How Ikigai Labs Software Can Help You With Financial Reconciliation

How Ikigai Labs Software Can Help You With Financial Reconciliation

Reconciliation is the process of matching internal and external financial records and documents. This ensures that the general ledger account balance is accurate at the end of an accounting period.

Financial reconciliation solutions make it easy to perform reconciliation and other valuable finance functions like rebate management, revenue management, regulatory reporting, and expense analytics. Moreover, they provide bank-grade security and adhere to up-to-date standards.

AI Apps

Ikigai Labs builds software products around life/work, remote/distributed teams, and platforms for makers & passion economy. Ikigai also helps companies with automation, business operations optimization, innovation, and digital transformation to accelerate the path toward a digital economy.

Ikigai’s automated reconciliation solution saves time and eliminates errors by reconciling internal records with external data. It uses DeepMatch, a robust proprietary algorithm based on MIT research that finds over 40% more matches than the best fuzzy matching solutions.

In this podcast episode, Vinayak Ramesh interviews Ashu Garg, founder, and CEO at Ikigai Labs. They discuss the current landscape of enterprise AI and how Ikigai’s unique approach enables organizations to leverage AI without building models and deploying them independently. This allows them to empower their existing employees to transform their business. They also explore the concept of ikigai, a Japanese term that describes one’s true purpose in life. Many tests and resources available online can help people find their ikigai.

Data Stitching

Modern businesses tend to stray away from SAP-like powerhouses capable of doing virtually anything. That’s great for flexibility and efficiency, but it can also spread data across various apps and accounts with no obvious way to merge them. That’s where data stitching comes in.

Stitch is an ETL platform that connects to your source databases and streams data into your warehouse or data lake. Stitch’s integrations cover many use cases, from financial reconciliation (accounts receivable, accounts payable) to record linkage and inventory tracking.

To ensure that your data is compatible with its destination, Stitch extracts and lightly transforms it. This process is called “stitching.” You can track the progress of a stitching job on any integration summary page.

Automated Reconciliation

With auto-reconciliation, your cash outgoings and receipts are downloaded onto a digital payment management platform and quickly checked to match the records in your accounting software. This makes the month-end close much faster and easier and you get checks that match your cash flow, income, and capital statements.

Reliable, transparent bookkeeping and a digital ‘paper trail’ that helps to guard against fraud. Any inconsistencies can be swiftly investigated and corrected—or at least identified for further investigation before any damage is done.

Avoid manual entry and a costly disconnect between systems by choosing a reconciliation solution that embeds into your ERP. Nanonets uses no-code workflow automation, OCR models, and a global payments platform to streamline your reconciliation processes, automatically matching and importing your bills, invoices, receipts, bank statements, and more in seconds. It also updates the general ledger in real-time, giving you a clear picture of what’s happening to your money.

Data Analytics

Our financial reconciliation software empowers companies to automate tedious, time-consuming tasks while reducing risk and costs. Older methods require humans to manually match entries between datasets, which is expensive and error-prone. Ikigai Labs software uses advanced technology to find 40% more matches than best-in-class fuzzy matching algorithms, saving you valuable time and minimizing risks.

We serve global brands and companies with scalable, intuitive demand-planning solutions and automated financial reconciliation solutions. Our team of experts has helped organizations with business operations optimization, automation, innovation, and digital transformation to accelerate their path toward the future economy. Contact us to learn more about how we can help you.