Overview

Statement reconciliation is a time consuming activity, often providing little value to the company receiving them, but requiring the need to reconcile for peace of mind or to highlight exceptions.

An example of this labour intensive task involves the receiving of supplier statements, which confirm which payments the supplier believes have been processed and those that are still outstanding in a given period.

Companies are obliged to check these statements and respond to suppliers on any discrepancies found. Equally, they are used as prompts to highlight late payments, so often this checking process triggers a number of follow-up activities.

Whether statements are received electronically or via paper, Azolve provides a labour saving automated validation process. Why have people manually checking statements when it can be performed automatically?

Statements can be scanned or received electronically, the line details extracted and Azolve runs though the statement in seconds, checking statement accuracy and providing a running status. External systems can be referenced to check invoices are known, have been processed and the values correspond to that provided on the statement. Rules can be applied to allow activities and actions to be performed automatically or statement lines can be highlighted for the business to troubleshoot.

The solution can be applied to other statements types – e.g. bank statements, mobile phone statements, utility statements etc.