Achieve 90% transaction auto-match rate → Streamline account reconciliation
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Handle thousands of daily transactions effortlessly with our transaction matching software, ideal for dealing with high-volume accounts such as banks, credit cards, loans, and investments.
Customizable self-serve rule engine
Automate data extraction
Resolve 80% anomalies
Track reconciliation progress
Automated transaction matching software has the capability to transform the accounting function by automating previously difficult and time-consuming tasks. Transition from inefficient reconciliation processes to streamlined, audit-ready operations with AI-powered automation.
Here are the key benefits of transaction matching automation:
AI-powered transaction matching automation software reduces days to reconcile by 30%, in turn, reducing the days to close.
Transaction matching using AI that greatly reduces manual intervention, which further helps in eliminating human error for improved financial accuracy.
Elimination of errors minimizes the chances of misstatements which aids businesses to adhere to accounting standards and maintain financial integrity.
The software provides a centralized view of unmatched transactions, making it easier for businesses to resolve discrepancies.
HighRadius' automated transaction matching solution is ERP-agnostic, seamlessly integrating with any ERP system to ensure streamlined financial processes.
Transaction matching automation leverages advanced technologies, such as AI and ML, to compare and match high volumes of recorded transactions with external documents and data sources. This process plays a critical role in reconciling discrepancies and maintaining financial integrity.
Traditionally, transaction matching was conducted manually, which meant a time- and labor-intensive reconciliation that led to errors and high chances of unreliable financial statements. Automating this process by leveraging transaction matching automation software, has made reconciliation much more efficient. It has minimized the need for human intervention while significantly enhancing the reliability of financial reporting.
Transaction matching software is powered by AI/ML technologies and leverage predetermined algorithms to automate the transaction matching process. Here’s a detailed explanation of how an automated transaction matching software works:
Automated transaction matching system starts by gathering transaction data from multiple sources. Since data formats vary, the software will ensure that all the data is in the same format by automating the data standardization process.
The software uses pre-defined matching rules or allows the user to customize and define the matching criteria depending on their specific business requirements. There are multiple criteria, including fuzzy matching, exact matching, and one-to-many matching, that users can choose from.
Once the matching rules are finalized, the system starts the transaction matching process. Transactions and external documents are considered matched when the specified criteria are met. The system flags unmatched transactions which then requires manual intervention.
This part of the process specifically deals with unmatched transactions. The system can flag a transaction as an error or an omission, which then needs to be investigated by the accountant. Automated transaction matching software is further capable of providing suggestions and steps to resolve anomalies.
After all the transactions are matched and exceptions are resolved , the system marks all the matched transactions as reconciled. Automated transaction matching systems can also generate reports that includes a reconciliation summary, audit trail for documentation, and a list of flagged anomalies.
Now that we have discussed how automated transaction matching works, let’s understand how exactly it provides benefits over manual transaction matching:
| Criteria | Manual Transaction Matching | Automated Transaction Matching |
|---|---|---|
| Transaction matching process | The process is performed manually by reviewing all internal and external documents. | The process is performed automatically with the help of a software which matches internal records with external documents. |
| Speed and accuracy | Manual transaction matching is time consuming, labor intensive, and prone to errors. | Automated transaction matching is fast and matches transactions in real-time for enhanced accuracy. |
| Scalability | Manual transaction matching has limited scalability and requires more resources as the number of transactions increases. | Automated transaction matching is highly scalable and the software can handle high volume of transactions easily. |
| Anomaly detection and resolution | Accountants have to manually detect discrepancies during the transaction matching process and then resolve them. | An automated transaction matching system automatically flags anomalies and suggests corrective actions for anomaly resolution. |
| Evolution | Manual transaction matching is highly dependent on the skills of the accountants and the process can’t evolve beyond a certain point. | AI/ML-based transaction matching systems learn over-time and adapt better to the needs of the business requiring less and less manual intervention. |
| Financial reporting | Accountants have to manually create reconciliation reports. | Automated software generates reports that are customizable. |
If your business deals with high-volume transactions, frequent and complex reconciliations, and needs to adhere to accounting standards, then automated transaction matching software is the perfect solution for you. It’s time to move on from traditional reconciliation processes and leverage the power of AI-powered solutions.
Our transaction matching automation software offers best-in-class features to handle high-volume business transactions with ease.
Automatic transaction matching enables faster reconciliation by processing large volumes of transactions quickly. Businesses further get real-time insights as transaction matching automation allows for continuous data sync for updated records.
Leverage HighRadius’ AI/ML-powered transaction matching automation software alongside LiveCube, a no-code platform with an Excel-like interface capable of handling millions of records to automate account reconciliation. Say goodbye to manual data upload and data silos with automated data extraction from major ERPs and systems of records, ensuring enhanced efficiency and accuracy.
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Transaction matching automation software allows businesses to automate the matching process of transactions with external documents. The software essentially enables users to automate the reconciliation process, which has traditionally been time-consuming, complex, and labor-intensive.
An automated transaction matching software is capable of matching two or more datasets in order to ensure that all the recorded transactions are accurate. Such software can help companies create accurate financial statements and is crucial for today’s finance and accounting teams.
Account reconciliation is a complex and time-consuming process. In order to simplify the same, it’s imperative for businesses to leverage transaction matching automation. The software reduces the chances of errors during reconciliation in addition to accelerating the process.
Furthermore, automated transaction matching software allows for seamless data flow through pre-built ERP and non-ERP integration. Accounting teams also get a bird’s eye view of the entire reconciliation process and can easily automate posting corrective journal entries.
Transaction matching automation software offers features such as automated data extraction, configurable matching rules, the ability to match two or more datasets, and enhanced anomaly identification and resolution. Such features help improve the account reconciliation process, which without automation is both time- and labor-intensive.
Automated transaction matching softwares accelerates the entire account reconciliation process, helping finance and accounting teams enhance the financial close process. It is due to these reasons that businesses should implement automated transaction matching.
Transaction matching automation software automates data extraction from multiple sources (ERPs and other accounting systems), compiles all the gathered data, and matches the transactions in the general ledger with external documents for a streamlined account reconciliation process.
Such software allows users to define matching rules and can match two or more datasets. Moreover, accountants can easily see unmatched transactions and propose corrective journal entries. All in all, automated transaction matching software automates the reconciliation process and allows for faster financial close.
