It goes without saying that automation has transformed businesses forever and will continue adding to economic growth via contributions to productivity. Considering the unprecedented times we reside in, large organizations are now challenging all areas of the business to reduce their costs more than ever, which in the back office typically translates to doing the same tasks with fewer resources. With shrinking budgets, these automation efforts often overlook a department that accounts for the largest outflow of cash from organizations–Accounts Payable (AP). As a result, they miss the opportunity to streamline their processes for efficiency, quicker turnaround time, and cost reduction.
This is precisely what Statement-Matching intends to change. With the aim to enable a high return on investment, reduce costs and time, while also increasing organizational efficiency, Statement-Matching is squarely focused on one of the essential aspects of AP–supplier statement reconciliation. While supplier statement reconciliation has been the ultimate control for AP to ensure their AP ledgers and liabilities are accurate for financial reporting, most of the organizations continue to rely on time-consuming and error-prone manual processing that might impact their supplier relationships. If AP could routinely reconcile their top supplier accounts, proactively on a monthly basis, then all the errors would be resolved on a timely basis.
As businesses make this shift from being reactive to proactive, Statement-Matching stands at the forefront, empowering them with a solution that automates supplier statements–Excel, paper, or PDF–reconciliation and saves time and money. Eradicating the need to comb through AP statements one-by-one, Statement-Matching’s automated solution reconciles the statements and provides businesses with a preventive approach by quantifying errors, flagging vendor-related root problems, and efficiently solving them in no-time.
“We enable customers to reconcile high volumes of statements. We automate the process, thereby enabling accounts payable to focus on the exceptions,” says Ian McBeath, Director at Statement-Matching. With its cloud-based solution, the company leverages leading edge technology to identify errors before they become more costly issues–a proactive step towards driving continuous improvement.
With roots that date back to 2013, Statement-Matching is one of the few firms that accepts supplier statements in any format and automates them in its cloud software involving no involvement of the AP team. Designed to store data from multiple ERP and add-on systems, the company has opened rooms for large shared service center customers with crosscompany code and cross-system matching available as standard. Also, the company’s long history working in process improvement gave them firsthand experience to drive development of the solution based on input from real users, which they continue to this day. Be it reconciling statements across multiple vendor accounts for the same vendor or merging multiple statements from the same supplier to reconcile as one, Statement-Matching can do it all.
To begin with, the process involves customers securely pushing their daily ERP files to Statement-Matching for automated reconciliation. Suppliers can submit their statements–as Excel or PDF attachments–via mails, which are imported automatically to Statement-Matching, with “no touch,” by AP.
We enable buyers to reconcile high volumes of supplier statements. We automate the processes, thereby eradicating the tedious part of accounts payable
Accounts Payable then simply log in and manage the exceptions––a time saver when compared to cumbersome manual processes prevalent in the industry. Result? More suppliers paid on time, errors resolved before they become costly issues, accurate ledgers for financial reporting, and cashflow forecasting! In addition, customers can also drive reductions to their long-term GRNI balances, thereby improving the P&L and raising the profile of AP with the CFO.
Statement-Matching has incorporated several features to make its solution flexible and is able to cope with both straight forward and complex matching scenarios at the individual vendor level. Its matrix matching feature allows customers to set their own logic using standard as well as custom fields for matching purposes. The company has even automated consolidated lines matching–meaning a single statement line needs to match with multiple postings on the ERP system or vice versa. “All this is designed to improvise automated reconciliation so that users have fewer exceptions to manage,” adds Ian McBeath. Precisely, these additional functionalities around the edges of Statement-Matching’s solution make it the market-leading and unique technology for the AP department.
Elaborating further, Ian McBeath mentions an instance when Statement- Matching helped the Accounts Payable Manager at Johnson Matthey to augment their internal controls. The client used to manually check every invoice listed on each statement, which was extremely time-consuming and did not add value to the business. Enter Statement-Matching, and the manager was able to streamline the entire labor-intensive process, freeing up time for the AP team to focus on more valuable tasks. Also, by shifting. to an automated process, everything became electronic, so there is an audit trail, management reporting, all paperless.
Such success stories stand testament to the value that Statement- Matching has been delivering to its clients. Moving ahead, Statement- Matching is working relentlessly to augment its solution. Further, the company is also digging grounds to include Accounts Receivable in its solution and is modulating itself subsequently. According to Ian McBeath, it is all about driving the most important KPIs for Accounts Receivable called days sales outstanding (DSO), getting invoices paid in time. In fact, Statement- Matching also expects to launch its sister application–Duplicate-Matching to provide duplicate identification reports and help prevent duplicate payments at the earliest opportunity. This new solution will give AP the right controls to eliminate or minimize duplicate payments and introduce greater level of efficiency.