Maximizing Financial Integrity with AP Statement Matching

The quest for financial integrity

Financial integrity is a non-negotiable imperative. In the quest for financial integrity, enterprise-scale organizations face many challenges in maintaining accurate records, adhering to regulations, and preventing fraud.

Within enterprises, the veracity and confidence attached to financial data are dependent on many systems. Each system needs to be trusted and free from any concerns about accuracy.

One of the most important systems is the accounts payable (AP) solution, which controls the outflow of cash to the suppliers of goods and services consumed within the business or used to fulfill orders or provide services to enterprise customers.

APMatching has been designed and engineered by experts in AP processing to streamline accounts payable operations. As part of the development process, a great deal of attention was given to ensuring it was fit for purpose.

Statement-Matching is the APMatching platform module dedicated to matching supplier statements against invoices recorded on the AP ledger. Checking that supplier statements match the invoices at a granular level provides a checksum that identifies inconsistencies, enabling discrepancies to be fully investigated.

Here we give a high-level overview of the benefits of the platform, which underscores its support for financial integrity:

• Supporting compliance and regulatory frameworks
  APMatching supports compliance with complex frameworks like Sarbanes-Oxley (SOx) in the US and UK SOx. Automated workflows ensure adherence to approval processes, generate audit information, and assign responsibilities, ensuring transparency and accountability.
• Minimizing errors for outstanding accuracy
  APMatching streamlines workflow in a number of ways. Automation replaces manual data entry with data capture processing, reducing the risk of human errors and typos. Data is standardized, ensuring consistent data formatting and categorization, eliminating inconsistencies that can lead to errors and delays in processing. This supports outstanding levels of accuracy and efficiency throughout the AP cycle.
• Efficient auditing and transparency
  APMatching centralizes and structures data, enabling more efficient auditing as well as reducing the time and cost of such forensics. With all data in one place and instantly available as the system runs, real-time dashboards, reporting, and analytics offer insight into invoicing and spending patterns. This greatly improved visibility enables risks to be identified and helps to pinpoint and correct errors before they impact financial statements.
• Eliminating matching errors and invoice fraud detection
  Automating AP with APMatching streamlines invoice processing, eliminating manual matching errors that may lead to overpayments. In addition to matching supplier statements with AP ledger entries, automated two-way matching ensures invoices match purchase orders generated by ERP solutions, such as Oracle, SAP, NetSuite, Dynamics 365, and Workday, also identifying inaccuracies.
  Working with accurately captured and standardized invoice data, APMatching utilizes machine learning algorithms to analyze invoices, identifying anomalies and potential fraudulent activity. This proactive approach minimizes the risk of unauthorized payments.
• Industry-standard IT security
  APMatching offers world-class information security for global enterprises. The accounts payable platform features IT industry-standard security and robust access control.
  Encryption safeguards sensitive financial data from unauthorized access and manipulation. Key accreditations include ISO 27001, SOC 2, and Cyber Essentials, as well as the inherent security of deploying on Microsoft Azure.

Maximize financial integrity of enterprise accounts payable with APMatching

For every enterprise, migrating from a manual process or updating legacy AP software is a definitive step in the evolution of finance management. Backed by the support of our team, APMatching’s automated accounts payable platform offers large-scale businesses the opportunity to maximize financial integrity, supporting confidence in their accounting practices.

See how APMatching accounts payable automation software supports enterprises in their quest to maximize financial performance. Take a personalised demo with one of our representatives, and we’ll show you how the software eliminates tedious, time-consuming manual invoice processing and automates duplicate invoice detection.

If you like what you see, we’ll give you full support so that you can fully evaluate APMatching with a Proof of Concept (PoC), demonstrating how effective it is using your own data.