Supplier Statement Reconciliation is a critical Accounts Payable process to ensure supplier balances are accurate for financial reporting. Supplier reconciliation ensures profits are maximised as it will identify missing credit notes, over-payments, miss-postings and potential duplicates. Being proactive will also speed up query resolution to increase early payment discount opportunities.
Paper, PDF and Excel statements are reconciled automatically, so you only have to manage the exceptions. Or take it a step further by giving suppliers access to reconcile their own statements, view invoice status reports and exchange messages securely via the portal. Never miss a credit note, spot potential duplicates, over-payments, miss-postings and debit/credit mismatches.
P2D’s Statement Matching system enables all supplier statements to be uploaded and automatically matched to invoices in seconds. Accounts Payable manage the exceptions only, and vendors can be notified of discrepancies on their statements via the tool. The solution also provides a comprehensive audit report for the manager to sign off for internal/external audit and gives you the opportunity to reconcile every statement from every supplier, every month of the year. This in turn can deliver significant benefits and savings including:
- 75% reduction in FTE’s
- Increased control & visibility, not just at audit time
- Capture all credits and reduce write offs
- Spot discrepancies e.g. Credits posted as invoices
- ROI in less than 3 months
- Increased compliance