Reconciliation
Definition
The process of comparing two sets of records to ensure they match and identifying discrepancies for resolution.
Overview
Reconciliation verifies that records in different systems or documents agree with each other. Common reconciliations include bank reconciliation, intercompany reconciliation, and subledger to general ledger reconciliation. Manual reconciliation is time-consuming and error-prone. Automated reconciliation uses matching algorithms and AI to compare records, identify exceptions, and even resolve routine discrepancies automatically.
Why It Matters
Manual reconciliation consumes thousands of staff hours during every close cycle and is the leading cause of delayed financial reporting. Unresolved discrepancies can mask fraud, misstate financial positions, and trigger audit findings that damage investor confidence.
How New Odyssey Helps
New Odyssey's AI-powered reconciliation engine matches transactions across systems using fuzzy logic and learned patterns, automatically resolving routine exceptions and escalating genuine discrepancies to the right team.
Related Solutions & Use Cases
Invoice Reconciliation
AI-powered invoice matching and reconciliation. Eliminate manual data entry and accelerate your financial close.
Learn moreAutomated Reconciliation
Automate the matching and reconciliation of transactions across systems with AI-powered pattern recognition.
Learn moreFinancial Close Automation
Reduce close cycle time and improve accuracy with automated close tasks, reconciliations, and reporting.
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