A true Reconciliation is not about a pretty face, but about a strong heart.
e-Reconciliation is thriving these days and there is a huge demand. Promising miracles, reconciliation software solutions are available for companies in a wide variety and easy-to-access way. But a closer look reveals that few offerings include a robust matching functionality and are a reliable reconciliation solution. In fact, Melasoft e-Reconciliation claims to be a leader in being able to automatically sort enormous transaction volumes in almost any reconciliation situation.
Prepare Reconciliations so that your data matches.
Melasoft e-Reconciliation solution has captured industry experience with customers who know what millions of transactions mean. However, the key to efficiency when it comes to heavy transaction workloads has all the capabilities for data integration and enrichment. A prerequisite for high match rates is the quality of data input. Our Melarecon Platform takes care of this too. It is configured to extract files from the designated source, transform data to increase its usability and upload it to the correct reconciliation account. Cleaning the import data is an important preparatory step to support the consistency of the matching process.
The match rate with an automation solution is a good indicator of whether your existing reconciliation framework is performing above adequate. Melasoft e-Reconciliation scores above average and sets the benchmark for efficiency and speed. The most important factor for this success is the sophisticated, yet easy-to-use matching engine.
Adapt it to your business logic.
The whole system is built around this powerful core. The basic principle says “If you can verbally describe a matching relationship, you can write a rule to reflect it”. A rule is a logical statement that determines if and how two sets of data match.
We know that finance and accounting transactions are based on sound logic and mathematical consistency translated into strict rules. Melasoft e-Reconciliation system is a system where you can tailor which criteria to apply in which order to compare two sets of data. The matching criteria are configured to suit specific customer requirements and unique business process structure. All types of reconciliation scenarios typically encountered by a procurement team can be placed within one unified environment.
System configuration can be presented with and without back-end intervention or coding experience. The user interface has an Excel-like layout. The ability to define intermediate and advanced Excel formulas can be used here. The function library is useful for selecting the right expression. The Wizard Rule screen can also give you a hint.
Reconcile with your rules.
The high level creation of a Current Account reconciliation involves the initial creation of matching accounts with two parties containing the compared datasets. Side A can be the external source, while side B is usually the internal accounting record. Matching rules are created separately for each account covering different matching scenarios to optimize successful match rates when combined and executed by the system.
User preferences in the creation of rules determine
The combination of comparison criteria – these can be unique identifiers or familiar patterns in the data.
The order of execution of rules during the matching job.
Direction of rule execution – A to B, B to A, A to A or B to B side.
Matching relationship, i.e. the elements that make up matching pairs: One to One, One to Many, Many to Many, Grouping.
In Melasoft e-Reconciliation, rules have different levels of automation permission:
The rule is applied on user request, matching pairs are presented to the user, but it is up to him/her to confirm them manually.
The user initiates the matching process, the rules added to that account are executed in the specified order, and transactions are matched automatically, leaving exceptions only for manual processing.
At the highest level of automation permission rules run as fully automated, scheduled tasks.
Melasoft e-Reconciliation keeps a detailed audit trail for each transaction – what corresponds to what, which rule was applied, the update initiated by each user or system. Besides matching, Melasoft e-Reconciliation offers its users the possibility of filtering for quick monitoring – it is equipped with filtering and sorting functions, reporting widgets and automatic exceptions categorization. Investigation of outstanding items is where the real work of Reconciliations begins.
Melasoft e-Reconciliation is a real business reconciliation solution designed specifically for growth and continuous process optimization. It provides freedom and flexibility for the user to correct rules and adapt to dynamic business changes without the need for ongoing support or professional services. Melasoft offers you solutions with SAP Smart Documents.
Please feel free to contact us if you need any further information.