Statement reconciliation is a fun job, said no one, ever!
Traditionally one of the least enjoyable and most procrastinated tasks in the accounts payable (AP) team, statement reconciliation is well overdue to be overhauled.
Reconciling statements to supplier invoices is an arduous task.
While on paper, supplier statement reconciliation seems like a straightforward job (and in principle, it is), it requires one of your team to check and validate every line on every statement carefully.
Human error is all too easy with manual tasks.
When your already busy AP department is dealing with high volumes of statements, it only takes a moment’s inattention to miss a line or an inaccuracy. It also requires proficiency in Excel, lots of time and attention to detail.
Manual statement reconciliation requires little accountability.
Few are willing to take responsibility for the accuracy or ownership of the process. Repeated errors on critical supplier accounts and random errors can be challenging to locate and resolve, especially if the task is shared.
Despite its importance, statement reconciliation isn’t a popular job!
Combing through piles of statements isn’t a job many willingly put their hands up to tackle, so it’s often pushed to the bottom of the priority queue unless a ‘stop credit’ issue becomes apparent.
Introducing Statement Reconciliation Automation
If you’ve already embraced the benefits of Redmap Accounts Payable Automation,
then our Statement Reconciliation solution will make your day. Seriously.
Decrease statement reconciliation time by 95%.
Our solution extracts invoice data from each statement and cross-references against invoices in Redmap and Pronto to identify any that are missing or wrong. So, the only part of the process you will need to worry about is reviewing your exception queue.
It takes very little to leverage your existing investment in AP automation.
Our Statement Reconciliation solution is a small add-on feature for existing customers, which adds substantial business benefits. You’ll get even more done in less time and with less stress.
Say ‘yes’ to spotting missing invoices, ‘no’ to wasting time.
With any missing invoices, wrong totals, duplicates, and unknown vendors automatically identified and highlighted, your AP team can complete the job in virtually no time. Plus, it assists with PTRS compliance!
Store all statements in one place!
The system automatically archives query-free statements in digital format for easy search and retrieval: no more archive boxes or overflowing filing cabinets of hard-to-locate paperwork.
Faster, easier, and more accurate statement reconciliation!
Ready to see it in action?
With Statement Reconciliation Automation, it’s no longer a matter of an AP team member drawing the short straw to get the job done. Instead, get the job done quickly, efficiently and accurately, without errors or tedious manual input.
Automatic Statement Reconciliation
2:29 min
We provide you total visibility over your invoices and their status.
Implementing AP automation with Redmap will mean that 75% of the invoices, about 37,500 of our 50,000 a month, will go straight through to be processed without finance needing to do a thing. That’s an enormous efficiency gain. Plus, our visibility is complete, I can see every invoice and where it is.
CEO, myHomecare
