Aico releases new Transaction Matching solution to complete its financial close software platform
Aico’s new Transaction Matching solution enables large enterprises to automatically match thousands of transactions from any data source at the click of a button. This addition is the last major piece of Aico’s financial closing management platform.
Aico, an end-to-end financial close software platform for large enterprises, has today released its Transaction Matching solution to help companies considerably reduce the time and effort required for manual reconciliation tasks.
Transaction matching is tedious and error-prone. While automation helps with matching tens of thousands of transactions, it is only part of the solution. A lot more efficiency can be gained when transaction matching works in synergy with other processes, such as account reconciliation and journal entries. Done effectively, transaction matching can shorten the financial close time significantly, and reduce the stress the month-end typically brings.
Aico’s new Transaction Matching solution enables enterprises to match thousands of transactions from any data source automatically with the click of a button. With Aico’s single platform, users can directly post journals, clear open items, substantiate General Ledger accounts and assign action items to request support from colleagues, as well as track all other closing and account reconciliation activities.
During a test with a German enterprise, Aico seamlessly integrated 93,093 transactions from bank statements and the ERP system into the Aico platform. The Aico automation engine then accurately matched 99% of transactions in two minutes, eliminating the need for laborious manual Excel processes and saving hours, if not days, of manual work.
Of the total transactions processed, 82,062 were automatically matched, demonstrating the system's ability to facilitate one-to-one value matching effortlessly. Meanwhile, the remaining 10,897 transactions were proposed matches, indicative of Aico's adeptness in identifying correlations based on the one-to-many principle.
“We’re super proud to launch our Transaction Matching solution to give enterprises the control they need, all in one place and all interconnected. Our platform works together with their other processes, like account reconciliation and journal entries, and tracks all other activities in real-time from your ERP. By doing this, we reduce the stress of enterprise accounting teams, cut manual errors, and smooth out the end-of-the-month hecticness,” says Marko Voutilainen, CEO of Aico Group.
According to a 2023 SAP Insider report, 82% of respondents pointed out manual processing as a primary cause of inefficiencies in their financial close processes, consuming time that could be better spent on higher-value tasks. The respondents specifically identified the lack of sufficient automation, leading to manual processes, as a critical factor influencing their financial close transformation priorities.
The survey also highlights escalating difficulties in transaction reconciliation (up to 48% from 39% in 2022) and journal entry management (up to 36% from 28% in 2022). As the volume and complexity of transactions escalate, manual processes struggle to keep pace, leading to inefficiencies and inaccuracies.
Aico’s Transaction Matching solution makes it simple yet highly configurable to start matching. It also lets users choose transactions from multiple sources, including different file formats, as well as being able to pull real-time data directly from their ERP systems. Users can configure multiple matching rules, including one-to-one, one-to-many, and many-to-many, with different degrees of confidence.
“Approximately only 11% of companies have completely transformed their financial reporting process, despite having extremely complex and unique processes and hundreds of thousands of financial-related documents to process every year. We’re confident that our new Transaction Matching solution will give accounting teams more transparency and control over their workflow and have time to focus on more strategic and high-value work,” continues Voutilainen.
Transaction Matching is now live for first users and available to all current and new Aico customers immediately.
In 2023, data from Aico’s platform showed that a typical large customer’s accounting team uses Aico to process 0.5M documents yearly, saving over 6,000 hours of work time. In addition, Aico prevents thousands of errors in financial journals. Aico also found that accounting teams need to produce 2-3x more documents in November and December than during the rest of the year, highlighting the need for automated closing task managers, account reconciliations, intercompany invoicing, and journal entries.
Aico recently announced a majority equity investment from Silicon Valley investment firm Accel-KKR to bolster its market expansion across Europe, especially in the DACH region.
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For additional information:
Media Kit with Pictures
Marko Voutilainen, CEO
Aico Group
+358 40 843 3290
marko.voutilainen@aico.ai
About Aico Group:
Aico is an advanced financial close platform for large enterprises. Aico helps companies take control of their hectic closing processes, empowering financial teams and freeing time for other important activities. Its customers, including leading European enterprises, achieve a high level of automation and standardization of processes, faster month-end financial reporting, and assurance of compliance and data accuracy. Established in 2019 in Espoo, Finland, Aico has offices in Finland, Germany, the UK and Latvia. For more information, visit www.aico.ai.
