Vendor Statement Reconciliation
Vendor Statement Reconciliation

AI-Driven Vendor Reconciliations - Touchless, Scalable and Audit Ready.

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.

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Trusted by 1200+ Organizations Worldwide

Vendor Reconciliation Software Features That Drive Accuracy and Efficiency

1

Multi-Source Data Ingestion

Ability to ingest vendor statements in multiple formats (PDF, Excel, CSV, scanned image via OCR)

2

ERP-Agnostic Platform

Bi-directional APIs for SAP, Oracle, NetSuite, Microsoft Dynamics, and many more home-grown systems.

3

Adaptive AI Matching

AI/Rule-based matching of vendor statement lines with invoices, payments, GRNs, and credit notes.

4

Auto Reminders & Alerts

Trigger automated reminders for pending actions of aged transactions.

5

Live Reconciliation Dashboards

Interactive dashboards for reconciliation status, open items, exceptions, and trends.

6

Smart Reports

Generate summary and transaction level reports for matched, unmatched and any other stats.

7

Compliance & Security Guardrails

SOC 2 Type II, GDPR, and ISO 27001 certified, with SSO and granular role permissions.

How It Works

HOW IT WORKS

Related Offerings

  • AI Transaction Matching
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  • Customer Reconciliation
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  • Bank Reconciliation
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Why Choose Taxilla?

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.

Frequently Asked Questions

1

What is Vendor Statement Reconciliation in the Financial Close process?

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.

2

Why is Vendor Reconciliation important for Financial Close accuracy?

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.

3

How often should Vendor Statement Reconciliation be performed?

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.

4

What are the common challenges in Vendor Statement Reconciliation?

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.

5

Can Vendor Reconciliation be automated?

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.