Accounts Payable (AP) teams face many challenges if they don’t adopt automatic statement reconciliation software such as Statement-Matching.com – one of which is managing the constant stream of phone and email enquiries from vendors seeking updates about payment dates. When your team is under pressure to process high volumes of statements and meet tight payment deadlines, any distractions can be frustrating as they cause delays and increase the risk of mistakes being made.
1. Reduce the time spent manually responding to routine enquiries
Reconciliation reports can be easily downloaded from Statement-Matching.com to the chosen vendor. As vendors will always be kept in the loop, they won’t need to phone or email your AP team as frequently to enquire about when payments will be settled, freeing up your staff to focus on more beneficial tasks.
2. Build relationships of trust and credibility with vendors
Positive relationships with vendors are critical to secure profitable long-term transactions and preferential rates, but when suppliers feel that they’re not being kept informed about the status of their accounts, relations can sour. Statement-Matching.com provides a transparent interface for vendors to see the status of their invoices at any time, helping to build two-way trust and credibility in the business relationship.
3. Produce comprehensive audit reports
Statement-Matching.com makes it easy to produce detailed audit reports for your business’s internal financial controls and external audit. The report provides totals for statements, balances, and payment information.
To arrange a free demonstration and Proof of Concept of Statement-Matching.com using live data from your AP department, please call us on +44 (0)1536 262646 or click here for more information.
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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.