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Give your corporate accounting team the time they need for analysis and problem solving rather than mundane tasks, such as manual data entry and reconciliation. Add significant controls, accuracy, and workflow improvements to your accounting process by automating manual processes. Integrate multiple downstream systems by normalizing data and introducing standards.
Corporate accounting functions are typically characterized by time-consuming manual data entry and reconciliation processes. Disparate data sets make it difficult to consolidate accounting records, research discrepancies between GL balances and supporting details, or to verify certain account balances.
Smonik Solutions for Corporations:
Smonik’s PDF Data Extraction capabilities make it possible to integrate the automated posting of journal entries for invoices or credit card transactions with an internal accounting application.
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Normalize Data/Create Standards
- Setup schedules to automatically retrieve accounting data from subsidiaries, satellite offices, and vendors.
- Capable of retrieving data files from FTP, SFTP, websites, email, and network locations.
- Intuitive Control Center dashboard allows users to easily monitor status of incoming files.
- Filter by office, file type, vendor, or date range.
- Users control data management using an intuitive user interface. No development required.
- Smonik allows users to normalize data to meet any standard format for integration with accounting systems or other reporting databases.
- Map and transform any Excel, CSV, text delimited (pipe delimited), fixed position, XML, and PDF file formats.
- Data can be extracted from structured and unstructured PDF documents, such as invoices and credit card statements.
- Ability to view life-cycle of data before and after applying filters and translations.
- Reconcile any two data sets.
- Users can define Recon and set rules for matching, tolerances, grouping, and numerous other settings.
- Powerful options for managing Recon breaks including approvals, adding notes, escalation workflow, and an intelligent “Suggested Match” process.
- Users can define the grouping and filtering of data to coincide with internal work assignments (i.e. view recon breaks by account or by subsidiary) as well as define approval workflow.
- Extract data from invoices or credit card statements.
- Integrate posting of journal entries to internal accounting system.
- Automatically import accounting data to Smonik for reconciliation.
- Standardize processing across systems by implementing like procedures for reconciliation and normalized data sets.
Can Smonik automate the data extraction from invoices and credit card statements and post journal entries to an accounting system?
Yes, Smonik can extract data from these and many other document types. After a one-time, simple mapping exercise for each document type/style, a schedule can be created to automatically retrieve the file from an internal network location, a website, or even from an email. The PDF document will be captured, the data will be extracted based on the mapping setup, and the data will be available for use either within the Smonik Recon, for import to other databases, integrated with internal systems, or saved to a network folder.
How long does it take to setup the mapping for a new document type?
A typical PDF document such as an invoice or credit card statement may take anywhere from 15 to 30 minutes, depending on the complexity of the data. Users have access to all functionality enabling them to setup and map documents themselves or Smonik staff can assist them.
Once the data is extracted can it be integrated with other systems?
When the data is extracted, the user can control the output. Data can be saved to a file on a network drive, imported to the Smonik database for reconciliation and/or reporting, or integrated with other downstream systems (such as an in-house accounting system.)
Can Smonik be used by multiple users across locations?
Smonik allows an unlimited number of users. There are a number of installation options ranging from local install within the client's environment, a private cloud, or SaaS (Software as a Service.) Any of these installation options would allow multiple users across locations.
Can I configure the workflow to view reconciliations and exceptions by account, bank or subsidiary?
Yes. The Recon Status view and the Break Details view are configurable to inspect all aspects of a recon (including matched and unmatched items) with filtering and grouping established by the user. Within the Recon Configuration screens, the user can set up which fields are available for filtering and grouping.
Are you able to restrict a user to only view data for a specific client?
Yes. Permissions can be set to allow specific users to only have access to the client's data for whom they are responsible.
Is there an approval workflow?
Smonik includes a “Review” and “Sign-Off” button for each recon. When selected, the user's login credentials appear showing they have either Reviewed or Signed-off on the particular recon. Once the recon has been reviewed or signed-off, the recon data is locked and cannot be edited or changed in any way.
Is Smonik capable of handling large volumes of data (accounts and/or transactions)?
Smonik is designed to handle large volumes of data. Our data retrieval, ETL (Extract, Transform, Load,) and reconciliation components are capable of processing over 1 million transactions, end-to-end, in minutes.
Can data be exported to Excel?
Data can be exported to Excel (with or without header rows) or PDF from either the Recon Status screen or the Break Details screen.
Can you apply tolerances when matching items?
Smonik has extensive tolerance settings which can be set at the most granular level. For instance, if you are reconciling cash transactions, you could set a tolerance for each currency or a separate tolerance for each currency by bank account.
Can dashboards and reports be customized to meet specific management reporting needs?
Users have the ability to create new dashboards and/or reports or edit existing ones. Smonik staff will also assist with more complex requests. Custom requests are typically delivered in 1 – 2 days at minimal cost.