We are delighted to have Statement Matching featured in the latest print edition of CFO Tech Outlook Magazine, as one of the top 10 accounts payable solution providers of 2020. CFO Tech Outlook is the leading international technology magazine for the finance sector, featuring respected contributors from across the industry, and shining a spotlight on a range of accounts payable and receivable software vendors.
What’s The Story?
The CFO Tech Outlook article focuses on the role of automation in increasing productivity in finance departments, and how our Statement Matching software solution reduces errors and saves time in supplier statement reconciliation. Accounts Payable departments stand at a crossroads in 2020. Many businesses find themselves moving from a reactive position – where errors are flagged up and resolved as they are noticed – to a proactive position, in which missing and mismatched invoices are prevented.
How Statement Matching Enables AP Department Automation
Statement Matching is beautiful in its simplicity. The software takes supplier statements – whether in paper, PDF, or Excel format, and reconciles them automatically, eliminating the need to comb through statements line by line. The time saved by AP departments by removing this onerous task is considerable, and amounts to direct cost savings and increases in productivity. When errors, duplications, and mismatches do occur between purchase orders and invoices, these are flagged early and directed to the most appropriate person in the AP team.
This cuts the turnaround time for invoice reconciliation and results in faster payments to suppliers, speeding up the supply chain and improving supplier-buyer relationships. Furthermore, consolidating the AP reconciliation process within one platform increases visibility and accountability – with an audit trail that is difficult to replicate with paper-based systems. Reporting becomes easier, internal controls become easier to manage, and manual checks become less necessary – resulting in a streamlined and more efficient process.
And what does this mean for frontline Accounts Payable staff? A less tedious job, for a start! By enabling buyers to reconcile large volumes of supplier statements automatically, the most boring and time-consuming aspect of accounts payable (and the one most prone to human error) is eliminated.
Find Out More
To find out more about the benefits of Statement Matching and how it can help you transition to a paperless AP department, please give us a call today. To access the latest edition of CFO Tech Outlook, please fill out their online subscription form.