Supplier Self-Service Vendor Statement Reconciliation

Supplier Self-Service Vendor Statement Reconciliation

Overview

Our Supplier Self-Service Vendor Statement Reconciliation feature allows suppliers to manage their own reconciliation by directly accessing the invoice list in real time through the Supplier Portal. This self-service functionality streamlines the reconciliation process, empowering suppliers to compare their statements with recorded invoices instantly, resolve discrepancies as they arise, and reduce time-consuming back-and-forth communication.

Key Benefits

• Efficient Reconciliation: Suppliers access real-time invoice data, enabling quicker, self-managed reconciliation.
• Reduced AP Team Involvement: Suppliers handle discrepancies directly, significantly minimizing your AP team’s workload.
• Transparent Collaboration: Real-time invoice access improves transparency, allowing suppliers to stay updated and align with AP records seamlessly.

How It Works

1. Real-Time Invoice Access:

   • Suppliers enter the Supplier Portal and view the current list of recorded invoices associated with their account.
   • This invoice list includes relevant details, such as invoice number, date, amount, and payment status.

2. Self-Managed Reconciliation:

   • Suppliers compare their own monthly statements with the real-time invoice list in the portal.
   • Any discrepancies (e.g., missing invoices, mismatched amounts) are immediately visible, allowing suppliers to initiate resolution steps.

3. Discrepancy Resolution:

   • Suppliers can upload additional invoices or make necessary adjustments directly within the Supplier Portal.
   • Notifications update your AP team if supplier entries require approval or further action, but suppliers handle the initial reconciliation independently.

4. Automatic Status Updates:

   • Reconciliation statuses are updated instantly in the portal, visible to both suppliers and the AP team.
   • Suppliers and AP personnel can download summary reports showing matched and unmatched items, ensuring accuracy for all parties.