The Ultimate Guide To Vendor Reconciliation
A vendor delivers invoices numerous times, and at month’s end, the vendor sends the list of all invoices, credits, and payment discounts for that period. It is called a “supplier statement,” which needs to equate with one’s own system to track down missing invoices, credits, installments, payments, discounts, and many more. These missing/unparallel/unreconciled things are recorded on a compromise report, known as Vendor Reconciliation.
Do You Need A Vendor Reconciliation?
Just follow the below points and clear your doubts.
Loss of documents
Keeping a record of invoices or related documents is quite complicated. Losing the papers or delays in processing those invoices on time can disturb the expected supply of
Dual payments to a single vendor
If an organization fails to maintain a proper record of documents in its accounting sheets, then the risk of financial loss will be immense. Let’s take an example, for instance, when an
Maintaining a track of accounting records will allow the organization to detect accounting errors and fallacies committed by the accounting team. However, carrying out such tasks
Vendor statements are often presented in pdf format or sent through papers that might involve tons of transactions. It requires substantial time to keep track of those
A Quick Dive into our Vendor Reconciliation Services:
Vendor Help Desk
Pro-Team Vendor Help Desk benefits the organizations in tracking down each vendor’s invoice as it commutes to different departments of the company for approval while scrutinizing the SLA committed to the supplier for payment.
Vendor Master Validation
Vendor master validation is basically a process that certifies a supplier as a legal entity. It saves the organization’s finance by assuring that you are not associating with fraudulent vendors and that your present vendors have not been renamed, migrated, or left the business.
Vendor Payments Automation
Vendor Invoice processing is a series of cycles, where a vendor receives an invoice after the payment is made and is supposedly recorded in their general ledger.
Vendor Invoice Verification
Invoice verification is to ensure whether the retailer is charging clients for what they asked for. It is performed by cross-checking the inventories obtained against the order and conveyance receipt. A receipt is issued with the only condition that the invoice details be matched with the supporting documents.
Vendor Balance Confirmation
Using the balance confirmation procedure, vendors can check the precision of their accounts payable to other retailers and also their accounts receivable from customers. It requires a lot of paperwork and documentation to ensure the accuracy of reports.
Why Pro-Team Solutions?
Pro-Team Solutions possess expertise in designing the processes and managing vendor helpdesks to address vendor payment-related queries, statutory compliances, and pre-defined procedures.