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When processing thousands of supplier invoices, mistakes can happen. Underpayments, mispostings, and duplicates can go unnoticed. This means potential supplier credits can slip through the net. One way to optimize the process is to digitize the reconciliation of supplier statements.
B&H Photo took this route and partnered with StatementMatching.com to provide software to remove manual processes, automate reconciliations and manage exceptions.
After adopting the system, which also features reporting tools for continuous improvement, B&H Photo can reconcile 600 statements in 5 days and has increased frequency of reconciliations from quarterly to twice a quarter.
They have also experienced the following 5 benefits:
- Increased employee compliance thanks to more visible and enforceable statement matching rules and deadlines.
- Improved vendor relationships. Besides allowing for free supplier self-service, the system also encourages suppliers to assist with credit submissions because the partnership with Statement Matching makes submissions look less like a ‘credit grab’ and more an attempt to match records and improve working relationships.
- AP’s time freed up for more value-adding activities and staff morale boosted by removing repetitive manual work.
- Removed the cost and clutter of paper statements by automating matching.
- Reduced cycle times with exceptions automatically sent to vendors for joint reconciliation.
You can find out more information about the capabilities of the system B&H use by visiting StatementMatching.com where you can also book a live demo.
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