Have confidence in your financial data

SPREADSHEET REPLACEMENT

Finance departments need accuracy and control above all else. Despite this, staff often need to resort to manual work and spreadsheets when dealing with complex or new types of data. This greatly increases the risk of error, creates dependencies on key personnel, and can make audits much more uncomfortable. Plus how many times have you had to wait for Excel to recover as it can’t handle the volumes you’re pushing through it?

With Duco’s flexible technology you can automate complex spreadsheet-based reconciliations quicker than anything else available in the market. Our no-code solution empowers finance teams to set up and manage reconciliations in hours, without major projects. All keystrokes are recorded, and configuration rules are expressed in English sentences, ensuring greater transparency during audits. Duco is live in 24 hours, so you can get started immediately on making your financial operations leaner and more standardised, repeatable and shareable across teams.

BALANCE SHEET SUBSTANTIATION

The general ledger of any organisation must always be supported by another source of truth. If a balance sheet cannot be supported or validated, how can an organisation have comfort in their P&L?

Substantiating a Balance Sheet (or any general ledger) can be a complex and time consuming task when there are multiple data sources: trading sheets, sub-ledgers, bank statements, and manual entries – often in very different formats. Ensuring accurate, consolidated reconciliation across all these sources can be time consuming and it’s frankly not an interesting job. It’s repeatable and it doesn’t put your greatest assets, your people, to their best use. It also creates risk for organisations, particularly when using inflexible legacy technology. Worse than that, with spreadsheet reconciliations, moving to a controls-based audit is forever going to be a pipe dream…

Duco is an agile solution, able to ingest, normalise and reconcile data from multiple sources with little or no prior data transformation. With it you can remove the risk of manual error and engage your people in the value-add activities and utilise. Finance staff can set up reconciliations between new data sources or systems extremely quickly using our unique Natural Rule Language – no code needed! And Duco’s inbuilt governance and full audit trail functionality streamlines compliance.

INTERCOMPANY RECONCILIATION

Large organisations are often made up of several different legal entities, and the bigger the group, the more legal entities there are likely to be. Each business within the group is likely to have its own trading systems, finance teams, ledgers, subledgers, base currency, records of supplier payments, accounts payable and payroll. By their very nature there will be frequent financial transactions between businesses within the group, each with their own ways of working and recording transactions. All this contributes to a huge data challenge which needs to be addressed in real-time in order to be able to rely on the aggregate consolidation. We don’t underestimate the reconciliation challenge here, we know it is varied and often too complex for legacy or point solutions to handle, we know there are historical brought forward issues that need a project approach to resolve them.

Duco’s agile system has the power and flexibility to manage large and complex sets of disparate data in one place. Duco is system and data agnostic, meaning it can ingest, normalise and reconcile data from multiple sources with little or no pre-transformation required. Finance teams can then set up validation checks between group entities quickly and easily using our unique Natural Rule Language – no code needed. This is ideal when attempting to reconcile data from multiple disparate entities at the same time.

LEDGER-TO-LEDGER COMPARISONS

Finance teams will always need to deal with multiple external sub-ledgers feeding into the general ledger. This isn’t a new problem and it’s something finance teams have adapted to over time, mostly using legacy software, like spreadsheets. But sometimes the data will be in a non-standard format, or will need transformation, before reaching the general ledger. With large data loads and complex and varied source data, how do you get absolute comfort that all the trades are booked and there is no revenue leakage? We know this can be particularly problematic and most of all, material. Most legacy solutions are unable to deal with the complexity, volume and number of stakeholders in this process.

Duco wasn’t built to handle just one particular type of information. With our flexible technology, you can upload any type of data with little or no pre-transformation, and the system will adapt to it. From there you can set up reconciliations fast, without code, using our unique Natural Rule Language. All exceptions are captured and can then be automatically assigned to groups and individuals for investigation using our advanced workflow technology. With Duco, finance teams can quickly ensure accuracy and control of even the most complex ledger to ledger relationships.

PAYMENT MATCHING

Having a clear, consistent and up-to-date view of accounts payable and receivable can be a daunting task when dealing with many sources and payment providers, all with unique data formats. With money flowing between legal entities and revenues often shared, consolidation and verification of all this data is a crucial task. But it’s a task that is often complicated by disconnected systems, inflexible technology, currency differences and poor workflow.

With Duco you can ingest data from multiple sources, in multiple currencies and formats, with little or no pre-transformation. You can then normalise that data without code, using our unique Natural Rule Language, so greatly simplifying the payments matching process. Our fuzzy matching technology ensures you get a far higher match rate than traditional reconciliation providers, and our automated workflow means nothing slips through the cracks.

CASH RECONCILIATION

Cash reconciliation is not a new phenomenon, but today’s financial sector is more complex than ever before. As the market continues to evolve, firms are expanding their services – as well as the sophistication of those services – and often this means expanding the number of systems and platforms as well. In addition, changing regulations mean that, more than ever, firms must clearly understand their cash position at any time, with a clear and transparent audit trail. Modern cash reconciliation systems must be agile enough to deal with regular change, able to set up checks and controls fast so that all requirements continue to be fulfilled accurately.

Duco offers a highly agile cash reconciliation solution that empowers finance teams to deal with complex data and changing requirements far quicker than traditional systems. Our ‘no code’ approach means that non-technical staff can set up new reconciliations, or amend existing processes, fast and without projects. And with our fuzzy matching technology, you can achieve high match rates even with low quality or messy data. Duco is live in 24 hours, so you can get started immediately.