Statement
Reconciliation
Transform your Accounts Payable process with Open ECX’s automated Statement Reconciliation solution. Benefit from enhanced accuracy, productivity, and control, streamlining every step of your reconciliation process to reduce errors and drive efficiency.
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.
Are you ready to transform your Statement Reconciliation process?
Get in touch
Tell us about your business needs and one of our experts will be in touch to arrange a personalised demonstration of how our automated Statement Reconciliation solution can revolutionise your process.
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Resources
Open ECX win ‘Development Team of the Year’ at the Business UK Awards
Open ECX Bolsters Team Amid Expansion Into New Sectors
Arco Chooses Open ECX to Automate Order Processing
Open ECX partners with K8 to further digitise the supply chain
Open ECX and Medius partner to offer enhanced AP Automation capabilities
Frequently Asked Questions
How does Open ECX automate the statement reconciliation process?
Open ECX’s solution automates statement reconciliation by electronically capturing invoices, credit notes, and supplier statements, automatically matching them and highlighting any discrepancies for quick resolution. This significantly reduces manual work, improves accuracy, and speeds up the reconciliation process.
Can Open ECX’s Statement Reconciliation integrate with my existing financial systems?
Yes, our Statement Reconciliation solution is designed to seamlessly integrate with a wide range of financial and ERP systems. This ensures a smooth flow of data between systems to complement your existing infrastructure for maximum efficiency.
How does automated statement reconciliation benefit my Accounts Payable team?
Automated Statement Reconciliation frees your AP team from time-consuming manual checks, allowing them to focus on more strategic tasks. It improves accuracy, speeds up the reconciliation process, and enhances supplier relationships by ensuring timely and accurate payments.
How does Open ECX ensure the accuracy of statement reconciliation?
Our intelligent statement-matching engine leverages advanced algorithms and data correlation across multiple statements to complete an initial auto reconciliation. This eliminates manual errors and ensures that all discrepancies are identified and addressed promptly.
What kind of insights can I gain from Open ECX’s dashboards?
Our intuitive dashboards provide real-time, actionable insights into your statement reconciliation process, supplier performance, and overall statement position. You can track progress, identify trends, and make data-driven decisions to optimise your statement reconciliation process.
How does Open ECX help with SOX compliance?
Open ECX maintains a detailed audit trail of all transactions, ensuring transparency and accountability. This comprehensive record-keeping supports SOX compliance requirements, providing peace of mind for publicly traded companies.
Can I give my external auditors access to the statement reconciliation data?
Yes, Open ECX allows you to grant secure access to external auditors, streamlining the audit process and reducing associated costs.
What kind of support does Open ECX offer during the implementation of the Statement Reconciliation solution?
Open ECX provides a fully managed onboarding service, comprehensive training, and ongoing support to ensure a smooth implementation and maximisation of the solution’s benefits for your business. Our dedicated team ensures your transition is efficient and your team is fully equipped to use the system.
How does automated statement reconciliation impact supplier relationships?
By ensuring accurate and timely reconciliation, Open ECX’s solution strengthens trust and transparency with your suppliers. It facilitates faster resolution of discrepancies and supports prompt payment practices, contributing to healthier, more reliable supplier relationships.
Can the statement reconciliation software handle large volumes of transactions?
Absolutely. Open ECX’s Statement Reconciliation is built to efficiently process and reconcile large volumes of transactions, making it suitable for businesses of all sizes, across various industries. Our scalable solution grows with your business, ensuring your reconciliation process remains efficient regardless of transaction volume.