Different Ways Of Matching Your Data With Our Automatic Reconciliation Software

Without automatic vendor statement reconciliation, the workload of an Accounts Payable (AP) team can be arduous. Manually reconciling supplier statements line by line takes time and, with hundreds or even thousands of statements arriving each week, it’s unsurprising if errors are made by staff who are working under extreme pressure. Each exception must be traced and corrected, with any delays in making payment likely to affect the quality of vendor relationships and result in less favourable terms.

Statement-Matching.com automatically reconciles supplier statements, freeing AP staff from time-consuming manual work so they can focus on resolving exceptions more quickly, so that payments are posted to vendor accounts on time.

So, What Are The Different Ways That Data Is Matched With Our Automatic Statement Reconciliation Software?

How Statement-Matching.com Executes Accurate Data Matching

With Statement-Matching.com, vendor statements are automatically reconciled when they are uploaded to our system, and then re-reconciled on a daily basis when new data arrives in the ERP.

Accurate and reliable data matching is crucial for prompt statement reconciliation. Statements are reconciled using the invoice number and date, amount, and currency. If the vendor has multiple accounts, the reconciliation process can be applied cross-company and cross-vendor, with rules turned on or off as required.

Statement Statuses After Reconciliation

Following reconciliation, statements are categorised into one of four statuses:

1. Fully matched: every invoice or credit is matched perfectly to a posting on the ledger.
2. Fully matched with data mismatches: some of the invoices or credits have a data field that is different to the posting on the ledger. This could be a mismatched invoice number, date, amount, currency, or other field.
3. Unpaid items missing on statement: every invoice or credit on the statement matches a posting on the ledger, but there are unpaid invoices or credits on the vendor’s account. This could be due to an incorrect or duplicate posting.
4. Incomplete matching: some invoices or credits on the statement cannot be matched to a posting on the ledger. These could be missing credits or invoices.

Statement-Matching.com is designed so that users can prioritise exceptions according to the reason for the error, and they can select the vendor statements that they are responsible for, to improve the efficiency of individual and team workflows. By taking control of statement reconciliation, the software will release AP staff to focus on resolving exceptions, instead of forcing these to be side-lined until a later date if your team is overloaded with time-consuming manual tasks, such as data entry and data matching.

Find Out More

For your free demonstration of Statement-Matching.com, please click here for more information or call us on +44 (0) 1536 262646.

Image source: Unsplash