The advantages of automatic statement reconciliation processing over manual are numerous. Why BEST is best:
Avoid Risky & Costly Interfaces
- If you reconcile outside of SAP, such as in a third party supplier reconciliation product, any changes to vendor masters in SAP need to be duplicated in the other system. Hundreds of thousands of invoices and other vendor transactions need to be duplicated in the other system. Interfaces need to be continually maintained by IT personnel, and fail at odd times for a variety of reasons. Interface errors lead to incorrect results.
- Match further up the procurement chain, so not just to creditor documents, but also to parked or held documents, and to the GR/IR accounts (goods receipt without invoice receipt) and down payments, etc.
- If you use an invoice automation or VIM (Vendor Invoice Management) product such as eFlow, ReadSoft or Open Text, for example – BEST can match to this. If invoices are still in process within VIM, BEST can match the supplier statement to these invoices. For example, you could obtain a list across all suppliers of statement invoices still in VIM, and you can categorize such matches differently on your recon report.
- All original statement documents, whatever the format, can be stored in SAP using the SAP Content Server. If the statement was emailed, this original file can be saved in SAP, else it could be the scanned image of a paper statement. This is very important as it allows the original statement to be viewed from SAP, by reconciliation approvers, auditors, managers etc. It means that the original statements do not need to be filed manually, and helps to take your AP function paperless.
- If you wish to control the payment, you can set the system only to pay invoices matched to the statement. Also, if you wish to balance the reconciliation to the payment, or to send the payment remittance advice to the supplier with the reconciliation.
- Standard SAP creditor line item reporting now also reports supplier statement information.
- Drill-down directly from BEST supplier statement screens to standard SAP transactions.
- Supplier statement reconciliation reporting always reflects the most current standard SAP situation, rather than having to wait for interfaces to run.
- Reporting supplier reconciliations can also include other SAP data, such as user information, company code information, payment information, purchasing information etc. It’s all in one system!
- Same hardware and SAP software. You don’t need new machines or upgrades.
- Users do not need to login to different systems, it’s all in SAP.
- Same SAP authorisations mechanism.
- Secure data. As BEST is not duplicating your data outside of SAP, all data stays secure inside SAP.
- Same SAP transport and control procedures.
- Same SAP support staff.
- BEST will achieve the highest rates of automatic matching due to matching further up the procurement chain in SAP as well as to VIM.
- BEST has dozens of matching types and will match not only on invoice number but also to PO number, delivery note number, SAP financial document numbers, assignment allocation numbers, item text, cheque numbers, reference keys, etc.
- Where no automatic match can be performed with certainty, BEST will suggest matches such as on similar values.
- BEST applies search-engine type matching algorithms to cater for:
- Spaces or leading zeroes.
- Special characters such as slashes, dots etc.
- Considering alphabetical or only numerical characters.
- Considering certain strings, prefixes or suffixes.
- You can balance the reconciliation to the proposed future payment, meaning that the system can determine future possible payments for each supplier. As BEST does not calculate the payment but rather balances to the actual SAP payment (or payment proposal), BEST is completely accurate. It means that you can use the supplier reconciliation to validate the payment to ensure accuracy.
- If you wish, payment terms can use the statement date as the baseline date.
- BEST can send the supplier reconciliation to the supplier, presenting the supplier with a reconciliation of their account and unreconciled invoices and credits to action.
Online Approval & Audit Trail
- Supplier reconciliations are approved in SAP. No printing and filing required.
- There is a SAP system audit trail of reconciliation approvals (and rejections) by user, date, time and with comments.
- On final approval, a snapshot of the reconciliation is taken to allow for future review and audit.
Reconcile at Various Levels
- You can perform reconciliations at a company code level, or for many company codes, or at a lower level such as business area, house bank, region etc.
Load Various Statements Formats
- Excel uploads
- Electronic/EDI statement files.
- Fast “copy and capture” facility for small paper or PDF statements.
- BEST has standard connectors to interface to your chosen OCR tool or we can provide our own Statement Reader tool for automated PDF statement load.
All original statement documents, whatever the format, can be stored in SAP using the SAP Content Server.
Process Internal statements
- If you have internal statements between internal customers and suppliers on your SAP system, these can be automatically processed all within SAP.
Automate supplier statement reconciliations and do them directly in SAP to quickly achieve all the benefits. And because BEST is built and certified for SAP, you can rely on its trusted and proven performance. Find out more on how BEST AP works and why BEST is better than any other vendor reconciliation tool.
From now on you’ll no longer have to import creditor statements manually into SAP. Regardless of the format, BEST SAP’s vendor reconciliation statement reader does it all for you.
Find out how to automate supplier statement reconciliations using BEST’s Vendor Statement Reader