Putting efficiency front and center of AP

It’s a non-negotiable fact that in order to maintain a keen competitive edge, AP departments must stay ahead in the quest for efficiency. One way to achieve this is through the implementation of AP automation technologies. However, as many as 90% of enterprise AP departments are yet to fully automate accounts payable with a solution that integrates supplier statement reconciliation.

Automated supplier statement reconciliation is not just an option but a necessity for every large enterprise AP department that works with an ERP system. ERP forms the technological backbone of many large businesses, putting it at the heart of the organization’s operations.

From the perspective of AP, it links purchasing with suppliers and payments, an area of overlap that is vastly important to the overall success of the business. Quite simply, fully automating AP is nothing less than transformative.

The compelling case for automated supplier statement reconciliation

Supplier statement reconciliation is the process of matching an organization’s financial records with the statements received from suppliers. Typically, the records in question are the entries on the AP ledgers that detail transactional payments for goods and services.

In large enterprises, the volume of transactions and the number of suppliers can be overwhelming, with anything from 80,000 to 1.5 million+ invoices processed in a single financial year.

At such a scale, manual reconciliation is time-consuming and often lags in identifying discrepancies, leading to financial losses and strained supplier relationships. Frequently, one of the most problematic issues is that it invites errors, usually through manual data entry.

Automating supplier statement reconciliation with APMatching Statement-Matching captures supplier statement data from any format or layout with unfaltering accuracy, eliminating data entry errors.

This flawless data drives the reconciliation process, enabling every invoice on the ledgers to be accurately verified against each statement line, with any exceptions flagged for follow-up.

Deliver fully matched supplier statements to enterprise ERP

The primary benefits of performing automated supplier statement reconciliation with APM Statement-Matching include:

  • Enhanced efficiency: Automated reconciliation streamlines the process, reducing the time and effort required to match transactions, identify variances, speeding up the workflow.
  • Accuracy and error reduction: Automation minimizes the risk of human errors. It ensures that every transaction is accurately checked and matched, significantly reducing discrepancies and potential financial losses.
  • Cost savings: Automated reconciliation eliminates the need for extensive manual labor, translating into cost savings. This frees up the AP team to focus on higher-value, strategic tasks.
  • Timely resolution: Discrepancies are flagged and addressed promptly, ensuring that issues with supplier statements are resolved in a timely manner, fostering healthier supplier relationships.
  • Enhanced reporting: Automation provides robust reporting capabilities, enabling data-driven decisions, performance assessment of suppliers, and the optimization of financial operations.
  • Scalability: As the enterprise expands, automated reconciliation can easily scale to handle increased transaction volumes and a growing supplier base, adapting to changing needs without sacrificing efficiency.
  • Audit trail: Automated systems maintain a comprehensive audit trail, ensuring transparency and accountability in the reconciliation process, supporting compliance with regulatory financial obligations.
  • Flexibility: Automated reconciliation APM Statement-Matching is highly customizable, allowing it to be tailored to the unique business requirements of every ERP or the rules that govern its use within the enterprise.
  • Supplier satisfaction: By enabling discrepancies to be swiftly addressed and ensuring timely payments, automated reconciliation enhances supplier satisfaction. This supports trust, a vital component that is essential for maintaining good long-term supplier relationships.

Leverage your ERP system to obtain greater value with APMatching

Automated supplier statement reconciliation is not a ‘nice-to-have’; it’s a ‘must have’. Integrating automated reconciliation with your ERP system elevates its capabilities. Implementing this technology with APMatching Statement-Matching provides outstanding benefits that transform the efficiency of AP.

Take a personalized 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 to make sure that your AP department never pays an invoice twice again.

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.