Automated statement reconciliation software has earned a positive reputation in recent years, with reductions in costs and increases in efficiency as just two of the benefits of switching to a statement matching solution. The benefits of switching to automated statement reconciliation are significant for your vendors as well as your business, with enhanced supplier relations, improved efficiency, and reducing the potential cost of a third-party audit recovery.
Manual reconciliation of statements is time-consuming. Relationships with key partners can be fraught if payment delays occur, or duplicated or incorrect payments are made, while the benefits of prompt account settlement, including advantageous terms and discounts, are often lost.
Automated cloud-based technology, such as StatementMatching.com, offers significant benefits for businesses who want to be able to reconcile statements automatically. This means:
With StatementMatching.com, statements are processed rapidly without the need for manual intervention, unless exceptions are automatically detected. In this situation, AP staff are free to quickly check the details and resolve any discrepancies. Rapid and efficient settlement means that suppliers receive payment quickly, securing their cash flow and reinforcing the vendor’s reputation as a reliable and trustworthy partner.
Reconciling statements proactively gives the AP team a clear picture on the ledger for each account. This often highlights common problems with particular vendors/accounts which can be quickly resolved for the benefit of both parties.
In today’s economy which is once again growing following the easing of lockdown, it’s vital to keep operating costs under control. By earning the trust of suppliers, businesses can enjoy preferential terms, greater discounts, and lower prices. StatementMatching.com can help build trust between all partners in a supply chain by streamlining the AP process, and driving efficiency at every stage.
As one of CFO Tech Outlook’s top 10 accounts payable solutions in 2020, StatementMatching.com is at the forefront of statement reconciliation solutions, offering businesses the perfect way to streamline their operations, and establish more positive relationships with suppliers.
To find out more about automated supplier statement reconciliation, download our FREE PDF “The Proactive Accounts Payable Guide”. To find out more about StatementMatching.com download our Solution Overview PDF or book a FREE Live Demo.
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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.