Ensure the accuracy and consistency of across your financial records and statements

Streamline transactions and invoice management

Reconcile internal records with external data to improve workflows, efficiency, and accuracy.

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We've worked with the best

Ikigai Labs has a proven track record of delivering reliable Business Intelligence products and services. We’ve served global brands and companies and met their demand for scalable and intuitive demand planning solutions, including automated reconciliation software.

Match entities and transactions with the speed of AI

What Is Financial Reconciliation?

Financial reconciliation is an accounting process that compares two or more sets of financial records – internal and external – to identify the discrepancies and find matches.

  • Internal records - general ledger: assets, liabilities, equities, revenues, expenses
  • External records - bank statements, passbook and checkbook registers

These records can have discrepancies in their entries because of the timing of the payments, withdrawals, deposits, contract signings, invoicing, etc.

Why is it still so tedious?

Older methods for financial reconciliation are tedious and time-consuming.

  • One way to reconcile different datasets is to have a human match the entries, which extremely long, costly and prone to error.
  • Most companies perform reconciliation with Excel using the Excel VLOOKUP, which is the prevalent method, is still very manual and limited to the most straightforward matches.
  • Some reconciliations software tools use fuzzy logic that overcomes the problem of needing the exact match, however still has many limitations. For example, an analyst will still need to prepare the datasets to have common columns.

Ikigai’s platform empowers companies to streamline this process and eliminate errors that cost you.

Learn How

Benefits of Reconciliation with Ikigai

Unlike other tools, Ikigai’s reconciliation solution uses aiMatch, a powerful proprietary algorithm out of MIT research, that analyzes relationships between line items and their properties and infers matches based on all available information. As the result, it’s capable of finding over 40% more matches than any best-in-class fuzzy matching solution.

Thus, Ikigai’s solution saves even more time and minizes the risk of errors as you consolidate data from various sources. For example, our platform can process and reconcile data from balance sheets, ledgers and sub-ledgers, cash flow statements, fixed assets statements, POS gateway, and more.

Here are the benefits of demand forecasting in supply chain management:

Standardize data across different formats and sources
Improve workflows for invoice management and bookkeeping
Streamline how you verify balance sheets, cash flows, and receipts
Streamline and simplify financial data
Save time reconciling records
Eliminate manual processes prone to human error
Ensure transparency in every transaction
Scale reconciliation process as your business expands
Encourage cooperation and communication between teams and financial departments
Meet regulatory requirements for financial reporting

How it works

While there is no standard method for financial reconciliation, it is a good business practice to reconcile accounts that observe generally accepted accounting principles (GAAP). Double-entry accounting, for example, is a business standard and is the most widely used tool for reconciliation. But when done manually, there is plenty of room for mistakes.

Ikigai’s solution allows companies to simplify cross-checks. No more rushing to balance both sides of your ledgers at the end of the month or employees working excessive hours to close the books on time. With Ikigai, you can reduce your reconciliation SOP in three easy steps.

What makes Ikigai different

Transaction-level Detail

Forecast and plan at an SKU level, category, channel, location - the possibilities are endless.

Unified Data from Any Sources

Automatically reconcile and unify 60% more of AP and AR entries for a faster, more thorough analysis with the unique aiMatch™ technique

Zero Missed Opportunities

When planning your AR and AP transactions to optimize working capital deployment, consider what-if scenarios at the click of a button.

Streamlined
Re-ordering

Leverage Reinforcement Learning algorithms to optimize cash through effective AR, AP, and inventory management.

Example reports

Accurate data is a powerful business tool, and you can have it at your fingertips. Here’s what you can get with the information consolidated through the Ikigai platform:

Days of sales outstanding

Get a visual representation of the average days of sales outstanding, trendline to the top right, with the average of the averages displayed as a big number-DSO- to the top left. Summary below provides the number and dollar value of matches and exceptions approved.

Inventory to Sales Optimization Dashboard

Choose between different scenarios in real time, depending on your inventory strategy. The optimal Inventory to Sales curve leverages cutting-edge AI forecasting techniques and gives you the flexibility to optimize for cash on hand and minimize missed sales.

Automated Purchase Order

Never run out of stock with Ikigai's proactive PO recommendations and automated actions. Depending on the desired inventory levels, Ikigai will alert you if any of the SKUs need to be re-ordered, and even generate and send the PO for you.

With Rapid Growth, Yojak chooses Ikigai to maximize its working capital

Get Case Study

How to do NetSuite Year-End Closing

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What people are saying

"With Ikigai’s demand planning tools, we were able to free up over $13M in cash which was our strategic priority at that time.”

Jaida Barton
Jaida Barton

Demand Planning Manager,
North American Online Retail Company

"Ikigai has been a game changer for us. Before, the turnaround time for data analytics took weeks and a lot of resources. Now everyone can build a dashboard, with no engineering involved."

Jaida Barton
Jaida Barton

CTO, Online Marketplace

"This whole lot code tracking was not even possible before Ikigai. This is like Google Sheets on steroids."

Jaida Barton
Jaida Barton

Operations Manager, US CPG Company

"With Ikigai’s demand planning tools, we were able to free up over $13M in cash which was our strategic priority at that time.”

Jaida Barton
Jaida Barton

Demand Planning Manager, 
North American Online Retail Company

"Ikigai has been a game changer for us. Before, the turnaround time for data analytics took weeks and a lot of resources. Now everyone can build a dashboard, with no engineering involved."

Jaida Barton
Jaida Barton

CTO, Online Marketplace

"This whole lot code tracking was not even possible before Ikigai. This is like Google 
Sheets on steroids."

Jaida Barton
Jaida Barton

Operations Manager, US CPG Company

Take Control of Your Data With Ikigai

Use automated reconciliation software to match transactions at scale while minimizing risks of errors. Ikigai offers enterprise-level financial reconciliation solutions for clients in all industries. In addition, we provide tools for maximizing and interpreting financial performance and optimizing data to improve revenue generation.

  • Configure data sources
  • Work on as little as 2-3 weeks’ worth of data
  • Secure data for an entire project life cycle
  • Simplify Accounts Receivables, Accounts Payables, and invoice management

Removing time-consuming, error-prone processes reduces operational costs and helps companies comply with federal regulations established by the US Securities and Exchange Commission (SEC).

Frequently asked questions

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Need help or have questions about our platform? Send us a message now.

Ikigai offers competitive and flexible pricing packages for businesses of all sizes. Please contact our team for more details.

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