Frequently Asked Questions (FAQs)

What Does Sigma IQ Do?

Sigma IQ’s first product is an enterprise-scale 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 two or more 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, and become your reconciliation system of record.

Why is Sigma IQ's Approach Different?

The current “best of breed” account reconciliation technologies are built on boolean rules-based engines that require someone (expensive systems integrators and solution consultants) to create the code to make the matching work. This involves building fragile if-then statements, data mapping and exception handling routines that break as soon as the data does not conform to its rigid rules, upstream errors, or changes due to evolving business needs. This requires thousands of dollars in implementation costs plus your team’s time, not to mention months of work to set up the system. Even in the best scenarios, these solutions often only match between 60 to 75% of transactions that should match.

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 software to create an easy to use, intuitive and more accurate (99% match rate) solution. It is so advanced, that you can setup a new account reconciliation yourself and be up and running with a new use case in less than a day.

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 becomes the reconciliation system of record. For reconciling items that need to be addressed, you can filter down to just those items and send them to the person who owns the transactions or resolve the issues yourself by exporting transactions needing correcting entries and 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 pricing is based solely on your monthly volume of the number of transactions you process for matching. We have a tiered model that reduces cost per transactions as your volume increases.

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 Transaction Defined?

Transaction volume is defined as a single record from a single source processed for matching. Examples:
- a match of 1x1 (one record in Source 1 and one record in Source 2) is counted as 2 transactions.
- a match of 2x1 (two records in Source 1 and one record in Source 2) is counted as 3 transactions.
- a reconciling item of 0x1 (zero records in Source 1 and one record in Source 2) is counted as 1 transaction.

Can I See a Demo of the Sigma IQ Platform?

Of course! In fact, we can either show you a demo using data we generated that is similar to your primary use cases (bank reconciliations, credit card reconciliations, etc.) or we can do a demo with YOUR ACTUAL DATA. Our platform is so advanced that we can implement one of your reconciliations and show you how it will improve your close before you buy.

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

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