The Reconciliation Problem
The process of reconciling supplier statements tends to be heavily manual, inefficient and time consuming. With limited resources and high volumes of invoices, supplier statement reconciliation is often neglected – only performed on a handful of suppliers or done reactively when an account is in dispute.
What’s more, manual reconciliation is prone to human error, resulting in things like incorrect payments which ultimately create more work for your AP team.
Manual work is also difficult to track. Therefore, identifying what went wrong in the first place and how to rectify the issue (and potentially adapt your process) is quite the challenge.
The Xelix Solution
Part of Xelix Protect, Xelix’s new module fully automates the process of supplier statement reconciliation, enabling you to do more recs, more often and in much less time