Frequently Asked Questions (FAQs)

What Does Sigma IQ Do?

Sigma IQ’s first product is a robust AI powered matching reconciliation engine. This means that we use Machine Learning (a form of Artificial Intelligence) to match 100’s to millions of transactions from multiple sources. We show you the items that match and those that don’t match at both a summary and detailed level, all the way to individual transactions. Our objective is to minimize the manual work associated with account reconciliations by integrating intelligent automation into your workflow.

Why is Sigma IQ's Approach Different?

Sigma IQ has taken a completely different approach by building our account reconciliation platform on the latest advancements in machine learning (a form of artificial intelligence) and the current best practices in cloud based software to create an easy to use, intuitive and more accurate (99% match rate) solution. It is so advanced, that you can be up and running with a new use case in days vs months.

We've built the matching engine to be a component that integrates into your workflow vs requiring you to drastically change processes. We want you to see immediate ROI by reduced manual matching in as short a period as possible with as little disruption to your workflow as possible.

What ERPs does Sigma IQ’s Matching Reconciliation Engine Work with?

Sigma IQ is data source agnostic and data type agnostic which means we work with any system - banks, ERPs, accounting systems, etc. - that can generate a CSV file. Sigma IQ can even work alongside other financial close systems.

What Kind of Account Reconciliations Does Sigma IQ Support?

Because the Sigma IQ matching reconciliation engine is data source and date type agnostic, we can support dozens of different reconciliation use cases, whether in Finance or Operations. Examples include bank reconciliations, credit card, intercompany, inventory, trade settlements, and many more. Click here to see an example list of reconciliations.

How Does Data Get Into Sigma IQ? What Happens Once I Reconcile?

CSV files are uploaded into Sigma IQ either as a user-initiated reconciliation or automatically on a schedule. This provides the most flexibility for use with any ERP, accounting package, or other system that can export and import CSV files.

Once reconciliation is complete, Sigma IQ produces a series of .CSV files - matched and un-matched items by source - that can be used for research or roll-forwards to the next period. For reconciling items that need to be addressed, you can export just those items and send them to the person who owns the transactions or resolve the issues yourself by posting the adjusting transactions to the appropriate system.

Do I Need to Get the IT Department Involved to Implement Sigma IQ?

No. Our platform is cloud based, technologically advanced and easy to use so your finance and accounting team can be using it immediately without IT assistance.

How Many Transactions Can Sigma IQ Match? How Long Does it Take?

Presently we can process 6,000 transactions in 90 seconds; 300,000 transactions in 9 minutes and; 2,000,000 transactions in 15 minutes. While our speed is already impressive by any measure, we have plans to make it even faster. We are working to improve processing time for 2,000,000 to less than 10 minutes.

You can initiate transaction matching ad-hoc or you can schedule reconciliations to happen overnight so you walk into the office with matching already completed and ready for your review.

How Long Will it Take to Setup a New Reconciliation Use Case?

You can implement a new account reconciliation use case in Sigma IQ in less than an hour once you have training data ready. Training data is a historical set of files that you previously reconciled and is used by Sigma IQ to automatically configure the new reconciliation.

Does Sigma IQ Handle 1 to Many, Many to 1 and Many to Many as well as 1 to 1 Matches?

Yes. Our sophisticated platform will automatically understand the relationships between one to one, many-to-one, one-to-many and many-to-many transactions based on the training data. We will even understand when all these combinations are present together in the same file set.

How Does Sigma IQ Help Me with Audit Requirements?

Sigma IQ is design and built to be your reconciliation book of record. When you grant access, your auditor can view everything and can even sample 100%. Sigma IQ goes even further through an innovative system that logs every single interaction with your data in way that allows you to tell who did what and when. With a fully documented audit trail, we can even go back and replay any reconciliation period and completely update the reconciliations on a roll forward basis if you find an issue and need to re-run reconciliations.

How Does Sigma IQ Protect Customer Data? What is Our Security Model?

Sigma IQ is built using the latest, most advanced security protocols. We host each client’s data separately in Amazon’s Web Services (AWS) cloud with encrypted data both at rest and in-transit. Our security model includes:

- Every customer computation is run entirely within it’s own private security context, and customer data is segmented and partitioned into isolated containers so no customer data is co-mingled with other customer data.

- We fully encrypt all of your data both at rest and in transit. We use FIPS 140-2validated security modules for storing and transmitting data between all computation engines, while at rest in databases, and even during logging.

- Your data is backed up in redundant, physically separate locations for full data loss prevention.

Contact Us if you'd like a more detailed paper on our security environment.

Is Sigma IQ PCI Compliant?

Yes. We have completed our PCI DSS certification and are PCI compliant.

Is Sigma IQ Available On-Premises as Well as In The Cloud?

Sigma IQ is 100% in the cloud which allows for maximum flexibility and regular platform improvements without involving your IT staff. An on-premises option is not available.

What is Sigma IQ Pricing?

We keep this simple - Sigma IQ is priced on a monthly, flat fee per reconciliation. As your transaction volume goes up, the account reconciliation platform cost remains the same so you have predictability in your budgeting unlike transaction based pricing.

Sigma IQ has the lowest Total Cost of Ownership (TCO) of any account reconciliation platform:
- There is NO charge for implementation since Sigma IQ is designed for you to be able to do it yourself (but we can help if you need).
- There is NO charge for users - invite as many people in your organization as you’d like to use the platform.
- There is NO charge for storage.There is NO platform fee.
- There are NO maintenance contracts or need for consultants or staff to update/maintain the software.

How is a Reconciliation Defined?

Reconciliations are defined as two or more unique data sources that need to be matched. A bank reconciliation might include a report from your ERP that needs to be matched against the bank statement for example.

Can I See a Demo of the Sigma IQ Platform?

Of course! We have a range of demo's that represent the main use cases finance, accounting and operations teams encounter - showing simple 1x1 matches, high volume matching, complex matching or high dimensionality (Many x 1's). We think you'll be impressed by how simple our platform is to use and integrate into your current processes.

Click here to schedule a demo and see what your reconciliations would look like using Sigma IQ!

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