Late payments, duplicate invoices and overworked staff – the problems of inefficiency in Accounts Payable can cause a real headache for managers and team members alike. Reconciling supplier statements by hand is a common bugbear for Accounts Payable, and it’s often time-consuming and repetitive. What’s more, reconciliation is often carried out retroactively, driven by supplier requests or the need to clear an account, which means that any errors or problems have already had an effect.
Automated Statement Reconciliation
Statement-Matching.com is a browser-based system that automates the reconciliation of high volumes of statements quickly and accurately. By regularly and proactively processing top supplier accounts, errors can be resolved before they become real problems. Suppliers can be more easily paid on time, the number of duplicate invoices reduced, and everyone’s workload lightened. Automated statement reconciliation leaves staff with more time to focus on exceptional cases, as well as other improvements to drive the AP process forward. Let’s take a closer look at some of the benefits of Statement-Matching.com.
Reconciling statements automatically means that high volumes of routine work can be removed from staff workloads. It makes it easier to ensure that all credits are received and applied. Improved timeliness with payments helps reduce duplicate invoices and the further complications they incur. And of course, greater efficiency also improves relationships with suppliers, requiring less customer service and keeping business on track.
Reduced Errors And Problems
By improving payment on time, exceptions are less likely to crop up. Statement-Matching.com also checks accounts to ensure that any mis-postings and duplicates that do occur are cancelled. It also verifies debit and credit postings and can cancel these too, if erroneous. Your organisation’s bottom line is improved by automatically flagging missing invoices, so you can take early action to ensure they’re received. This helps maximise early payment discount opportunities as well as keep accurate balance sheets.
In a busy Accounts Payable department, keeping track of operations is one of the major challenges. Knowing where errors have occurred and whether they have been resolved is vital to avoid further inefficiencies. Statement-Matching.com brings greater oversight and visibility to your reconciliation processes with detailed reporting on statements received, completed and reconciled. Progress on error resolution can be tracked and critical suppliers flagged for reconciliation in each period.
Download The Statement-Matching.Com Proof Of Concept Guide
To help you learn more about how Statement-Matching.com can improve your business, our Proof of Concept allows you to try out all the software’s features with your own data. It’s free and there’s no obligation to buy.
Please download our free Proof of Concept Guide for more details about the process and how to apply.