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CCH® Tagetik Transaction Matching
Transaction Matching in CCH® Tagetik is a process used to reconcile and match financial transactions between different sources, ensuring consistency and accuracy in financial reporting.
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Reconcile and Match Financial Transactions with Confidence
CCH® Tagetik Transaction Matching helps finance teams reconcile transactions across multiple data sources, reducing manual effort and supporting a more efficient reconciliation process.
AI-supported matching helps identify corresponding transactions, while unmatched items and discrepancies are highlighted for investigation. This allows your team to focus on exceptions requiring review, with workflows and an audit trail supporting control and accountability.
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Common Challenges
Transaction Matching can be a complex and challenging process, especially in scenarios involving large volumes of data and different data sources. Some common transaction matching challenges include:
Data Quality and Consistency
Transaction data may come from various sources and may be recorded differently, leading to variations in formats, codes, or partial information. This can make it difficult to accurately match transactions.
Large Transaction Volumes
High transaction volumes can slow down the matching process, and it becomes challenging to handle the sheer volume of data effectively.
Time Sensitivity
Some transactions require real-time matching, such as in financial trading or fraud detection. The challenge lies in processing transactions quickly enough to prevent errors or potential fraud.
Duplicates and Redundancies
Duplicate or redundant entries in transaction data can create confusion during the matching process, leading to inaccurate results.
Missing or Incomplete Information
Transactions may have missing or incomplete data fields, making it hard to find suitable matches based on incomplete information.
Complex Matching Rules
Depending on the context, matching rules can be intricate and difficult to formulate, particularly when dealing with multi-dimensional data.
Currency and Unit Conversions
Transactions may be recorded in different currencies or units, requiring appropriate conversions before matching.
Cross-Referencing Data Sources
In some cases, transactions need to be matched across multiple databases or systems, which poses a challenge in maintaining data integrity and consistency.
Handling Updates & Corrections
Transaction data can be updated or corrected retrospectively, which may require re-matching and reconciliation.
Scalability
As the volume of data and the complexity of matching rules increase, the system’s performance and scalability become vital challenges to address.
Privacy and Security Concerns
Some transactions may contain sensitive information that needs to be protected, raising additional challenges in terms of data access and handling.
Parallel Processing
To achieve faster transaction matching, parallel processing techniques may be required, introducing the challenge of managing parallel threads effectively.
Features & Benefits
CCH® Tagetik addresses common challenges in account reconciliation by offering several features and functionalities that help streamline the process and improve its efficiency.
Harmonise Accounts
CCH Tagetik uses intelligent algorithms and configurable rules to automatically match transactions based on predefined criteria.
Transaction Matching
The system allows you to define matching criteria based on transaction attributes such as amount, date, reference numbers, account codes, and other configurable attributes. This flexibility ensures that you can tailor the matching process to suit your specific business needs.
Unified Platform
With the CCH® Tagetik unified platform for all financial processes, data duplication is eliminated, discrepancies reduced, and data across the organisation aligned.
Reconciliation Templates
CCH Tagetik connects to and reconciles data from multiple systems, databases, and sub-ledgers simultaneously, ensuring consistency and accuracy across all data sources within a single platform.
Analytic Information Hub
CCH Tagetik generates detailed reconciliation reports and dashboards, giving finance teams real-time visibility into matching status and a clear view of reconciled and outstanding transactions.
Notes & Attachments
CCH Tagetik automatically flags unmatched or partially matched transactions, enabling finance teams to investigate exceptions and resolve discrepancies quickly and efficiently.
Carry Forward Rules
CCH Tagetik maintains a comprehensive audit trail of all actions performed during the matching process, ensuring full transparency, accountability, and compliance with financial reporting regulations.
Audit & Ad-hoc Reports
CCH Tagetik supports configurable workflow and approval processes, ensuring that matched transactions are properly authorized and validated before being confirmed — maintaining control and accountability throughout the reconciliation cycle.
Email Notifications
CCH Tagetik's transaction matching module integrates seamlessly with financial consolidation, planning, and reporting modules — providing a unified, end-to-end approach to financial management across the entire platform.
Process Monitoring
Monitor Balance Exposure and check the status of the reconciliation process (reconciled, revised, and approved) linked to Workflow progress.
Approval Workflow
Assign responsibility to numerous contributors and separate duties and certify signoffs so that no account goes unchecked or unapproved.
Streamlined Integration
CCH® Tagetik integrates with various financial systems enabling seamless data exchange & reconciliation between different sources, eliminating the need for manual data entry.
Benefits
Implementing CCH® Tagetik Account Reconciliation can provide several key benefits to organisations:
Increased Accuracy
During the reconciliation process, CCH® Tagetik's automated matching capabilities reduce the possibility of errors and increase data accuracy. The integrity of financial data is ensured by helping to recognise discrepancies.
Time and Cost Savings
The automation of manual tasks, such as data extraction, matching, and exception resolution, reduces the time and effort required for the reconciliation process. This frees up resources to focus on more strategic activities, ultimately leading to cost savings.
Streamlined Workflow
CCH® Tagetik streamlines the reconciliation workflow through automation, collaboration features, and task management. It enables efficient collaboration among stakeholders, eliminates manual processes and cuts reconciliation cycle times.
Enhanced Visibility and Reporting
The software provides real-time visibility into the reconciliation process through customisable reports, dashboards, and analytics. It enables users to monitor progress, track key performance indicators (KPIs) and make data-driven decisions.
Strengthened Compliance
CCH® Tagetik helps organisations establish and enforce internal controls, ensuring compliance with regulatory standards and reducing the risk of financial errors. The software maintains an audit trail, supporting transparency, accountability, and compliance requirements.
Scalability and Flexibility
CCH® Tagetik is scalable and adaptable to accommodate the growing needs of organisations. It can handle complex reconciliation processes involving multiple entities, currencies, and periods. The software is also highly configurable, allowing organisations to tailor it to their specific requirements.
Risk Mitigation
The control frameworks and risk assessment capabilities in CCH® Tagetik help organisations identify and mitigate risks associated with the reconciliation process. This leads to increased risk management and better financial decisions.
Enhanced Auditability
CCH® Tagetik's comprehensive audit trail provides a complete record of activities performed during the reconciliation process. It supports suitability and facilitates internal and external audits.
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