Automated Intercompany Matching
Improve collaboration between entities and get an overview of transactional data with streamlined intercompany matching.
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Intercompany matching is a critical yet complex task for your multi-entity business, often requiring significant manual effort to reconcile transactions across subsidiaries. Such a detailed process was never meant to be managed in spreadsheets. Prophix One Intercompany Management eliminates the manual work of identifying and resolving discrepancies between intercompany sales, purchases, loans, and other transactions.
Intercompany Management automatically matches transactions based off multiple parameters, leaving behind transactions that can be semi-automated. Semi-automation capabilities in Prophix One allow for easy resolution of any remaining transactions to be matched. Tailored yet configurable matching capabilities ensure accuracy while reducing time spent on manual adjustments.
Oftentimes, the intercompany-matching process results in delays during month-end and year-end, but with robust intercompany transaction matching software, you decentralize the responsibility and streamline the collaboration required between local entities and group consolidators for a successful consolidation. Local entities are empowered to submit their data and group consolidators can easily run matching rules and pull information on a more frequent schedule than they could compared to managing the process in spreadsheets.
Say goodbye to data inconsistencies, varying transaction timelines, and multi-currency complications. Automating intercompany matching enables faster closes and improved accuracy in consolidated financial reporting and compliance with accounting standards like IFRS and GAAP.
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