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Automate the full lifecycle of vendor reconciliations - from data ingestion to exception handling - while delivering unmatched speed, accuracy, and real-time visibility into vendor transaction insights.
Ability to ingest vendor statements in multiple formats (PDF, Excel, CSV, scanned image via OCR)
Bi-directional APIs for SAP, Oracle, NetSuite, Microsoft Dynamics, and many more home-grown systems.
AI/Rule-based matching of vendor statement lines with invoices, payments, GRNs, and credit notes.
Trigger automated reminders for pending actions of aged transactions.
Interactive dashboards for reconciliation status, open items, exceptions, and trends.
Generate summary and transaction level reports for matched, unmatched and any other stats.
SOC 2 Type II, GDPR, and ISO 27001 certified, with SSO and granular role permissions.
Reconcile vendor invoices, payments, and credit notes with high accuracy-minimizing disputes and reducing payables risk.
Automate the entire reconciliation flow to eliminate spreadsheet-based reconciliation, freeing up finance teams for strategic sourcing and compliance.
Maintain complete traceability with system-generated logs, exception audit trails, and approval workflows aligned with internal controls.
Accelerate resolution cycles through real-time discrepancy alerts and integrated collaboration tools between AP and procurement teams.
Gain live insights into open items, overdue invoices, and unmatched credits-empowering proactive vendor and cash management.
Effortlessly reconcile high volumes across multiple vendors, legal entities, and systems without compromising speed or accuracy.
Vendor Statement Reconciliation is the process of matching vendor-issued statements with an organization's accounts payable records to identify and resolve discrepancies. It ensures that all invoices, credit notes, and payments are accurately recorded before closing the books.
Unreconciled vendor statements can result in overstated or understated liabilities, duplicate payments, or missed credits. Timely reconciliation helps ensure accurate financial reporting, audit readiness, and improved supplier relationships.
While some organizations perform reconciliations quarterly, it's considered a best practice to conduct them more frequently-especially during the financial close cycle-to avoid end-of-period surprises and ensure smooth close timelines.
Common issues include missing invoices or credit notes, mismatched transaction amounts, different cut-off dates, and limited visibility into vendor statements. Manual reconciliation processes can also be time-consuming and error-prone.
Yes, many organizations are adopting automation tools to streamline vendor reconciliations. These solutions extract data from vendor statements, match it with ERP records, flag exceptions, and generate reports-significantly reducing manual effort and accelerating the financial close.