Revolutionise Your Statement Reconciliation Process
Our Statement Reconciliation fully automates the receipt and processing of supplier statements, matching invoices and credit notes to the statement automatically, while highlighting any discrepancies that need to be queried with your suppliers, optimising the reconciliation process from start to finish.
Accounts Payable teams have access to valuable insights through an intuitive dashboard, providing a digital record of the real-time matched status of each statement, from receipt through query resolution to matching and approval.
Benefits You Can Measure
Enhanced AP Team Productivity
Free your team from time-consuming manual tasks, allowing them to focus on higher-value activities.
Faster Query
Resolution
Identify and resolve statement matching issues quickly with a fully integrated query management system.
Enhance Supplier
Relationships
Driving ongoing efficiency and accuracy in the receipt and reconciliation of invoices, supporting Prompt Payment.
Comprehensive Visibility
Gain real-time insights into statement reconciliation progress, supplier performance, and overall financial health.
Simplified Audits
Maintain a complete digital record of all transactions, facilitating seamless audits and ensuring SOX compliance.
Data-Driven Decision-Making
View statement health and supplier accuracy, empowering data-driven decisions and optimisation of your P2P process.
Our customer community
How automated statement reconciliation can help your business
Open ECX’s Statement Reconciliation goes beyond automating tasks – it empowers every department involved in the P2P process:
Accounts Payable
- Boost Productivity: Automatically reconcile matching items to the ledger, freeing your AP team from unnecessary manual tasks, allowing them to focus on dealing with exceptions and engagement with suppliers.
- Improve Cash Flow Visibility: Automated reconciliation and query resolution provides earliest insights into your cash commitments.
Supplier Relationships
- Strengthen Collaboration: Efficient communication and timely discrepancy resolution foster trust and stronger relationships with your suppliers through Prompt Payment.
- Reduce Supplier Enquiries: Proactive issue identification minimises unnecessary enquiries from suppliers about payment status.
Auditors:
- Easier Audits: A centralised digital record of all statements ensures a smooth and efficient audit process, through recording the detail of each activity associated with the reconciliation process.
- Third-Party Access: Make read-only access available to third-party audit partners.
Key features of Open ECX Statement Reconciliation
Automate your statement reconciliation with these powerful features, and unlock a faster, more accurate P2P process:
Automated Statement Extraction and Loading
Say goodbye to manual data entry. Open ECX automates the capture and processing of supplier statements, eliminating the need for manual sorting and data entry.
Effortless Capture and Matching
Data is correlated across multiple statements, eliminating time-consuming manual comparisons, driving accuracy and efficiency.
Streamlined Discrepancy Management
Identify and address unmatched items quickly and easily, resolving discrepancies faster.
Detailed Audit Trails
Maintain a comprehensive, SOX-compliant audit trail of all transactions, providing transparency and accountability.
External Auditor Access
Grant secure access to external auditors, simplifying the audit process and reducing associated costs.
Debit Note Support
Efficiently manage and process debit notes within the same streamlined workflow.
Intuitive Dashboards
Get a real-time overview of your supplier statement reconciliation progress with clear, actionable insights.
Resources
Tobermore Chooses Open ECX to Streamline its Order-to-Cash Process
The Strategic CFO: Leveraging the Value of the Modern Digital Finance Function
Precon Chooses Open ECX to Transform their Order Processing
Open ECX win ‘Development Team of the Year’ at the Business UK Awards
