Adra Match: Automating Reconciliations to Simplify Business Processes and Gain Control

CIO VendorMartin Thunman, CEO A timely and stress-free monthly financial close is about consistent processes and automating as many manual tasks as possible, and getting the figures right. Adra Match, a provider of cloud software for reconciliation and data matching, is a company that offers products for a smarter month end close process.

Deriving from the term ‘administrative rationalization’, Adra Match, founded in Norway, has over two decades of experience in automating reconciliations and simplifying business processes to help customers work smarter and more efficiently with less risk of error. Martin Thunman, CEO of Adra Match says, “Our founder saw the opportunity to help the accounting team of companies to automate the matching of different financial transactions like reconciling bank and credit card transactions which are intensely labor related. Over time the solution has evolved and can reconcile any type of transactions.”
The company’s new flagship product BALANCER helps streamline and digitize the monthly financial close process, allowing customers to replace cumbersome spreadsheets and error-prone manual tasks with a full real-time overview of the entire balance sheet reconciliation process.

With immense experience in simplifying the accounts process, the company has gained a vast clientele with 3000 customers in more than 30 countries around the world ranging from Hertz and GE Capital to KPMG, Toyota, IKEA and BMW.

“With BALANCER our monthly financial reconciliation and closing routines are improved and well defined. We avoid using binders to archive as the system archives everything electronically. It also simplifies our working routines thanks to the approval workflow process,” explains Robert Erkers, Finance Manager, Toyota Financial Services.

Toyota Financial Services uses BALANCER for the month-end close process, to gain control over the entire process with full visibility, a complete overview and more accuracy.

The transaction matching of their balance accounts is currently done in Adra Match ACCOUNTS which will now be uploaded directly into BALANCER for all the balance sheet account reconciliation.
“I am very tired of Excel as a professional tool in established processes. It is good for ad hoc solutions but useless in processes,” says Erkers.

Jewson, one of the largest chains of British general builders’ merchants, is a key client of Adra Match. The client’s requirement lay in saving costs by automating the reconciliation process within the finance team. Although they were using a simple reconciliation tool, there was too much time spent on reconciling transactions manually and the tool was not flexible enough to handle the complex requirements for data matching.

Adra Match delivered it’s fully automated reconciliation tool Adra Match ACCOUNTS. Training was quick and simple to understand and users were able to utilize the software within hours. About 1.6 million transactions are now matched automatically for the client and their requirements were addressed by the flexibility of Adra Match Accounts.

Going forward, it is Adra Match’s mission to educate the market as 99 percent of companies use manual processes for their finance reconciliations. “We see a huge opportunity because we believe accounting teams want to spend their valuable time on more strategic issues,” states Thunman.

Company
Adra Match

Headquarters
Chicago, IL

Management
Martin Thunman, CEO

Description
A timely and stress-free monthly financial close is about consistent processes and automating as many manual tasks as possible, and getting the figures right. Adra Match, a provider of cloud software for reconciliation and data matching, is a company that offers products for a smarter month end close process.