Completely streamline your reconciliation process with the automation of MatchMaker
Current Reconciliation Landscape
Within the finance and accounting departments of many organisations, reconciliation is one of the most time-consuming tasks of the day. It is 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 match these entries manually using Excel documents or in 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, 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, including checking (discounted) amounts, invoice numbers and descriptions, customer addresses or VAT numbers. 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. MatchMaker uses this intelligence when it is unable to match an invoice to the correct account. It will then make several suggestions based on given factors so the user only has to select the correct one. This means that the remaining 10% of reconciliations that MatchMaker cannot process have to be dealt with manually. Thus, the task is substantially easier and less time-consuming.
However, this isn’t all. MatchMaker also has the capability to book differences in payments across various ledger accounts. It also allows for automatic processing of payment discount rules and the distribution of payments. Going one step further, MatchMaker supports reconciliation of debt with credit invoices and write-offs using the same configurable matching engine. This helps maintain a sustained and accurate accounts receivable position. You can thus 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 and automatic reconciliation 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. Alternatively, we can deploy it remotely on Onguard’s hosting environment, licensed on a per-user basis. You can create Several accounts 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, users are provided with a fully optimised management solution when integrated with other Onguard software. For instance, if MatchMaker is installed alongside CreditManager, once matched, the completed reconciliation is then automatically updated in CreditManager. This allows 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. We also wanted to provide an easy to use, transparent, financial management system.