Simplifying Month End with Automated Statement Reconciliation

Reconciliation of supplier statements. A phrase that strikes fear into accounts payable teams.

A time-consuming, confusing, and lengthy process, reconciling supplier statements is an ongoing challenge for Accounts Payable teams, who deal with potentially hundreds of line items on the Statement of Accounts.

With supplier enquiries surrounding invoice payments being a regular occurrence and the lack of good communication and transparency between Accounts Payable (AP) and Accounts Receivable, there can often be a breakdown in communication between the customer and the supplier, leading to late or no payment of invoices.

Traditional methods still require supplier statements to be reconciled manually, which continues to stretch an AP team’s time, and errors and missing items only add to the problem.

When you consider that reconciling supplier statements isn’t the only process that must be completed at the end of every month, you can see how an increase in tasks without the help of technology, tight deadlines and a lack of time and resources, leads to increased stress and feelings of overwhelm. And a stressed and unhappy team is not focused or performing at its best.

The good news is that there is technology out there that can automate your statement reconciliation, reduce workload, and reduce stress.

How does Automated Statement Reconciliation work?

Automated Statement Reconciliation software works by comparing the purchase ledger with supplier statements and identifying any payment discrepancies that have been made in a faster time frame.

AP teams can see any discrepancies within the reconciliation process via an easy-to-use dashboard. This ensures that overpayments, incorrect payments, or missing items are quickly highlighted and resolved, creating an efficient process from start to finish. It ensures that working capital is protected, ledgers are 100% accurate and helps to prevent fraud.

AP teams can achieve 100% Monthly Reconciliation with ease. Cash flow is improved by ensuring businesses claim credit notes owed to them.

Teams can build strong relationships with suppliers and protect their supply chain adhering to the Prompt Payment Code and paying on time, while maximising early payment discount opportunities.

AutoRecs generates a Payment Practice report which simplifies the duty to report Payment Practices. And a full Audit trail is generated for internal and external Auditors.

The time saved and money that is recovered can be focused on growth, forecasting, future projects, staff training, business development… supporting business needs.

And another bonus… AP teams are happier and less stressed!

If you would like to find out more about automating statement reconciliation, get in touch with Jack Wright, Sales Director at YourDMS and book a demo. Call 01285 810606 or email [email protected].

British Universities Make Two Historic Appointments

The University of Oxford and the University of Cambridge have made two historic appointments with Dame Angela McLean and Jason Arday.

Dame Angela McLean, a professor of mathematical biology in the zoology department at the University of Oxford, became the first woman to be appointed as the UK’s government chief scientific advisor (GCSA).

The GCSA provides independent scientific advice to the government on aspects of policy and ensures the highest standards of quality are met in the provision and use of scientific evidence and advice in government.

Dame Angela, who will take up the post on April 1, said, “I am delighted to take on this role at such an important time in our country for science, innovation and technology.”

The University of Cambridge has appointed its youngest-ever black professor, Jason Arday, 37. Prof Arday is a scholar of race, inequality and education. Although he was diagnosed with autism and global development delay as a child, didn’t speak until he was 11 years old, and couldn’t read or write until he was 18, he went on to achieve two master’s qualifications and a PhD in educational studies.

“My work focuses primarily on how we can open doors to more people from disadvantaged backgrounds and truly democratise higher education,” he said. “Hopefully being in a place like Cambridge will provide me with the leverage to lead that agenda nationally and globally.”

“The university has some amazing people and resources; the challenge is how we use that capital to improve things for everyone and not just a few.

“If we want to make education more inclusive, the best tools we have are solidarity, understanding and love.”

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