The value of Accounts Payable (AP) in managing supplier payments and ensuring the accuracy of financial records should not be underestimated. One crucial aspect that underlines the importance of AP is supplier statement reconciliation, the process of matching invoices on supplier statements to the invoices on your AP Ledger(s).
While this task might seem tedious and appear mundane, it’s critical to the grand scheme of enterprise financial management, and it is well worth diving a little deeper into statement matching and exploring the benefits that naturally result from automated reconciliation.
For large enterprises dealing with a multitude of suppliers, the volume of invoices and statements can be overwhelming. Manually performing supplier statement reconciliation with invoices that have been received and recorded is not only time-consuming but it is also prone to human errors.
Large enterprises often have multiple ERP systems as well as add-ons for invoice processing, so this is likely to mean that reconciliation involves multiple data sources.
Suppliers may trade with more than one legal entity, so enterprises could receive individual statements for each entity, or they might send a consolidated statement. Either way, any technology used to perform the reconciliation process needs to cope with all scenarios and maximize the use of automation.
The risk of overlooking discrepancies or duplicate invoices may result in financial losses and put relationships with key suppliers under pressure. Any opportunity to simplify this process, eliminate errors and ensure accuracy is nothing less than transformative to the mission of enterprise AP.
Automated supplier statement reconciliation is the solution to these challenges. By leveraging cutting-edge technology and sophisticated software, enterprises can streamline and enhance their reconciliation processes. Here are some of the key advantages:
In today’s competitive business landscape, every advantage counts. Automated supplier statement reconciliation with APMatching Statement-Matching enables this vital aspect of enterprise finance to provide financial accuracy, optimized cash flow, and promote stronger supplier relationships.
See how APMatching supplier statement reconciliation supports enterprises in their quest for competitive advantage. 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 more fully evaluate APMatching with a Proof of Concept (PoC), demonstrating how effective it is, using your own data.
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.