Overview

Vendor relationship management has seen many initiatives to improve collaboration with vendors, often driven by the vendors themselves. Supplier statement reconciliations have a vital role to play in this process, but these controls have become unfashionable over the years, with many negative consequences. Third-party confirmation of balances is an essential financial control, especially as risk management professionals and internal/external auditors are now using supplier statement reconciliation as a tool to mitigate material misstatement of accounts. AutoRek can reduce the manual effort needed for these reconciliations by more than 75%.

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