Everything you need to know about how Montgomery WP handles your firm's data, pricing, and how to use the Excel output
Security & Privacy
No. Montgomery operates on a strict zero-data-retention architecture. Your PDFs are processed in-memory and are permanently deleted from our servers the exact moment the Excel working paper is generated. Even the Excel workbook is encrypted and can only be decrypted by you.
Yes. All AI extraction and data processing occurs entirely on Google Cloud servers physically located within Canada. Your clients' sensitive financial records never cross international borders.
Absolutely not. We utilize an Enterprise agreement with Google Vertex AI which explicitly prohibits our API payloads from being used to train, retrain, or improve any public or private Large Language Models.
Pricing & Billing
We use a simple, pre-paid wallet system. You load your firm's wallet with credits, and we deduct $0.20 for every transaction line successfully extracted from your PDFs. Credits never expire, and you only pay for what you actually process.
No. We hate per-seat subscriptions as much as you do. Your firm can invite unlimited staff members, and partners to your dashboard at no extra cost. You only pay the transaction extraction fee. You invite your team member by email and then you can allocate your wallet's credits to their sub-account so they can do their own work without bothering you.
How the AI Works
Just like real life bookkeeping it depends on the transaction volume, but our AI pipeline processes an average of 100 transactions every 8 minutes. If your small business fits in a shoebox it will probably be ready in about 20 minutes—just enough time to grab a coffee. If you upload a massive 1,000+ transaction file, it might run for a little over an hour in the background. Either way, it requires zero billable hours of manual typing.
We rely on a mathematical reconciliation. Our engine identifies the opening balance and the closing balance on the statements. If the extracted transactions do not perfectly equal the closing balance (Opening + Additions - Subtractions = Closing), the system will flag the variance for your review inside your excel workbook. Once you see it, you can easily add the missing transaction the AI missed. You won't be charged for THAT missing transaction of course, and from our own trials using it we found it rarely misses something. But the most important part is that it's easy to spot out what was missing by the design of the Excel workbook.
Yes. If a client gives you a combined PDF with a Chequing account on page 1 and a Savings account on page 3, our AI automatically groups transactions by the account number or name, reconciling them separately. Inter-account transactions between them are also reconciled using a clearing account. That's right, we reconcile just like a human would too.
No. When you upload the PDFs, our system will extract the company's name automatically, identifies all active account numbers, and chronologically locates the absolute fiscal opening balance.
We don't let the AI make wild guesses. If a vendor is unrecognized or ambiguous, the AI leaves the category blank and groups together similar transactions. In the Excel working paper there's an entire area dedicated to "filling the blanks" for these uncategorized transactions; we built this area in a way to make it fast for your team members to finish the job.
Yes. Just input the awkward Fiscal Year End date before you start. The system will sort the statements chronologically and allow you to easily verify the correct opening balance for the stub period.
Workflow & Howto
First you should verify the bank reconciliations. Then you'll categorize the uncategorized transactions. After you're happy with the General Ledger through your review. The "Trial Balance" tab is intended for you to come up with a "net change in cash" style of journal entry. While everyone has a different way to use this, the way we use it is we directly insert this net change journal entry into Caseware or any other similar software. Once we've entered this net change in cash, if the bank balance ties with the bank statement (and it should) then we consider the cash section done. Green checkmark that section!
Yes. Credit card statements are processed with the same accuracy as operating bank accounts, automatically categorizing expenses and verifying continuity from month to month. You'll find that because credit card transactions tend to have better descriptions to work with, that there are far less uncategorized transactions than in the bank statement. The Excel output is nearly identical in workflow so you still do the normal course of work we've discussed and you do a "net change" journal entry again, and now your credit card section of the file is also considered done.
We mean it, the creators of the app are CPAs who built this for their own firm. They've already been using this app to do their own work. You can imagine the amount of time they've been saving, the amount of real world public practice expertise put into this app, and how happy their staff are that they no longer do any data entry.
Absolutely! You would need to specify the exact dates of the single month bank statement. This works great for monthly bookkeeping clients, that's what we do, it cuts down time on those monthly clients.