What are Supplier Statement Reconciliations?
Supplier statement reconciliations are one of the most important financial controls in any business. They ensure that all sums due to suppliers are accounted for and that they are only accounted for once. Without performing this control, an organisation runs the risk of understating its liabilities and costs but also increases the exposure to duplicate invoices and payments (see also ReKlaim for how we can help clients identify these).
Why are they difficult?
Supplier statement reconciliations are difficult for a variety of reasons:
- They are often very voluminous
- They are usually paper based, or come in a huge variety of formats
- Some have old balances brought forward
- Suppliers may consolidate or separate accounts differently to an internal purchase or bought ledger
- At month end there is a deluge of statements, and pressure to process invoices or chase suppliers
- Suppliers are constantly on the phone interrupting processors chasing payment
How does AutoRek help?
AutoRek can reduce the manual effort in automating supplier statement 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 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%.
Find Out More
To discover how we can help your organisation’s supplier statement reconciliation processes, arrange an AutoRek Supplier Statement Reconciliation Demo.
AutoRek® is a product of 
We are always on the lookout for talented, hard-working but above all, dedicated individuals to join the team here at AutoRek.
AutoRek supports the Finance Function strategic agenda and is particularly powerful in supporting Fast Close, Shared Services, Cost Reduction, Off-shoring and Outsourcing strategies. 
Getting a solution into production is the first step in achieving a goal. Ensuring smooth running for and enabling change are the true measures of success over time. All solutions we deliver benefit from support delivered by our dedicated service desk. Providing up to 24x7 support levels for critical applications through to standby on-demand advice.