Types of Reconciliation
Supply Chain Reconciliation
Reconcile purchase info records with purchase orders and invoices to ensure that goods received are accurately reflected in the inventory records. CloFast leverages the CloRek model powered by machine learning and artificial intelligence to automate this process. Computer vision technology extracts data from purchase orders and invoices, while the generative AI chat assistant provides suggestions for unmatched transactions, ensuring high accuracy and efficiency.
Identify and reconcile price variances between purchase orders and actual purchases, helping to manage procurement costs effectively. CloFast’s automated reconciliation process uses advanced ML algorithms to detect and match variances. The integration with existing ERP systems facilitates seamless data flow, ensuring that all price discrepancies are accurately identified and resolved.
Track and reconcile production variances, such as material usage and labor costs, and allocate overhead costs appropriately. CloFast uses deep learning models to classify and match production data, reducing manual effort and improving accuracy. The AI chat assistant provides real-time insights and suggestions for unresolved variances, streamlining the reconciliation process.
Reconcile physical inventory counts with inventory records to identify discrepancies and ensure accurate inventory tracking. CloFast employs computer vision technology to automatically count incoming data and create entries in the warehouse management system. The generative AI chat assistant aids in quickly resolving unmatched transactions, enhancing the efficiency and reliability of inventory reconciliation.
Financial Reconciliation
Automatically compare recorded balances with supporting documentation to ensure accuracy. This process leverages the Auto Reconciliation Model (CloRek) powered by machine learning, deep learning, and artificial intelligence, providing a high level of precision and efficiency. Data injection, classification, clustering, and anomaly detection are integral parts of this process, ensuring all balance sheet accounts are accurately reconciled.
Compare lease accounting records in SAP with entries in Costar to ensure alignment and compliance with lease agreements. Using CloRek, this process is automated, ensuring high accuracy in matching lease records. Integration with existing ERP systems facilitates seamless data flow and accurate reconciliation.
Compare lease accounting records in SAP with entries in Costar to ensure alignment and compliance with lease agreements. Using CloRek, this process is automated, ensuring high accuracy in matching lease records. Integration with existing ERP systems facilitates seamless data flow and accurate reconciliation.
Allocate payroll costs accurately to different departments or project cost centers, ensuring that payroll expenses are correctly categorized. CloFast’s automated data extraction and classification streamline this process, making it faster and more reliable. The use of advanced AI models ensures that payroll costs are allocated with precision.
Manage and reconcile transactions between intercompany entities, ensuring that intercompany accounts are balanced. CloFast uses machine learning algorithms to classify and match transactions, reducing discrepancies and ensuring accurate reconciliation. Auto integration with ERP systems further enhances the efficiency of this process.
Reconcile data from broker portals with board approvals for grant management, ensuring that grant allocations and expenditures are properly matched. The Auto Reconciliation Model (CloRek) and computer vision technology automate the extraction and matching of data, providing real-time insights and reducing the risk of errors.
Automate the process of recording accruals and managing amortization schedules, ensuring that financial records reflect accurate accrued expenses and amortized costs. CloFast’s AI-driven solutions streamline these tasks, improving the accuracy and efficiency of financial reporting.
Reconcile asset depreciation entries by comparing recorded depreciation with calculated values based on asset lifecycles. CloFast’s machine learning algorithms ensure that depreciation entries are accurately matched and reconciled, reducing the risk of discrepancies in financial statements.
Streamline period-end closing activities by automating and managing the closing process, ensuring all accounts are reconciled and closed accurately. CloFast’s comprehensive toolset pipeline, including data injection, transformation, and classification, facilitates a smooth and efficient closing process. The integration of AI and machine learning models further enhances the accuracy and speed of period-end reconciliations.
Bank Statement Reconciliation
Vendor Reconciliation
Match vendor payments with invoices and purchase orders to ensure that vendor accounts are accurate and up-to-date. CloFast uses the CloRek model to classify and match payment data with corresponding invoices and purchase orders. This process is automated, significantly reducing manual effort and minimizing errors. The integration of computer vision technology facilitates the extraction of data from invoices and purchase orders, while the AI chat assistant provides real-time suggestions for unmatched transactions, ensuring efficient and accurate reconciliation.
Identify and prevent duplicate payments by detecting invoices with similar reference numbers or amounts. CloFast employs advanced machine learning algorithms to analyze payment data and identify potential duplicates. The CloRek model automates this process, reducing the risk of overpayments and ensuring that vendor accounts are accurately maintained. The generative AI chat assistant further enhances efficiency by offering suggestions for resolving detected duplicates, streamlining the reconciliation process.
Detect discrepancies in vendor transactions, such as overbilling or incorrect pricing, and suggest corrective actions. CloFast uses computer vision technology to extract data from vendor invoices and purchase orders, and the CloRek model classifies and matches this data to identify any billing errors. The AI chat assistant provides real-time insights and suggestions for resolving these discrepancies, ensuring that all vendor transactions are accurately reconciled and any errors are promptly corrected.
Cross Platform Reconciliation API
Standardize data formats for reconciliation across different platforms and systems, ensuring consistency and compatibility. CloFast employs the CloRek model to automatically classify and transform data from various sources into a standardized format. This process is enhanced by computer vision technology, which extracts data from diverse formats, and the AI chat assistant, which provides suggestions for resolving any data inconsistencies, ensuring a smooth and accurate reconciliation process.
