Account Reconciliation

Maker Checker Workflow

Streamline and Gain Control of Reconciliation Processes. Track and monitor tasks for audits with customized workflow.

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Key Features

AI-based E-Mail Remittance Capture

Customizable Task Approval Workflow

Customizable task workflow with options to add multiple approval levels based on the task's nature and potential impact.

AI-based E-Mail Remittance Capture

Segregation of Duties

Ensure that the same person is not both the maker and the checker of the task and segregates duties based on responsibility.

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Recommended Resources

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Free Bank Reconciliation Template

Download this template to automate matching records in your cash book with the corresponding data on bank statements.

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The Reality of Implementing AI in Record-to-Report

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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Product Tour

Get a guided tour of the HighRadius financial close management, account reconciliation, and anomaly management software.

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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.

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