We provide a vendor reconciliation template for Accounts Payable departments to automate supplier statement reconciliation. Some of our customers, who were already using an in-house developed supplier reconciliation excel template, reported a tenfold increase using our template. Watch the video to see our vendor reconciliation excel template.
One of the key benefits our approach provides is the automatic updating of the supplier reconciliation on a daily basis whereby statements are re-reconciled using the most up to date data. Our approach enables AP users to reconcile their ledger(s) against the vendor statements and see immediately what the differences are, so they can focus their time on managing the exceptions as opposed to the laborious process of doing the reconciliation in the first place. Furthermore, it’s easy for users to prioritise exceptions based on the error reason eg. Missing Credit Notes are higher priority.
In addition to our vendor reconciliation excel template, we can also automate reconciliation for suppliers sending paper and PDF statements. Regardless of the statement format, we can highlight statements with missing invoices/credits, incorrect amounts, incorrect invoice numbers and highlight documents on the ledger that are not on the statement even though they are dated prior to the statement. You can also share the reconciliation results with suppliers via email or self-service via the web and you can go one step further by giving your suppliers the ability to upload their own Excel template via the web so that you can both see the results. Using our approach will ensure your supplier balances are accurate, no credit notes are missed and potential duplicates and miss-postings are identified at the earliest opportunity.
If you would like to try our vendor reconciliation template then click the button below to book a live demonstration via webex.
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.