Excel, PDF and Paper statements are all reconciled automatically against the ledger entries in your Finance system or Documation’s AP Automation System IMS. The system also re-reconciles statements automatically every day ensuring no back log can build up and the picture is always accurate.
Once Statements have been automatically reconciled, exceptions are highlighted, including the problem type, ready for Accounts Payable to investigate, flag for follow-up or resolve. Reports showing missing or incorrect entries can be sent to suppliers to avoid delays in payment
With automation in place more statements are reconciled and this vital control can be given the priority it should have. Issues including missing invoices/credits, miss-postings and data errors are proactively identified. Aged GRNI’s can be cleared, AP process visibility is increased, more payments are made on time and ledger accuracy is improved.
Automation means you can process more statements with fewer resources – AP only have to manage the exceptions, so time is better spent. Root cause analysis drives continuous improvement of the whole AP process. Automation reduces supplier queries, allows supplier self-service for suppliers and increases payment timeliness and accuracy – relationships with suppliers are improved.
With our Supplier Statement Reconciliation solution, you can make accurate payments, recover credits, maximise early payment discounts, minimise late payment fees, reduce potential cost of 3rd party audit recovery. Improved Controls + Improved efficiency = improved bottom line profits.