Provide real-time insights into data discrepancies and reconciliation status, enabling proactive decision-making. CloFast uses advanced machine learning algorithms to detect and analyze discrepancies as they occur. The CloRek model automates this process, offering real-time alerts and insights into any anomalies. The AI chat assistant further aids by providing suggestions for resolving discrepancies promptly, ensuring that all reconciliation processes are accurate and up-to-date.
Develop APIs for seamless integration with ERP systems like SAP, QuickBooks, Microsoft Dynamics 365, Coupa, and other enterprise software. CloFast’s cross-platform API ensures that data can be easily transferred and integrated between different systems. The CloRek model facilitates the classification and matching of data from these systems, while computer vision technology extracts relevant information. The AI chat assistant provides real-time assistance in resolving any integration issues, ensuring a seamless and efficient reconciliation process.
Reconcile master data records, such as supplier and material records, across different systems to ensure data consistency. CloFast employs machine learning algorithms to classify and match master data from various sources. The CloRek model automates this process, reducing manual effort and ensuring high accuracy. Computer vision technology assists in extracting data from diverse formats, while the AI chat assistant offers real-time suggestions for resolving unmatched data, ensuring consistent and accurate master data reconciliation.
Contract Compliance Reconciliation
Analyze contract terms to ensure compliance with contractual obligations, highlighting any deviations or non-compliance issues. CloFast uses the CloRek model to classify and interpret contract terms automatically. Computer vision technology extracts relevant data from contract documents, and the AI chat assistant provides real-time suggestions for addressing any identified non-compliance issues, ensuring thorough and accurate contract analysis.
Verify actual performance or delivery data against contract terms to ensure that all contractual obligations are met. CloFast employs advanced machine learning algorithms to compare performance data with contract terms. The CloRek model automates this process, reducing manual effort and improving accuracy. Computer vision technology facilitates the extraction of performance data, while the AI chat assistant offers insights and recommendations for resolving any discrepancies, ensuring accurate performance verification.
Identify discrepancies between contract terms and actual performance, suggesting corrective actions to ensure compliance. CloFast uses deep learning models to detect and classify discrepancies automatically. The CloRek model analyzes contract data and performance metrics, identifying any deviations. Computer vision technology aids in extracting relevant data from contracts and performance reports, and the AI chat assistant provides real-time suggestions for corrective actions, ensuring that all discrepancies are promptly addressed and compliance is maintained.
Healthcare Claims Reconciliation
Reconcile billing data between healthcare providers, payers, and patients to ensure accuracy in financial records. CloFast uses the CloRek model to classify and match billing data, automating the reconciliation process and reducing manual effort. Computer vision technology extracts data from billing documents, while the AI chat assistant provides real-time suggestions for unmatched transactions, ensuring efficient and accurate reconciliation of medical billing data.
Verify the accuracy of healthcare claims by cross-referencing them with medical records and billing codes. CloFast employs machine learning algorithms to compare claim data with medical records, ensuring that all claims are accurately verified. The CloRek model automates this process, enhancing accuracy and reducing the time required for verification. Computer vision technology assists in extracting relevant data from medical records, while the AI chat assistant offers real-time insights and suggestions for resolving discrepancies.
Detect and reduce billing errors, such as incorrect coding or overbilling, improving revenue cycle management. CloFast uses advanced algorithms to identify and classify billing errors automatically. The CloRek model analyzes billing data to detect discrepancies, while computer vision technology extracts data from billing documents. The AI chat assistant provides real-time recommendations for correcting errors, ensuring that all billing errors are promptly addressed and overall billing accuracy is improved.
Real Estate Transaction Reconciliation
Reconcile property sales transactions with contract terms to ensure all sales are accurately recorded. CloFast uses the CloRek model to classify and match sales data automatically, reducing manual effort and minimizing errors. Computer vision technology extracts data from sales contracts and related documents, while the AI chat assistant offers real-time suggestions for unmatched transactions, streamlining the reconciliation process and ensuring efficient and accurate reconciliation of property sales transactions.
Automate the reconciliation of lease and rental payments to ensure all payments are accurately recorded and accounted for. CloFast employs machine learning algorithms to classify and match payment data with lease agreements. The CloRek model automates this process, enhancing accuracy and reducing the time required for reconciliation. Computer vision technology assists in extracting relevant data from lease documents, while the AI chat assistant provides real-time insights and suggestions for resolving discrepancies, ensuring thorough and accurate reconciliation of lease and rental payments.
Analyze real estate contracts for compliance to ensure all contractual obligations are met. CloFast uses advanced machine learning algorithms to compare contract terms with actual performance data. The CloRek model automates this analysis, reducing manual effort and improving accuracy. Computer vision technology facilitates the extraction of contract data, while the AI chat assistant offers real-time recommendations for addressing any identified non-compliance issues, ensuring thorough and accurate contract analysis.
Sales Reconciliation Module
Automatically match sales invoices with payments to ensure that all sales are accurately recorded. CloFast uses the CloRek model to classify and match invoice and payment data, significantly reducing manual effort and minimizing errors. Computer vision technology extracts data from invoices and payment records, while the AI chat assistant provides real-time suggestions for unmatched transactions, streamlining the reconciliation process and ensuring efficient and accurate reconciliation of sales invoices and payments.
Reconcile sales discounts with actual sales data to ensure that all discounts are accurately recorded and applied. CloFast employs advanced machine learning algorithms to compare discount data with sales transactions. The CloRek model automates this process, enhancing accuracy and reducing the time required for reconciliation. Computer vision technology assists in extracting relevant data from sales records, while the AI chat assistant offers real-time insights and suggestions for resolving discrepancies, ensuring thorough and accurate reconciliation of sales discounts.
