TalkTalk has increased its supplier statement reconciliation by 300% using cloud-based technology from Statement-Matching.com.
The supplier statements scanned in to Statement-Matching.com are automatically cross-checked with TalkTalk’s invoice processing system.
TalkTalk will be alerted in case of any missing invoices or credit notes, as well as duplicated and discrepancy statements.
If everything on a statement matches, it is reconciled in seconds, allowing the accounts payable team to manage exceptions found on other statements.
TalkTalk finance process improvement manager Gary James said: "Speed is the key, and the only way to achieve this while retaining accuracy was through automation.
"With Statement-Matching.com, supplier statements are in our systems faster, exceptions are identified faster and the accounts payable team has time to resolve these because they are not spending time manually checking every entry."
Statement-Matching.com automatically reconciles supplier statements against the invoices, credits & payments on ledgers.
Supplier reconciliation enhances financial controls and ensures that supplier balances are accurate with increased profits.
Statement-Matching.com is a cloud-based application launched in 2013 to automate supplier statement reconciliation and AP auditing.