Managed Reconciliation Service
Managed Reconciliation Service
World-Class Accounts Payable
Our Managed Reconciliation Service utilises Statement-Matching.com to proactively reconcile an agreed list of suppliers on a monthly basis. Discrepancies between the supplier statement and your AP ledger(s) will be followed with the AP team and suppliers based on rules. The Managed Service is delivered to an SLA to ensure errors are identified and resolved on a timely basis.
Ultimately, our Managed Reconciliation Service will improve the accuracy of your ledgers, cash-flow forecasting and financial reporting. As a result, more suppliers will be paid on time and correctly, which will reduce the volume of queries and improve supplier relationships. Statement-Matching.com provides the basis for us to perform our Managed Reconciliation Service and we will give you training and full access should your AP team wish to use the application for their own ad-hoc reconciliations and/or to view the audit trail of Managed Reconciliation Service activities.
The scope of the Managed Reconciliation Service is agreed with customers based on the following inputs:
- Coverage – List of key suppliers to be reconciled and frequency. Note; statements can be also be reconciled on an adhoc basis and/or we can reconcile every statement received as part of the service.
- Reconciliation Dates – Start date to perform initial reconciliation and a cut-off date to perform final reconciliation.
- Reporting for Suppliers – Which reports can be shared with suppliers as part of follow up process.
- Reporting for AP – Which reports AP wish to receive.
Deliverables
Uploading Statements – 24 hour SLA
Suppliers will continue sending their statements to you as they do today and all of you have to do is forward them to an email address we provide. The statements can be Excel, PDF or Scanned images (paper) and can be in any format. Our SLA is to upload the statement to Statement-Matching within 48 hours. If there are any issues with a statement, such as invalid format, no attachment, password protected PDF and so on then we will communicate with your suppliers via agreed email template replies to ensure a valid statement is received.
Statement Reconciliation – 48 hour SLA
Statements are automatically reconciled when statements are uploaded to Statement-Matching.com. An overall status and a status for each line on the statement is applied on initial upload and an agreed list of actions will be performed by our Managed Service team within 48 hours. We will also review all the statements again as part of Month End Close procedure and the table below describes the actions performed for each exception.
|
Statement Status |
Description |
Managed Service 1st Review – 72hr SLA |
Managed Service Month end close |
|
Fully Matched No Exceptions |
All invoices on the statement are on your ERP system and there are no un-paid invoices on the vendors account dated prior to the last invoice date on the statement. |
Email the Reconciliation Report to supplier. Report includes invoice status, due/paid dates and payment references. Set statement status to ‘Complete – Fully Matched’. |
N/A |
|
Incomplete Matching (Missing Invoices and/or Credits) |
Invoices and/or Credits on the statement that are not on your ERP system. |
Check matching suggestions and set missing statement lines to ‘Manual Match status’ if applicable. If missing, email the Reconciliation Report to supplier to request copy invoice/credit. Set User Status to ‘Requested Copy – 1st Review’. |
Re-check all statements where copies have been requested. If copy received, set statement status to ‘Complete – Copy Received’. If copy not received, set statement status to ‘Complete – Copy not Received’ and email the Reconciliation Report to supplier to request copy again. |
|
Fully Matched with Data Mismatches Invoice/Credit Mismatch |
All documents on statement are on your ERP system, but one of the data fields on the statement line is different to the ERP line. Invoice/Credit mismatch means an invoice on the statement has been posted on your ERP system as a credit or vice versa. |
Send consolidated report to your AP listing all statements with invoice/credit mismatches. Set User Status to ‘AP – In/Cr 1st Review’ |
Re-check invoice/credit mismatches and if resolved, set statement status to ‘Complete – In/Cr Fixed’. If not resolved, set statement status to ‘Complete In/Cr not Fixed’. |
|
Fully Matched with Data Mismatches Invoice Amount, Number, Date & Currency error |
All documents on statement are on your ERP system, but one of the data fields on the statement line is different to the ERP line. Invoice Amount, Number, Date or Currency on the statement line is different to the ERP line. |
Send consolidated reports to your AP listing all statements with Invoice Amount, Number, Date and Currency Errors. Set User Status to ‘AP – Data Error 1st Review’ |
Re-check data errors and if resolved, set statement status to ‘Complete – Data Errors Fixed’. If not resolved, set statement status to ‘Complete Data Errors not Fixed’. |
We deliver a comprehensive set of reports based on customer requirements and have regular review calls to monitor performance of the service. We also support customers continuous improvement initiatives based on the insights provided .
|
Report |
Description |
|
Rolling Monthly Control |
Number of statements reconciled, value and number of invoices. Number and value of missing invoices, missing credits, In/Cr mismatches, invoice number/date/currency errors. +/- indicator for month by month comparison |
|
Key Suppliers |
List of Key Suppliers and Statement Status – ‘Complete – Fully Matched’, ‘Complete – Copy Received’, ‘Complete – Copy Not Received’, ‘Complete – In/Cr Fixed’, ‘Complete – In/Cr Not Fixed, ‘Complete – Data Error Fixed’, ‘Complete – Data Error – Not Fixed’ |
|
Ad-hoc Suppliers |
List of Ad-hoc Suppliers and Statement Status – ‘Complete – Fully Matched’, Complete – Copy Received’, ‘Complete – Copy Not Received’, ‘Complete – In/Cr Fixed’, ‘Complete – In/Cr Not Fixed, ‘Complete – Data Error Fixed’, ‘Complete – Data Error – Not Fixed’ |
|
Missing Invoices |
List of Missing Invoices by supplier. Total value and volume for month added to control sheet for month by month comparisons. |
|
Missing Credits |
List of Missing Credits by supplier. Total value and volume for month added to control sheet for month by month comparisons. |
|
In/Cr Mismatch |
List of Invoice/Credits posted the wrong way round by supplier. Total value and volume for month added to control sheet for month by month comparisons. |
|
Incorrect Amount |
List of invoices/credits posted with incorrect value by supplier. Total value and volume for month added to control sheet for month by month comparisons. |
|
Invoice Number |
List of invoices/credits posted with incorrect invoice number by supplier. Total value and volume for month added to control sheet for month by month comparisons. |
|
Invoice Date |
List of invoices/credits posted with incorrect invoice date by supplier. Total value and volume for month added to control sheet for month by month comparisons. |
|
Invoice Currency |
List of invoices/credits posted with incorrect invoice currency by supplier. Total value and volume for month added to control sheet for month by month comparisons. |
If you would like to see a live demonstration of all reconciliation processing features then please use the Book a Live Demo button below. If you would like to know more detail about the end-to-end solution then please use the links below to learn more.
ARE YOU READY TO SEE A LIVE DEMONSTRATION AT YOUR CONVENIENCE VIA WEBEX?
Allow 45 minutes for the live demo and we’ll also tell you about the free proof of concept and pricing.