Transaction matching is one of the foundational financial processes that any company is required to perform. However, for companies that regularly match a high volume of transactions— whether vendor, bank, credit card, cash, or other reconciliations — the process can be extremely manual and time-consuming.
The Challenges of Manual High-Volume Transaction Matching
With traditional tools like spreadsheets or binder methods, you’re underutilizing your highly trained accountants’ skillsets while providing no visibility to finance leadership. These problems are only compounded by multi-way matching, which is becoming more common with the growth of eCommerce and food delivery apps, among other sources. When matching thousands or even hundreds of thousands of transactions, manual methods simply aren’t scalable or even sustainable.
The ROI of Automation
Automation can provide solutions to a number of common finance challenges, no matter your industry. Some of these include:
- Manufacturing, Construction & Engineering
- Retail & eCommerce
- Food & Restaurant
- Leisure & Hospitality
- Professional & Business Services