We can make your income reconciliation process
quicker, more accurate and cost-effective
Most advisers would prefer to spend their time on client facing tasks; income reconciliation can be extremely time consuming. IFA Dataflow offers a full income reconciliation service utilising leading technologies and our extensive knowledge and experience in the financial data industry.
We can add receipts, match income received and run month end reports. Using our bespoke software, we process large quantities of files quickly and with high levels of accuracy (including pdf statements with hundreds of transactions).
Data security is essential to our clients – using our secure portal allows you to upload commission statements with confidence.
Good data is the backbone of all successful businesses and accurate data is essential to the financial services industry. Regulatory reporting requirements are increasing and the FCA requires firms to take reasonable steps to ensure they maintain accurate and adequate data.
Our goal is to provide you with a service that is efficient, accurate and reliable. We have 20 years of industry experience and with our support, our Wealth Management clients reconcile £100 million in fee income yearly.
What are the main benefits to outsourcing
income reconciliation to IFA Dataflow?
Automated processes ensure consistency in the data.
Ensure that there is no disruption to income reconciliation caused by staff sickness or leave.
Our experience and technology enable us to streamline processes which ere previously done manually.
We can save your team hours a month enabling your staff to focus on what they do best.
We have a secure portal for landing files.
Other income reconciliation companies come from the world of adviser back-office systems.
Our background is in using state of the art data capture and processing software to capture data for those systems, most of the industry subcontracts data capture from fee statements to us.
To provide a comprehensive and professional service, we have now added 30 years of experience in adviser income reconciliation.
We have the technology and experience to manage your income efficiently, accurately and cost effectively.
The accuracy of the system is very high, the system has software parameters to further improve accuracy by specifying the type and format of the data we are seeking to capture.
We can process files and deliver data back for all back office systems or bespoke requirements.
Our service agreement states 24 hours. Files can be processed much quicker on request.
We spend most of our production time making sure that the amount of money on the statement matches the amount specified on the statement. Sometimes a statement may not balance if for example a page is missing from the scan. If this instance we will email a notification to the nominated email.
We can send data direct to your back office partner if you use Iress Xplan or Curo Time4Advice.
What our clients say
“I would definitely recommend IFA Dataflow for firms doing a lot of manual data entry for commission statements. It’s a no-brainer. A few hundred pounds a month to have some statements scanned in versus the full-time salary of someone entering data and the human error that can result. It saves time, money and makes the process more accurate.”
Jennifer Gould, Group Financial Controller, Broadstone
“We’ve utilised IFA Dataflow for the past few years and they continue to provide us with a really efficient service. Being able to call on a service that converts PDF files to CSV with such speedy turnaround times is one thing, but when the CSV files are returned in an IO compatible template it’s even more resourceful.”
Tim Gale, Circadian
“The paper statements can be 10 pages long or more, and have 25 different items of income renewal, where the different items must be totalled separately, and then by the time you get to the end, it doesn’t balance, so it all has to be checked again. This is where IFA Dataflow is an absolute lifesaver.”
Joanne Morgan, IFA Outsourcing
“The people who work at IFA Dataflow are very efficient and helpful. If I need a statement returned urgently, I can always rely on them to process this as top priority and return it to me right away.”
Nadine Key, Thorntons Investments
“You know how when you find an amazing hotel or restaurant sometimes you don’t want to tell other people about it and you want to keep it secret? Well I hesitate to write this, but one of the secrets behind Policy Services Limited’s ability to deal with millions of legacy commission entries per year has been IFADataflow”.
David Ness, Policy Services
“IFA Dataflow has streamlined our commission and fee processing so much that we are now able to import data from a pdf file at the touch of a couple of buttons. The time saved in data input has allowed us to concentrate on other areas of the business.”
Emma Wilde, Marketing Manager, Ascot Lloyd
“As a long term customer of IFA Dataflow, we have always found their service to be fast and efficient. The files are returned promptly, without any fuss and there is always someone on hand to help whenever required. They can be relied upon to help support the high standard of service we offer to our clients”.