Supplier Statement Reconciliation Service
Most accountants are aware that supplier statement reconciliations are good practice and have real value, but there are many challenges with the process.
It’s a really time-consuming exercise to undertake, and, for a busy Accounts Payable team, it’s one of the first activities to be dropped, so it’s easy to build up a backlog. Some companies choose not to do supplier statement reconciliations at all, or only for a small number of suppliers.
More often than not it’s a manual exercise, using spreadsheets, and prone to error, leading to duplicate payments or missed credits. This manual work also makes it difficult to keep an audit trail of queries and issues, and offers no management information to get to the root cause of issues.
It can get to a point where the ledger position is challenged by management or an auditor and a full reconciliation is required to restore confidence.
How We Help
Our Supplier Statement Reconciliation Service provides a comprehensive managed service to complete the reconciliations for you. Our specialist team of professionals is supported by our proprietary technology to identify errors and omissions. We’ll improve your cashflow and productivity by finding credits, discounts or adjustments you weren’t aware of, by identifying duplicate payments and by cleansing your GRNI accounts.
We will fully reconcile the ledgers with all supplier statements so you will have full confidence in the accuracy of your ledgers. We will proactively identify and resolve any discrepancies and, at the same time, significantly reduce queries from suppliers. Where there are any issues with missing prompt payment targets we will aid you to make payments on time.
You’ll have access to insightful reports from us to identify where your systems, procedures and policies can be improved going forwards, and you will increase the morale of your team by removing a tedious and manual activity.
Get in touch with us to start the process of boosting your cashflow, productivity and accuracy.