Record to Report Suite

Account Reconciliation

Leverage out of the box AI transaction matching rules to automate and streamline the reconciliation process.

Achieve up to 90% transaction auto-match rate and 95% journal posting automation.

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AI-Based Credit Management Software

Key Modules

AI-based E-Mail Remittance Capture

Transaction Matching

Automated AI-Based Rule Discovery. Configure matching rules and match line-level transactions from two data sources in a way that suits business requirements. More

AI-based E-Mail Remittance Capture

Reconciliation Control Tower

Clear View of Reconciliation Tasks. Receive a worklist detailing all active GL accounts for reconciliation, including variances and certification status per task. More

AI-based E-Mail Remittance Capture

Journal Entry Automation

Journal Entry Preparation & Posting Automation For Open Items. Automate journal entry preparation with LiveCube’s out of the box formulae and automatically post them back to ERP. More

AI-based E-Mail Remittance Capture

Substantiation Reconciliation

Automated Substantiation Reconciliation. Use reconciliation templates for automated comparison of GL and supporting balances, enabling open item management and analytics. More

AI-based E-Mail Remittance Capture

Reconciliation Progress Dashboards

Track Progress of Reconciliation Tasks. Act on potential delays with customizable out-of-the-box reports and dashboards. More

AI-based E-Mail Remittance Capture

Maker Checker Workflow

Multi-Level Approval Workflow. Gain control of the process using maker checker segregation across all your close tasks. More

Additional Modules | Pricing Deductions Research Automation | Shortage Deductions Research Automation

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PRODUCT

Key-points

  • Transaction Matching
  • Reconciliation Control Tower
  • Journal Entry Automation

VALUE

Improve Operational KPIs

  • 90% Transaction Auto Match Rate
  • 80% Reconciliation Automation
  • 95% Journal Posting Automation
  • 100% GL Accounts Coverage

Deliver Business Outcomes

  • 50% Improved Reconciliation Productivity
  • 30% Reduction in Days to Reconcile

Key Modules

  • Transaction Matching
  • Reconciliation Control Tower
  • Journal Entry Automation

Improve Operational KPIs

  • 90% Transaction Auto Match Rate
  • 80% Reconciliation Automation
  • 95% Journal Posting Automation
  • 100% GL Accounts Coverage

Deliver Business Outcomes

  • 50% Improved Reconciliation Productivity
  • 30% Reduction in Days to Reconcile

HighRadius Vs. The Competition

Account Reconciliation Software Feature Comparison

HighRadius ERP Vendors(e.g. SAP, Oracle) Niche Players(e.g. Blackline, FloQast, Trintech) Niche Players(e.g. Esker, Billtrust) Niche Players(e.g. Esker, Billtrust)

Reconciliation Control Tower

  • Spreadsheet-like interface for performing reconciliations
  • Summarized balance by configurable org.unit (dept.)

Substantiation

  • Display comparison period GL balance
  • 15 different types of period comparisons

Livecube Task Automation

  • Periodic JE automation from raw data
  • Roll forward working data to current period

Advanced Dunning

  • Bulk correspondences with customizable templates
  • Smart payment links within emails

Disclaimer: Feature comparison is based on each vendor’s most recent and modern version available as of February 1st, 2024. Information is based on data collected from public websites and forums, analyst papers, and product datasheets as of February 1st, 2024.

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Accounting Managers

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Controllers

With seamless communication on an integrated platform, get complete visibility on the status of your month-end close and reconciliation processes. Read More

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HighRadius Account Reconciliation Overview

Collections Flow Diagram

Frequently Asked Questions

What is account reconciliation software?

An 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.

What are the benefits of using an automated account reconciliation solution?

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.

How does a reconciliation tool reduce days to reconcile?

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.

How to choose the right account reconciliation system for your organization?

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.

Does an automated account reconciliation solution integrate with ERPs?

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.

How much time does it take to implement an account reconciliation software?

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.

How does an account reconciliation software handle regulatory compliance and audit requirements?

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.

Why consider an AI-powered account reconciliation software?

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.

How does an account reconciliation software handle data security and privacy?

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.

How much IT involvement is needed to maintain an account reconciliation software?

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.