Can you expect a business to rely on its internal records and make financial decisions blindly?

The internal records might possess errors or fraudulent data. No business can survive in this situation.

To make sound financial decisions, Executives need a trusted data source. Hence, it becomes critical to reconcile internal records against external sources, find mismatches, and rectify them timely.

In an organization that records only a handful of transactions every month, manual data reconciliation is sufficient. But, imagine a situation where the accounts department records 1000s of transactions every month. You can’t bank upon the manual reconciliation process to rectify the mismatches or detect any frauds.

However, there’s a severe underlying risk to this aspect – Inaccurate reconciliation. 

At the same time, professional accounting firms have to handle the reconciliation process for several clients. The accounting teams spend sleepless nights during period closure to manually reconcile everything. It leads to an increment in the cost and time of delivery of service. 


To reduce cost, time and mitigate the risk prevalent in manual reconciliation, Taxology offers a unique solution – Data Reconciliation Solution

Data Reconciliation Solution can mitigate the huge risk of incorrect analysis and increased cost and time. It optimizes your process and reduces the cost of operation. 

How does it work?

You can upload two datasets (in CSV file format) in the tool. After that, you can mention the ‘parameter’ for comparing both the files and ‘value’ for detecting matches/ mismatches.  

For example, Suppose, you’re matching the purchase register against your vendor’s sales register. You can choose a parameter to be invoice number, invoice date, PO reference, etc. Then, you can add ‘value’ such as invoice value, GST amount, or discount.

The system will check both the files against the given parameter and identify discrepancies in ‘value’ data. 

In the end, the system provides a summary as well as detailed analysis of matches and mismatches so the user can rectify the mismatches. 

This solution is geared towards tax professionals. However the organizations can also use it for inventory reconciliation, receipts and disbursement matching, general ledger accounting, and credit/rebill accounting.