Sustainable technologies company increases efficiency of accounts department and moves towards becoming paperless office
Sustainable technologies specialist, Johnson Matthey Process Technologies, has selected Statement-Matching.com to automate the supplier statement reconciliation process for its UK based businesses. The move to the cloud-based system has enabled the division’s accounts payable team to process statements more efficiently. It also reduces the number of paper documents handled, thereby helping them to move towards their sustainability target of a paperless office.
Statements from Johnson Matthey Process Technologies division suppliers, most of which are PDF email attachments, are uploaded into Statement-Matching.com, along with open items extracted from SAP such as invoices that have not yet been posted or are on workflow or otherwise paid. Each invoice and credit note listed on a statement is checked automatically by Statement-Matching.com.
Any documents that are missing from the system or with which there is a discrepancy, such as the amount or the invoice number being incorrect, are flagged for further action. Previously it was necessary for the accounts payable team to undertake the verification process manually, which required a significant amount of resource to be diverted from other tasks.
Using Statement-Matching.com, Johnson Matthey Process Technologies division now produces audit-friendly reports automatically. This will save further time at the end of the financial year for the accounts team, who will no longer need to manually prepare documents specifically for this purpose.
“We used to manually check that every invoice listed on each statement was correct. Most required no further action, but the process was somewhat time-consuming and did not add value to the business,” explains Rita Westhorp, Accounts Payable and Expenses Supervisor at Johnson Matthey. “Using Statement-Matching.com we are confident that our statement reconciliation is correct, without it requiring a labour intensive process. This frees up time for the accounts payable team, and is therefore a much more efficient way of working. The focus on electronic statements is also a significant step in our business becoming a paperless office.”
Daniel Kimpton, Co-founder and Business Manager at Statement-Matching.com says: “Johnson Matthey Process Technologies division recognised that reconciling statements is a key financial control and by automating the process it would have the time to manage exceptions. The accounts payable team were keen to use Statement-Matching.com because it removes the need for manual reconciliation, which is a time consuming and repetitive process.”
Notes to Editors
Statement-Matching.com is a cloud-based application for automating supplier statement reconciliation and AP Auditing. Launched in 2013, the company was founded by Daniel Kimpton and Ian McBeath in response to market demand identified through over ten years of working with Accounts Payable (AP) departments on process improvement and automation projects.
Reconciling supplier statements and identifying duplicates ensures supplier balances are accurate, profits are maximised and AP processes are audited for completeness. Automating the process with Statement-Matching.com allows customers to focus on the exceptions and reduces the volume of invoice status queries from suppliers.