other external sources happen at a fraction of the time that manual processes take. This frees up time to spend on unmatched transactions exceptions – improving the accuracy and reliability of your close.

Benefits of Cadency Match

As companies grow and begin to reconcile new sources and higher volumes of data, a manual matching process cannot effectively scale to meet the organization’s reconciliation requirements. By utilizing transaction matching software, your organization will have more efficient operations, reduce costs, and empower your talent to reach their full potential. Below are some common benefits realized by our customers:

• A flexible matching engine that can handle multi-way matching enables customers to obtain high auto matching rates.
• Configurable, user-driven matching rulesets allows for business-specific match rules and continuous refinement to increase matching rates.
• Superior exception workflow management helps identify risks, escalate issues, and automate resolution processes.
• Cadency Match is system agnostic with data transformation capabilities that standardize datasets and reduce the amount of manual effort required from customers.
• Reduces the amount of manual effort performed by users so workload realignment can occur, and the accounting team can focus on high-risk, value add tasks.
• The resolution process enhances collaboration during the matching process and improves auditability and transparency.

How to Get the Most Out of Cadency Match

In this next section, we will discuss some of the key features of Cadency Match and how it can enable your team to get the most out of the solution and your transaction matching process.

Match Affinity

This feature assists users with manual matching by analyzing selected transactions against criteria defined in a specific Match Rule and shows why a Match Rule didn’t make a match.

Outcome: Allows for further refinement of Match Rules to increase match rates and reduce the amount of manual matching that needs to be performed.

Smart Resolve

SmartResolve automatically initiates and documents follow-up activity for transactions identified as true exception items. With SmartResolve, procedures are user-defined to automatically send emails, create documents, notes, and journal entries based on your best practices.

Outcome: Raises immediate awareness of erroneous transactions and reduces the amount of manual effort required when remediating issues.

Examples:

• Generating GL adjustments
• Populating exception list entries
• Sending emails to flag items matched with high tolerances
• Closing cases after items are matched

Security Profiles

Define the rights to the system. Assignment to a Security Profile is mandatory when creating users; once a Security Profile is defined, users are assigned to the profile, and those users then inherit the profile’s access settings.

Outcome: Allows administrators to create defined roles within matches and create workflows or limitations to reduce risk.

Examples:

• Setting upper limits for matching items with a difference
• Requiring supervisors to authorize all adjustments
• Restrictions on sensitive or encrypted fields
• Limits for access to configure/view/run/admin Reports
• Auditor profiles to allow view-only access to the system

Cases

A case is used to mark transactions that need further evaluation after a reconciliation has been performed. When Case Errors are created, they are given a status, a priority, an error type, and a user assignment.

Outcome: Additional investigation work can be prioritized by error type and status to mitigate risk, and a sufficient audit trail of actions is captured.

Examples:

• Adjustment required
• Comment required
• Confirmation needed
• Internal review
• Missing documentation

Exception List

The Exception List allows different areas of the business or people to focus on only those exceptions that pertain to their department or responsibilities. You can configure transaction criteria definitions to search for exception items in SmartMatch, or to populate Exception Lists through SmartResolve, to identify the critical action items and provide the tools for immediate resolution.

Outcome: The Exception List allows you to focus only on exceptions that pertain to you and ensures relevant investigations are carried out and escalations are made if needed.

Examples:

1. Setup a transaction criteria called ”Missing Deposits” to identify internal credits with an exception status of ”Missing Deposit”.
2. Setup a SmartResolve procedure using the “Missing Deposits” criteria with the action ”Send to Exception List.”
3. Assign the SmartResolve procedure to an operational structure and run the SmartResolve task
4. Transactions that meet the criteria will be populated to the Exceptions Lists. You can then review the exception items in your list.

Ready to reduce the time and risk across your transaction matching process? Contact us here.