ReKon is a new startup that aims to provide innovative accounting software, with large improvements to existing competitors in the market. ReKon provides a software system which automates the process of account reconciliation by matching related groups of transactions across accounts. Very few automated systems can provide this service and most of them uses metadata to find related transactions. The founding team has developed algorithms that are unique in that they are able to find these transaction matches only by looking at the values of the transactions. This is made possible by a highly efficient linear optimization system and the utilization of modern, massively parallel, hardware.
Accountants will be able to interact with the system and get an overview of the accounts and the transactions. The user will be presented collections of matches found by the system and allow them to accept or deny these. By informing the system of incorrectly matched transactions, the user is helping the system to learn from its mistakes and provide more and more accurate answers over time. We believe that this process will allow accountants to have a faster, more natural and pleasant work experience of reconciling accounts, additionally leading to a finer granular explanation of the transactions, and lower costs for the company while providing additional insights into the financial situation of the company.