Finance and Accountancy Briefing
Why have Supplier Statements become Unfashionable?
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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