How it works

Save time, reduce enquiries and, most importantly, pay suppliers on time by automating your supplier statement reconciliation process with autorecs.

how does the autorecs. reconciliation software work.

It can be broken down into 3 key steps:

1
Onboarding

We will ask for 24 months worth of historical transactional data and all of the current open, unpaid items that have been posted on to your purchase ledger.

The autorecs. system will onboard all of your suppliers using the information that is contained in your supplier master file and instruct them to upload their latest statement and all future statements to autorecs.

For those suppliers who do not respond to the information, the system will remind your suppliers every 2 weeks until they have been onboarded.

2
Reconcile

autorecs. reconciles the transactional data against the transactions that appear on the supplier statements your suppliers will upload to the autorecs. portal.

The reconciliation reports categorises transactions into 3 statuses:

i) matched
ii) missing
iii) exceptions

For those items that are classed as missing, upon upload of statements, your suppliers will receive a report of these items that are missing, and a note will be sent requesting copies. Transactions which are classed as exceptions could be overpayments or mispostings.

All of the transactions that have been accounted for can be marked as ‘matched’.

For those that appear on your supplier statements will be marked as missing and the system will automatically generate a push notification to your suppliers requesting the missing items to be uploaded.

There will of course naturally, due to human error, be some cases where exceptions appear in the form of information that has been entered onto the purchase ledger off supplier invoices may have been miskeyed. The system will recognise these as exceptions – suggesting the error type that has occurred.

3
Reporting

autorecs. provides a suite of reports that appear here (link to the reporting suite page).

The autorecs. solution provides an instant report of each statement for both you and your opposing credit controllers.

So both ‘sides’ have exactly the same information available, improving the communication and relationship you have with your suppliers and most vitally, ensuring you suppliers get paid accurately, and on time.

In addition offering excellent management reports, particularly payment practices – a procurement team’s dream.

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