How AI-powered transaction matching is changing account reconciliation processes

We've all heard the saying: Time is money – and nowhere is this truer than in finance. As the expectations of the Office of the CFO grow, so does the need to streamline and automate time-consuming tasks that slow down the close process. Finance teams simply can’t afford to waste hours on repetitive, manual transaction matching tasks that are prone to error. Whether reconciling accounts across systems, validating data from multiple sources, or preparing for an audit, the time spent manually sifting through rows in Excel adds up fast.  

This is why more organizations are turning to transaction matching software to automate this critical step and accelerate the close process. With transaction matching software, finance teams can match faster, reduce risk, and ensure they always have a clear audit trail. 

What is transaction matching software?  

Transaction matching software automates the process of comparing and reconciling financial transactions from different data sources such as bank statements, subledgers, and general ledgers.  

Manual transaction matching is one of the most tedious and time-consuming parts of the close process, requiring significant effort to comb through spreadsheets, apply match logic, and investigate discrepancies. As organizations grow, this manual approach becomes harder to sustain – slowing down the close, increasing the risk of errors, and creating audit challenges. 

Prophix One Account Reconciliation uses AI-powered transaction matching to reduce manual effort and provide highly accurate results. As your transaction volume grows, Prophix One scales with you – reducing the risk of errors or delays and ensuring audit-ready reporting at every stage of the close.