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