For all large organisations, the annual audit is a necessary, but time consuming part of business life to ensure that a company’s finances are accurate. The priority for any organisation undergoing an audit is, of course, to sail through it without any financial discrepancies or irregularities being highlighted: a successful audit means that employees, customers, investors, and suppliers can have confidence in the business.
To pass an audit, it’s important to take proactive steps in advance, from an accounts payable perspective, one of the key controls you can have in place all year that will make the auditors happy at year end is to proactively reconcile supplier statements every month. This will ensure your AP ledgers are accurate at year end and you will be able to demonstrate to auditors that your supplier liabilities are accurate, backed up by evidence of having reconciled at least your key suppliers every month. An automated accounts payable solution such as Statement-Matching.com enables you to reconcile high volumes of supplier statements with minimal effort and provides audit reports that meet controls expected by the Big 4 audit firms.
By investing in a modern, automated AP solution, such as Statement-Matching.com, your accounts payable department is guaranteed to become more streamlined, efficient, and accurate – essential for every successful annual audit!
At the heart of Statement-Matching.com is control for AP teams to check all invoices and credits have been received and paid correctly. Identifying and resolving errors on a timely basis means your ledgers are accurate, suppliers are paid on time and aged GRNI balances are cleared. All of this creates a virtuous circle as the more statements are reconciled, the more accurate your ledgers are for audit, more suppliers are paid on time and profits are maximised.
Full AP automation also supports the reconciliation of higher volumes of statements while allowing staff to retain control of the process, by proactively resolving issues and gaining insights into the areas of AP that could be improved. With less need for staff to focus on time-consuming manual tasks, real improvements can be implemented to ensure the AP department operates in an efficient, accurate way to maximise the chances of a successful annual audit.
If you’d like to find out more about our automated, cloud-based vendor statement reconciliation platform, please get in touch today. In just 45 minutes, we can demonstrate the end-to-end process from reconciliation through to managing exceptions and audit reporting.
Book a live demo to see the end-to-end processes on live customers systems and learn how easy it is to try this for free on a Proof of Concept.
Book a Live Demo to see the end-to-end processes on live customers systems and learn how easy it is to try this for free on a Proof of Concept.