Supplier payments account for the largest cash outflow in most organisations, therefore, accounts payable reconciliation is crucial to ensure the integrity, completeness, and accuracy of financial reporting. One of the most effective ways to validate month-end accruals and supplier payments is the reconciliation of the company’s ERP (Enterprise Resource Planning) system data to supplier statements.

Any missed or delinquent payments, overlooked credits, and duplications do little to promote positive partnerships with vendors and can affect the reputation of a business. Having effective controls in place to validate against 3rd party statements reduces the risk of missing anything and simplifies external audits.

Statement reconciliation is a procedural, recurring, and time-consuming task which allows human errors to make their way into the process. It takes time to complete, and the effort involved can be substantial when problems arise. However, adopting and integrating technology tools to assist in the process means this part of fiscal management can be transformed.

At Glantus, we are driving a shift towards a more automated approach to reconciliation with organisations applying our technology to monitor their data on a continuous basis and automatically detecting missing or suspicious invoices, duplicates, and missed credits before payments are made. This means that the reconciliation report becomes a simple sense check rather than a to-do list.