Transaction Matching Software
Reconciling transactions is one of the most time-consuming and manual parts of the financial close. With automation, you can quickly perform transaction matching and rapidly enhance the accuracy and regulatory compliance of all resulting financial statements.
Improve Data Quality
Enhance Visibility into Cash
Optimize Your Transaction Matching Processes
With automation, matching transactions with bank statements, credit card statements, point of sale, merchant, 3rd party delivery services, and other external sources happens 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.
Minimal Focus on Exceptions
The biggest challenge to the accuracy of your reconciliations process is the sheer volume of data involved each month which can be coming from many different sources. With an automated solution you’ll have fewer transactions to investigate so you can focus on researching and documenting the exceptions and fix unresolved matches. This takes the pressure off your teams and reduces the risk of low matching rates or errors that could result in write-offs for your organization.
Manual Repetitive Tasks
Manually matching and reconciling transactions takes away from time that could be spent adding value to your organization. Once data from ERPs and other sources is compiled, automation works to standardize and enrich data as it loads; this process immediately results in strong auto-matching rates. Then, exceptions are automatically created for unmatched items, and quickly taken through a well-defined and configurable process for resolution by your team.
Lack of Confidence in Data Quality
A single slip of a finger can add or remove a number, throwing your figures completely off and even in the hands of a highly-trained expert, human errors occur. Replace the time-consuming, repetitive task of transaction matching by allowing an automated solution to read your data in its raw form and eliminate time spent cleaning up the information in your spreadsheets. This reduces the risk of data accidentally being lost during extraction and import and prevents errors during formatting.
Enter Transaction Matching Software
When you incorporate transaction matching software, you save time you would otherwise spend trying to compare records from various sources manually. In addition, such manual reconciliations often take place on Excel spreadsheets which is all very well and good until issues arise related to version compatibility. This, in turn, can make standardizing the process quite tricky.
Automated transaction reconciliation eliminates version compatibility issues, saves vast amounts of time, ensures data accuracy, and enables company leaders to make better decisions that benefit stakeholders, employees, and customers.
Transaction Matching Solutions For Any Industry
The Benefits of Transaction Reconciliation Software
Transaction matching software enables you to do in seconds what would take hours or even days to accomplish manually. You will complete important tasks quickly and efficiently while at the same time reconciling multiple transactional channels and producing the following benefits:
Matching Large Amounts of Data Effortlessly
Transaction matching software breaks down repetitive tasks into a series of steps that reduce or eliminate most bottlenecks. At the same time, they help eliminate the oft-vexing issue of critical person dependencies.
Standardizing and Optimizing the Reconciliation Process
With staff members increasingly spread out between various company offices and others working remotely, it’s important to enact standardization wherever possible. Transaction matching software enables you to do that with the reconciliation process.
Reducing and Eliminating Errors
To err is human. And when mountains of data from multiple sources are involved, to err is inevitable. Your people can have razor-sharp eyes for accounting minutia and still overlook details or simply forget to verify key data. Automated transaction matching software will not make such mistakes.
Trintech’s transaction reconciliation software technology matches records at the speed of light. This leaves more time for team members to pull data together, update it, and share changes with relevant parties.
Helping You Meet Closing Deadlines
Closing deadlines can be stressful for everyone. At least, that’s how it used to be. With Trintech’s transaction matching software, you will drastically simplify and shorten the close time and give everyone on your team a chance to breathe a little. In just minutes, transaction matching software can reconcile transactions that might have taken team members days to accomplish.
Creating Happier Employees
How? By lifting the onus of manual transaction matching off their shoulders. Manual transaction reconciliation is stressful and labor-intensive in the best of times. With looming deadlines, it can become incredibly stressful, making for many long faces in the office. Transaction matching software eliminates this regular source of stress and frees staff members up for more high-value pursuits.
Bolstering Confidence in Your Data
Even the best accountants will make mistakes. In the past, this was simply accepted as part of the price of doing business. But it’s no longer a price you have to pay. With automated transaction matching, you can rest easy knowing your financial data rests on a foundation of accurate, timely information.
With centralized control of transaction reconciliation, there are no secrets. Everyone involved in the financial close will have everything they need at their fingertips when they need it. You’ll no longer need to spend hours on the phone trying to track down details or resolve discrepancies because the software will have eliminated virtually all of them.
Manual transaction matching brings with it a slew of potential risks. Errors of oversight, inaccuracy, and negligence are all part and parcel of the manual transaction reconciliation process. Tracking down and reconciling these types of errors takes time and energy. If, however, you employ Trintech transaction matching software, such risks will be virtually eliminated.
Multi-Way Matching Capabilities
Quickly set up match scenarios and deploy intelligent rules to automatically review one-to-one, one-to-many, many-to-one, and many-to-many matches.
High-Volume Transaction Matching
Leverage automated high-volume transaction matching as part of a comprehensive approach to the Record to Report process – thus enabling a more efficient and effective process.
Learn More About Transaction Matching
Evolve your transaction matching processes to best-in-class
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