Considerations for reconciling the supplier account

 

 

Most organisations have to reconcile supplier accounts as part of their audit processes.  This ensures that supplier balances are accurate for financial reporting and profits are maximised by ensuring no credit notes are missing or invoices duplicated.

In principle, the process for reconciling supplier accounts is very straightforward.  But in practice it is time-consuming for the accounts payable team, which already has a full schedule managing the day-to-day activities of processing invoices through to payment

We talk to AccountingWEB about why statement reconciliation is so labour-intensive and the benefits of automating the process.

The full article is available here: Reconciling the supplier account: arduous task, but good for business?

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