Download this template to automate matching records in your cash book with the corresponding data on bank statements.
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Learn about the ROI of plugging AI into accounting processes along with two real-life implementation stories of brands that achieved success with AI.
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Get a guided tour of the HighRadius financial close management, account reconciliation, and anomaly management software.
Take the TourAn account reconciliation software offers AI-powered reconciliation solutions like rule-based transaction matching to reduce your days to reconcile. Unlike manual reconciliation tools like spreadsheets, reconciliation software provides data extraction through integration with ERPs, customized reports and dashboards, approval workflows, and auto-posting journal entries to ERP for 100% control and efficiency of the process.
Automated account reconciliation solution, like HighRadius, helps R2R teams reduce days to reconcile by 30% with AI-powered rule-based matching for line item-level transactions from two or multiple data sources. Additionally, it helps you improve reconciliation productivity by 50% with approval workflows and auto-posting of journal entries to your ERP.
Reconciliation tools automate the most time-intensive tasks of transaction matching and anomaly detection with AI. AI-powered rule-based matching for line item-level transactions from two or multiple data sources provides you with a list of matched and unmatched items for a financial period. AI-powered anomaly detection provides you with list of errors and omissions along with corresponding transaction and GL details for quick reconciliations.
Unlike other reconciliation tools and bank reconciliation software that just integrate with ERPs, you must choose a software that integrates with third-party accounting solutions that your organization might be using - like Expensify. It will extract not just ending GL Balances but also transaction data so that you don't have to download Excels.
Automated account reconciliation solutions seamlessly integrate with leading ERPs like SAP, Oracle, Microsoft Dynamics 365 and many more. These integrations help extract data from your ERP and post journal entries back to it automatically.
The implementation time varies from one account reconciliation software to another. The HighRadius Speed to Value approach ensures quick implementation and ROI realization in just 3 to 6 months, setting a new industry standard. Phase 1 focuses on high-value functionalities which are delivered in this timeframe using out-of-the-box configurations to deliver maximum returns.
Reconciliation automation tools ensure regulatory compliance by enabling accountants to furnish evidence for Balance Sheet GL account balances, meeting audit mandates like SOX. They facilitate scrutiny of past audits for recurring errors, incorporates industry best practices, and collaborates with finance consultants to formulate transformative strategies for regulatory adherence.
Considering an AI-powered account reconciliation software like HighRadius is crucial for businesses. Automated reconciliation tool can reconcile payments efficiently, while ML technology speeds up reconciliation, predicts exceptions, and enables seamless collaboration between software and humans for enhanced efficiency.
Automated account reconciliation solutions prioritize your data security and privacy, meeting key compliance standards such as GDPR, HIPAA, SOC 1 Type 2, and SOC 2 Type 2. This ensures that your data remains confidential and secure, giving you peace of mind while managing your finances.
An account and bank reconciliation software must be designed for minimal IT involvement.With pre-packaged modules and industry-specific best practices, HighRadius makes it easy for customers to minimize their reliance on internal IT resources. Remote deployment further streamlines the process, reducing the need for extensive IT involvement. This approach ensures a smooth and efficient implementation experience for our clients.
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