Matchmaker: a new era for reconciliation
Completely streamline your reconciliation process with the automation of MatchMaker
Current Reconciliation Landscape
Within the finance and accounting departments of many businesses and organisations throughout the world, reconciliation is one of the most time-consuming tasks of the day. It is viewed as an arduous task met with sighs and resistance. It is the never-ending and ever-expanding workload which entails matching invoices with payments. Many organisations are forced to match these entries manually using Excel documents or in a specialised software. Whilst this does work, it is still vulnerable to human error which can cause further issues down the line. Manual reconciliation also takes up a great deal of time, which in these financial departments, comes at a cost. Even though reconciliation cannot be 100% automated, it’s clear there’s a growing need for a solution that can handle the bulk of these matches.
What is MatchMaker?
An automated software solution, MatchMaker enables you to automatically reconcile and process up to 90% of your payments and invoices, providing a much faster and smarter way to reconcile payments. It works by following a set of customisable matching rules, which can include checking (discounted) amounts, invoice numbers and descriptions, customer addresses or VAT numbers, where these payments are then automatically received and reconciled within the financial records. MatchMaker, while processing data, learns from your accounting history, enabling it to optimise matching results. This intelligence is also used when MatchMaker is unable to match an invoice to the correct account, it will then make several suggestions based on the factors given so all the user will have to do is select the correct one. This means that for the remaining 10% of manual reconciliations where MatchMaker doesn’t have the data to automatically match the payment with an invoice, the task is still made substantially easier.
However, this isn’t all. MatchMaker also has the capability to book differences in payments across various ledger accounts and allows for automatic processing of payment discount rules and the distribution of payments. Going one step further, MatchMaker also supports reconciliation of debt with credit invoices and write-offs using the same configurable matching engine. This helps maintaining a sustained and accurate accounts receivable position, allowing you to focus your collections efforts and improve your cash flow.
Designed to alleviate the time pressure of manual reconciliations, MatchMaker allows users to focus their time elsewhere and puts valuable resource back into the business.
“An automated software solution, MatchMaker enables you to automatically reconcile and process up to 90% of your payments and invoices, providing a much faster and smarter way to reconcile payments.” ~ PETER DIEPSTRATEN – Product Owner
Will MatchMaker work for you?
MatchMaker can integrate with any existing financial system. The integration sees the importing of your financial data into the software, as well as the exporting of the newly automated reconciliation towards your general ledger. Recognising every currency, MatchMaker also allows for easy international transactions, where you can set your preferred home currency.
MatchMaker is a desktop application which installs locally on your desktop or alternatively can be deployed remotely on Onguard’s hosting environment, licensed on a per-user basis. Several accounts can also be created on the same license, for instance, if you are working in the morning, you can log on via your own credentials and your colleague in the afternoon can log in after you, via their own credentials too. For several users simultaneously using MatchMaker, more licenses will be required.
Currently, MatchMaker is available in both Dutch and English, with support for additional languages on the product roadmap.
Fully Optimised Financial Management
To benefit from MatchMaker’s entire functionality, when integrated with other Onguard software, users are provided with a fully optimised management solution. For instance, if MatchMaker is installed alongside CreditManager, once matched, the completed reconciliation is then automatically updated in CreditManager, allowing your accounts receivable organisation to focus on any outstanding debt. By doing this, it saves further time and costs within the organisation.
As experts in credit management, we at Onguard constantly review our line of products to ensure all of our solutions remain up-to-date with the latest technologies and trends within the financial management market to support user needs.
The main philosophy around the evolution of MatchMaker is born from a need to reduce the amount of time spent on manual reconciliations as well as providing an easy to use, transparent, financial management system.
Would you like to see more of MatchMaker?
Feel free to request a demo!