Dave Anstey
Director of Business Development & Partner Relations
First off, fair warning, this article is going to touch on the hottest (and most inescapable) tech topic of the moment. Yes, that’s right, it’s AI. But please, don’t let out a fatigued sigh or click away! Because what I actually want to dig in to here is what comes before AI when looking to improve a business process. And specifically, how automation in one oft-overlooked area can deliver massive efficiency gains to users of Unit4 Financials by Coda.
So, whilst AI intervention is seemingly sweeping across every aspect of our daily lives, we should not forget that automation is the key that underpins any drive for efficiency. If we’re stuck in the drudgery of manual processes, AI can’t help until we’ve stepped away from doing everything by hand. First, automate the process, and then Agentic AI can step in to improve on decision making and output efficiency.
A classic example of an area where businesses with increasing transactional workloads should review how they work can be found in bank statement management. The team at LEVEL8 encounter this regularly. Many companies are still stuck in the daily routine of using manual spreadsheet approaches to reconciling their daily financial transactions. This is tedious, error prone and time consuming, and a scenario where automation could offer a solution.
To remedy this, LEVEL8 have built an automation extension to Unit4 Financials by Coda (aka CODA) called Statement Matching System (SMS). SMS removes all the hassle from the day-to-day drudgery of bank statement management, automating it all the way from extraction of the statement file from the bank, to reconciling against transactions in your financial management system.
Multi-company, multi-bank, multi-statement and multi-currency – our SMS software is a must for any business using CODA. Once implemented, fine tuning allows enhanced matching efficiencies driven by highly configurable matching criteria suited to your transactional data.
Our customers are already unlocking the powers of SMS and it’s fair to say that the automation introduced by the system has been a more than welcome upgrade to their people’s working days. Just check out what our customers Ashmore Group had to say on it:
“The Statement Matching Software [SMS] was truly a game changer and saved us quite a bit of manual processing. Fully integrated with Unit4 Financials by Coda, SMS was able to read the electronic bank statements, load to Financials and run the matching service. We enjoyed very responsive post implementation support.”
So, where is Agentic AI in this scenario? Well, honestly, it isn’t… yet. But LEVEL8’s software experts are already starting to think about how we can leverage the invention of the century to allow continuous efficiency improvements in matching rates. And what could that mean for you? Yes, even less manual work and the freeing up of yet more valuable time.
Interested in our Statement Matching Software (SMS)? Then get in touch with LEVEL8 today and we’ll be happy to chat more about it!
