Jun 1, 2023
Lightspeed
Lightspeed automated transaction reconciliation across 1,200+ merchant locations, achieving 99% reduction in manual data entry and perfect financial accuracy.
Lightspeed's finance team spent three weeks each month reconciling transactions across payment processors, bank accounts, and their accounting system.
With 1,200+ merchant locations processing millions of transactions, manual reconciliation meant hunting down 2,400+ discrepancies monthly. Errors in reconciliation delayed financial reporting and created compliance risks. The team of 12 accountants was working overtime every month-end close, and scaling to new merchants meant hiring proportionally more staff. Each merchant location used different payment processors with varying settlement schedules and fee structures. Accountants manually downloaded transaction files from multiple portals, compared them against bank statements, and investigated every mismatch. A single discrepancy could take hours to resolve, often requiring calls to payment processors and merchants. The accounting close dragged on for 18 days because reconciliation had to finish before any financial reporting could begin. The team was drowning in spreadsheets and dreading every month-end.
KYMA built an automated reconciliation engine with real-time transaction matching.
The system connects directly to all payment processors, banks, and Lightspeed's accounting platform. AI-powered matching algorithms identify and reconcile transactions in real-time, flagging true discrepancies for human review. Automated workflows handle data validation, categorization, and posting to the general ledger. What used to take three weeks of manual work now happens automatically overnight, with the finance team only reviewing the 1-2% of transactions that need human judgment.
