Unify Entities, Simplify Reconciliations.
An AI agent designed to automate the complex process of reconciling transactions and balances between different legal entities within the same corporate group, crucial for accurate consolidated financial reporting.
The Problem
Problem Solved:
Intercompany reconciliations are notoriously complex and time-consuming, involving multiple entities, different currencies, varying accounting practices, and high transaction volumes. Mismatches can significantly delay financial close and consolidation.
Key Features & Benefits
Key Features & Benefits:
- Faster & More Accurate Intercompany Balancing: Reduces manual effort and errors in a complex area.
- Crucial for Consolidated Financial Reporting: Ensures integrity of group accounts.
- Handles Currency Conversions: Can manage transactions in different currencies.
- Automates Elimination Entries Identification: Helps in preparing for consolidation.
- Improved Transparency: Provides better visibility into intercompany mismatches.
How It Works
How It Works:
This agent uses Machine Learning (ML) to match transactions based on various criteria (e.g., counterparty, reference numbers, amounts, dates) across different entities' ledgers. Rule-Based Systems handle specific intercompany policies and currency conversion logic. RPA can automate data gathering from different ERP instances.
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