You spoke and we listened. We asked Xelix customers what would be truly transformative for their overstretched Accounts Payable teams. And they said ‘supplier statement reconciliation automation’.
(Okay, so maybe not those exact words. But we heard your challenges and got to work).
If your AP team is drowning in the dreaded recs – and you crave more efficient AP processes and increased control – take a look at the latest functionality in Xelix.
What’s the problem with manual reconciliation?
Where do we start? Even the name is boring, and that’s before you start the actual process. And what a process – manual, inefficient and time-consuming.
Manual recs are one of those grit-your-teeth-and-get-through-it jobs that make AP staff question their life choices. As one Xelix customer put it: ‘Manual recs are the bane of my life’.
But we’re not just here to talk about making your life easier (although that would be a great outcome, don’t you agree?) We also need to talk about the strategic and operational risk associated with manual recs.
Like the fact they take so much time that AP teams often put them off and only complete them reactively.
Due to the low coverage, AP teams tend to encounter overpayments, miss credit notes and have to deal with a high volume of supplier queries.
The manual nature of this task also means that its prone to human error and that no audit trail exists which makes things a little difficult when trying to investigate a case.
The age of AI
In the age of AI and automation, anything manual tends to feel like much harder work than it should be.
In fact, you can complete your recs 10x faster by using Xelix. You can also rely on an up-to-date, accurate ledger for financial reporting, as well as drive better payment-on-time performance, all whilst protecting your bottom line.
This is good news for your team, your business and your suppliers. Here’s why.
Leave firefighting to the emergency services
In a past article, we talked about the importance of being proactive rather than reactive when it comes to Accounts Payable. Proactivity means planned, ordered and in control. Whilst reactive means chaos and calamity.
When it comes to supplier statement reconciliation, too many businesses are struggling with reactive processes, often only performing recs when a supplier has raised a query or dispute. This firefighting approach leads to unplanned activity that can derail your day or even week.
Automating your recs, on the other hand, puts you in control. You’re no longer chained to a desk, drowning in data, trying to spot mistakes and worrying you’ll make one yourself. You’re working 10x faster and getting a list of discrepancies delivered straight to your desktop.
Here’s how it works.
As a result:
- your supplier statement reconciliation process shrinks to a manageable size – no more bored-to-tears team members contemplating a new career
- you’re able to perform it more often – identifying and rectifying issues as they occur
- you’re able to apply it to all suppliers – not just the usual suspects – and spot more issues
It’s not just about the numbers
The benefits don’t end there.
To the outside world, Accounts Payable might seem like it’s just about number crunching. But we know that it isn’t just about the stats and spreadsheets for you. AP processes are an essential element of relationship management. Keeping those happy who keep your books busy, is fundamental. Shoddy processes just aren’t going to cut it.
With a regular proactive approach to recs, suppliers are in the loop. Xelix highlights issues in real-time, so they can be resolved quickly, and more payments can be made on time. And that means fewer disruptive phone calls chasing up payments and a dramatic reduction in disgruntled suppliers.
Plus, you can easily flag and request missing information using an all-in-one report rather than play email ping-pong about individual pieces of data or documents. Everything is tracked within the system, providing a complete audit trail and status transparency. It’s just easier all-round.
Empower your team
And, of course, it isn’t just supplier happiness that increases. We’re pretty sure no-one grows up dreaming of manual checks and admin. Tying up your team with unfulfilling tasks saps staff morale. This can lead to high turnover, reduced capacity, additional costs…
Would it just be better to invest that money in tools to make your team happier and more productive?
Automating your statement reconciliation process gives your team time to focus on more engaging and value-adding tasks – or even just enjoy fewer late nights – and happier staff stay put.
Supplier statement reconciliation automation really is the gift that keeps on giving.
How do we know all of this?
Because we asked. We’re not here to make software that you need to shoehorn your processes into. We’re here to uncover, understand and solve your problems. Co-creation and customer insights are the secret sauce in our successful software.
Keen to see the module in action? Request a demo here.