What are Stock Reconciliations?
Many organisations invest considerable working capital in inventory and it is vital that they manage this as part of an overall working capital management process. Reconciling line items in stores, warehouses or at third party locations to general ledgers allows the value in a balance sheet to be supported and audited. Line by line obsolescence and redundant stock provisions can be made and overstocking can be kept to a minimum. By ensuring that the balance sheet value can by agreed to holdings, confidence in the value being true and fair is increased and write-offs can be minimised.
Why are Stock Reconciliations Difficult?
Stock reconciliation can be complicated. Often inventory movement is one of the most active areas of a business with despatch notes and goods received notes being issued in their thousands daily. These in turn update physical stock but the general ledger will not be updated until purchase invoices are processed. Matching goods received notes to purchase orders and invoices is a critical control which has traditionally been very manually intensive. Often goods received notes are aggregated in invoices and matching can be very cumbersome.
How does AutoRek help?
AutoRek reduces manual effort in reconciliations by over 75%. We import data from multiple sources, we enrich it, we disaggregate (explode) it, we match it and we report and escalate the outcomes.
Our powerful matching capability allows most of the transactions to be automatically matched. Our matching capability is in excess of a million records a minute and in one client we have achieved match rates on 5m records per month of 99.8%. As well as matching records, leaving the exceptions to be investigated, AutoRek prioritises the unmatched items. Operationally therefore, we make the work easier and aligned to commercial risks.
See a Demonstation
To discover how we can help your organisations stock reconciliation processes, get in touch to see a demonstration of AutoRek’s Stock Reconciliation Software.
Alternatively, download the following related resource: Why You Should Automate Reconciliations
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