Processing vendor statements is both a notorious time-suck for businesses and one of the most crucial operations to make error-free. Vendor statements include details relating to invoices and credit memos within a certain timeframe. The accounts payable (AP) department has to manually reconcile this data by matching the data on the statement to the data in the ERP system – a tedious, thankless task. But statement reconciliation software has emerged to greatly reduce the time it takes to process a statement, thereby saving businesses labor expenses and other costs associated with backtracking to correct human error. Here are the three major ways statement reconciliation software streamlines the reconciliation process for businesses:
Statement reconciliation software frees employees from having to manually reconcile vendor statements, which eliminates these manual tasks:
- Data entry
- Data matching
- Tracking down documents
- Making calls
- Refiling documents
- Faxing or copying documents
Human error in the reconciliation process hurts productivity as employees need to go back through workflows to find mistakes and correct them, but statement reconciliation software eliminates that need. Any transactions that don’t match go into an exception queue that employees monitor, so their time is better spent addressing AP invoices or credit memos that don’t already exist in the accounting/ERP system.
With employees available to attend to more strategic work, your AP department is more efficient, productive, and can better contribute to your financial health.
Your AP department can stay on top of payments and credits because statement reconciliation software enables users to capture and enter data in a quicker, more accurate way. With the swift ability to identify exceptions and track missing transactions, your records will be cleaner, more precise, and better able to adhere to compliance regulations. Users can more easily verify their balance sheets’ accuracy and quickly investigate discrepancies to produce more valuable financial statements. With the ability to enforce standardization across your reconciliation process, you will ensure higher quality data and more accurate reporting.
The automation capabilities in statement reconciliation software streamline the tasks that once bogged down your AP department on a daily and monthly basis. The software’s intuitive interface allows users to perform account reconciliations with tools including templates, workflows for preparation, approval and review, storage, and more. Real-time data and dashboards keep the reconciliation process smooth while users don’t have to chase people down for approvals or other data. And users can streamline data integration with other systems such as ERP to quickly access related documents.
See Better Financial Health With Statement Reconciliation Software
Ultimately, statement reconciliation software enables your AP department to speed up month-end close processes and better understand your overall financial integrity. With less manual work and numbers you can trust, your entire financial reporting process will better deliver and contribute to strategic decision-making. If you’re ready to overhaul your statement reconciliation process today, contact All Star Software Systems. Our experts are ready to help you realize how much more efficient, accurate, and productive your financial operations can be.