The Top 10 Reconciliation Software Essentials

Reconciling data is so much more than just balancing the books. Implement the right software and the process can transform a business by giving it richer, clearer insight, more collaborative workflows and greater operational clarity.

The huge limitations of manual methods such as spreadsheets have seen many businesses transitioning to automated reconciliation. But not all reconciliation tools are created equal. Here we review the key features businesses should look for when choosing data matching software.

Your location

Reconciliation platforms are designed to give you greater control of your data – and that means letting you host software in your preferred fashion. Seek suppliers that let you host their reconciliation tools in your own environment – be that on-prem or cloud. This gives you greater flexibility to move data – perhaps in the event of regulatory change – and also greater peace of mind on security.

Data-agnostic

New types of transaction and an explosion of cryptocurrencies mean businesses should adopt software that can extract, transform and manage data in different formats. The greater the ability to crunch disparate types of data and produce results tailored to specific criteria, the richer the insights available, and the better decisions an organization can make. The software solution should be able to automate the entire data flow.

Customizable matching rules

Create your own rules to match your needs. Data can come from various unique sources, making it imperative for your reconciliation tool to have easy-to-implement, user-led rulesets able to match data to any field. On-the-fly custom rules cater for the flexibility needed by your department when reconciling.

Real-time integration

Instant access to up-to-date information is crucial for agile decision-making. Reconciliation software that can process, merge and manage different data from different sources in real time is key to streamlining the transaction matching process, whether it’s juggling SWIFT and other banking systems with other payment service providers or enterprise resource planning operations.

Machine learning-powered

A scaling business should relegate repetitive, unskilled tasks to automation. This frees employees to focus on more important jobs such as addressing customer needs. Machine Learning (ML) allows a business to better process high-volume, high-complexity data. ML ‘learns’ from actions previously taken by users so it can automate future responses, such as how to handle certain exceptions or predict matches. This improves accuracy and speed, and reduces the need for time-consuming manual involvement.

Reporting

How dexterous is your reconciliation reporting system? Transaction matching software should be able to produce detailed reports drawn from any data sets required, including comparing historical records. The software should include a flexible reporting functionality that facilitates a big picture statement as well as granular statistics.

Dashboard

Ensuring teams have an accurate, real-time picture of proceedings is essential for clarity, transparency and accountability. Email chains can get confusing and misinterpreted. A central ‘single view of the truth’ dashboard improves situational understanding and accelerates the resolution process.

Issue management

Once an exception has been identified, how efficient is the reconciliation software at rolling forward the issue until it has been resolved? Ensuring the application offers robust maintenance and monitoring prevents write-offs and auditing issues because records could not be matched.

Transaction matching

Matching rules can be set for each account or a more comprehensive, business-wide validation policy, including classifying and attributing records. Software that allows flexibility and intelligent data handling will help a business better handle high volume and more complex data flows.

Support

Outsourcing reconciliation software deployment and management can be daunting. Seek suppliers with professional expertise that can tailor the software to your specific business needs and support your digital transformation journey. An experienced partner will ensure you are up-and-running in days — and rapid ROI.

Summary

Automated reconciliation boosts productivity, accuracy, time-savings, cost efficiencies, and ultimately customer satisfaction. However, not all reconciliation software is the same. Ensuring the provider you choose has a solution that includes these key features will enable a more successful outcome for your automation journey. Aurum’s leading-edge automated reconciliation technology offers businesses better cradle-to-grave control of their data, minimizing risk, errors and costly delays.

Our software is:

• Highly scalable
• Fully automated
• Flexible
• Adaptable
• Versatile
• Able to handle large volumes of, and highly complex, data

Our automated technology:

• Manages data integrations
• Helps manage end-to-end data control processes
• Offers accurate, managed, transparent data outcomes
• Provides intelligent workflows with a real-time picture of activity
• Auto-allocates tasks to the right parties
• Mitigates risk
• Ensures data integrity
• Provides comprehensive audit trails
• Offers better transactional clarity
• Comes with an experienced team always on hand to advise and support the reconciliation journey

Automated reconciliation with Aurum

We are financial data matching software specialists. For more than 14 years Aurum has been helping some of the world’s most recognizable brands achieve their reconciliation goals.

We put businesses in the driving seat with their data, ensuring compliance and control with a quality product tailored for each client’s needs. We work across industries and have a diverse client list including Octopus Investments, Admiral, Ladbrokes, and Versapay. Our partnership approach ensures we’re always on hand on your reconciliation journey.

Let us help you on your digital transformation journey with automated reconciliation. Book a demo with us now.