Problem: Journal entries done by hand
Solution: iJEn – the Investment Journal Entry Network
Let’s start with the bottom line: You don’t have to perform journal entries by hand. There is a network that will do that for you, using a straightforward process. Lose the hassle, keep the control. Read on to learn more.
We frequently hear from businesses that use statements as a reference to enter transactions into their system by hand. Common practice? Yes. Optimal? No. Using secure connections that eliminate errors and inconsistencies, iJEn captures activity from investment systems, custodians, and data aggregation platforms.
This streamines data collection, adding efficiency and speed. It also eliminates manual entry from paper statements and human error. iJEn helps accountants get out of data entry and back into delivering valuable insights to their users.
To ensure consistent journal entries, iJEn maps data sources to your general ledger. We start with guidance from your team, so that we map the sources according to the process you established. Your mapping is customized for your busines needs. So, instead of time consuming and error-prone human data entry and reconcilitations, the IJEn rules engine maps your source transactions in exactly the same way every single time into your General Ledger.
iJEn uses business, investment, and accounting rules to create your Journal Entries (JEs). The speed of the automated process allows iJEn to create JEs for every transaction. The mapping and detailed JEs enrich the reporting out of your General Ledger (GL).
iJEn is not a mysterious black box. It is not one-size-fits-all. It is a rules-based system that you control, enabling you to optimize your processes. For example, you can easily add information about asset classes, custodians, and other custom fields to your Journal Entries. For holding companies or partnership entities you can easily establish rules to allocate activity to the correct owners.
IJEn enhanced data outperforms human data entry with regard to speed and volume. We’ve described the impact as akin to switching from hand tools to power tools. The enhanced data also outperforms human data with regard to accuracy, eliminating human error. It consistently conforms to the established rules. In addition, as iJEn automatically aggregates your data, it tags additional sub-accounts to improve the reporting and dashboards out of your GL.
iJEn eliminates the practical limitations of human data entry. Its API connectivity allows it to quickly and accurately journalize and post entries directly into your General Ledger, leveraging the functionality of your GL application. iJEn’s advanced API integration provides a secure connection to source data and your General Ledger. Customized data validation rules mean that any data that is not mapped correctly will be automatically rejected and flagged for your attention.
The speed and accuracy of iJEn’s automated process means that all data for a given period is timely posted, whether that is hundreds of entries or thousands of entries. It also means that every transaction is its own JE, rather than being rolled into a summary entry.
Schedule a demo with us to learn more about how iJEn can work for you.
“You should not have to waste time and money wrangling data. Let us automate your process to get your team back to review and reconciliation.”Ryan Kerry, CEO